1131 N Ellison Ave · Oklahoma City, OK 73106

$189,000

2 bd · 2.0 ba · 2,209 sqft · MultiFamily public records · 63 Days on market

Built 1922 7,501 sqft lot $86/sqft · 38% below area Est $305k · 38% under

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• Livability +4.0/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

EXCELLENT OPPORTUNITY CLOSE TO DOWNTOWN and (CLASSEN 10 PENN. NEIGHBORHOOD) a couple blocks from the Old St. Anthony's Hospital. GREAT LOCATION GREAT PRICE. *** INCOME PRODUCING PROPERTY CURRENTLY $750. -$1300. UNIT ONE. (Below Market) , $500.-$600. (Below Market) UNIT 2 . UNIT 3 needs minor work. ( $650.-$750. when leased ) DON'T DELAY CALL TODAY !

Key facts

• Close to downtown
• 7,501 sq ft lot
• Built 1922

Tags

• CLOSE TO DOWNTOWN
• CLASSEN 10 PENN NEIGHBORHOOD

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $189k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $189k).
• Recommended offer: $178k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.9% vs local median 3.7% in Oklahoma City — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 80/100 on livability (#3 in OK, #1,635 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools F, crime F.
• Oklahoma City (urban): math 7% / reading 10% proficiency, ranked #254 of 270 in OK (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 82% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.9%/yr); 167 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; 5,365 units permitted in Oklahoma County in 2024 (569 in 5+ unit buildings).
• At $2,723/mo this rent would consume 54% of the median local household income ($60k/yr) (locally 892% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Oklahoma County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.9% rent growth), your $53k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($178k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $33k; list at $189k implies a 473% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $177,660 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.44% ✓
• Cap rate: 12.87%
• Cash-on-cash: 23.49%
• DSCR: 2.04
• GRM: 5.8

CMA / ARV

• ARV (median comp): $305,311
• List price: $189,000
• Delta: -38.10%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.93% rent growth · sell at horizon

5-year hold

• IRR: 16.5%
• Equity multiple: 1.66×
• Total profit: $35,071
• Equity at exit: $28,181

10-year hold

• IRR: 25.0%
• Equity multiple: 3.16×
• Total profit: $114,385
• Equity at exit: $16,341

Cash invested: $52,920 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Oklahoma: 83 Strongly Landlord-Friendly · R+20
• County: — inherits STATE
• City: — inherits STATE

5-day notice; strongly landlord-favorable.

Methodology + full state rankings →

ZIP-level market 73106

• Home prices YoY: -34.8%
• Rents YoY: 2.9%
• Active inventory: 167
• Price-to-rent: 17.4×

Monthly cashflow live

• Estimated rent: $2,723 high
• Mortgage (P&I): −$991
• Tax from tax record: −$46 /mo · $547/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$572
• Net cashflow: $1,036

Break-even live

Break-even rent $1,412

Max offer price $189,000

Occupancy floor 57%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$2,724
Total (3 units)			$2,723

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1209 NW 11th St Oklahoma City, OK	2.0	2.5	1400	$1,795	$1.28	17d	1	0.10mi
1209 NW 11th St Oklahoma City, OK	2.0	2.5	1400	$1,795	$1.28	4d	1	0.10mi
925 NW 8th St Oklahoma City, OK	3.0	3.0	2156	$2,950	$1.37	43d	1	0.38mi
1305 Classen Dr Oklahoma City, OK	1.0–3.0	1.0–3.5	1677	$3,548	$2.11	4d	7	0.55mi
819 NW 6th St Oklahoma City, OK	3.0	3.5	2100	$6,995	$3.33	43d	1	0.56mi
817 NW 6th St Oklahoma City, OK	3.0	3.5	2100	$6,500	$3.10	43d	1	0.57mi
1303 N Dewey Ave Oklahoma City, OK	3.0	3.5	2438	$5,750	$2.36	43d	1	0.63mi
1303 N Dewey Ave Oklahoma City, OK	3.0	3.5	2438	$5,750	$2.36	23d	1	0.63mi
1325 N Dewey Ave Unit 1325 Oklahoma City, OK	2.0	4.0	2442	$5,750	$2.35	16d	1	0.64mi
1721 NW 18th St Oklahoma City, OK	3.0	2.0	1900	$1,300	$0.68	43d	1	0.65mi
1928 NW 18th St Oklahoma City, OK	3.0	2.5	1914	$2,200	$1.15	43d	1	0.81mi
1302 NW 22nd St Oklahoma City, OK	3.0	2.0	1647	$2,395	$1.45	43d	1	0.83mi
1302 NW 22nd St Oklahoma City, OK	3.0	2.5	1647	$2,395	$1.45	23d	1	0.83mi
627 Couch Dr Oklahoma City, OK	2.0	2.5	1534	$2,495	$1.63	23d	1	0.90mi
2301 N Florida Ave Oklahoma City, OK	2.0	1.5	1700	$1,235	$0.73	17d	1	0.93mi
2139 NW 15th St Oklahoma City, OK	3.0	2.0	1551	$1,950	$1.26	43d	1	0.95mi
835 W Sheridan Ave Oklahoma City, OK	3.0	1.0–2.0	992	$2,271	$2.29	1d	19	1.00mi
1400 NW 25th St Unit 2515-200 Oklahoma City, OK	3.0	2.5	1600	$1,595	$1.00	43d	1	1.05mi
726 NW 24th St Oklahoma City, OK	3.0	2.0	1485	$1,599	$1.08	2d	1	1.09mi
1100 NW 27th St Unit 1100 Oklahoma City, OK	3.0	2.0	1500	$1,195	$0.80	23d	1	1.20mi
140 Park Ave Oklahoma City, OK	3.0	1.0–2.5	2033	$9,107	$4.48	1d	32	1.32mi
2519 W Park Pl Oklahoma City, OK	3.0	2.0	2000	$1,900	$0.95	43d	1	1.33mi
2525 NW 11th St Oklahoma City, OK	3.0	2.0	1415	$1,550	$1.10	43d	1	1.35mi
800 N Oklahoma Ave Oklahoma City, OK	2.0	1.0–3.0	1051	$2,555	$2.43	1d	32	1.39mi
425 N Oklahoma Ave Oklahoma City, OK	1.0–3.0	1.0–2.5	1030	$1,658	$1.61	1d	44	1.42mi
2004 NW 28th St Oklahoma City, OK	2.0	1.0	1425	$1,195	$0.84	43d	1	1.43mi
148 NE 15th St Oklahoma City, OK	3.0	2.5	1593	$2,099	$1.32	1d	1	1.44mi

Listing history 10 events

1. 2026-05-05
   status Pending 375-char remark

   Show marketing remark (375 chars)

   EXCELLENT OPPORTUNITY CLOSE TO DOWNTOWN and (CLASSEN 10 PENN. NEIGHBORHOOD) a couple blocks from the Old St. Anthony's Hospital. GREAT LOCATION GREAT PRICE. *** INCOME PRODUCING PROPERTY CURRENTLY $750. -$1300. UNIT ONE. (Below Market) , $500.-$600. (Below Market) UNIT 2 . UNIT 3 needs minor work. ( $650.-$750. when leased ) DON'T DELAY CALL TODAY !

2. 2026-04-22
   status Active 375-char remark

   Show marketing remark (375 chars)

   EXCELLENT OPPORTUNITY CLOSE TO DOWNTOWN and (CLASSEN 10 PENN. NEIGHBORHOOD) a couple blocks from the Old St. Anthony's Hospital. GREAT LOCATION GREAT PRICE. *** INCOME PRODUCING PROPERTY CURRENTLY $750. -$1300. UNIT ONE. (Below Market) , $500.-$600. (Below Market) UNIT 2 . UNIT 3 needs minor work. ( $650.-$750. when leased ) DON'T DELAY CALL TODAY !

3. 2026-04-11
   status Pending 375-char remark

   Show marketing remark (375 chars)

   EXCELLENT OPPORTUNITY CLOSE TO DOWNTOWN and (CLASSEN 10 PENN. NEIGHBORHOOD) a couple blocks from the Old St. Anthony's Hospital. GREAT LOCATION GREAT PRICE. *** INCOME PRODUCING PROPERTY CURRENTLY $750. -$1300. UNIT ONE. (Below Market) , $500.-$600. (Below Market) UNIT 2 . UNIT 3 needs minor work. ( $650.-$750. when leased ) DON'T DELAY CALL TODAY !

4. 2026-04-08
   status Active 375-char remark

   Show marketing remark (375 chars)

   EXCELLENT OPPORTUNITY CLOSE TO DOWNTOWN and (CLASSEN 10 PENN. NEIGHBORHOOD) a couple blocks from the Old St. Anthony's Hospital. GREAT LOCATION GREAT PRICE. *** INCOME PRODUCING PROPERTY CURRENTLY $750. -$1300. UNIT ONE. (Below Market) , $500.-$600. (Below Market) UNIT 2 . UNIT 3 needs minor work. ( $650.-$750. when leased ) DON'T DELAY CALL TODAY !

5. 2026-03-25
   status Active 375-char remark

   Show marketing remark (375 chars)

   EXCELLENT OPPORTUNITY CLOSE TO DOWNTOWN and (CLASSEN 10 PENN. NEIGHBORHOOD) a couple blocks from the Old St. Anthony's Hospital. GREAT LOCATION GREAT PRICE. *** INCOME PRODUCING PROPERTY CURRENTLY $750. -$1300. UNIT ONE. (Below Market) , $500.-$600. (Below Market) UNIT 2 . UNIT 3 needs minor work. ( $650.-$750. when leased ) DON'T DELAY CALL TODAY !

6. 2026-03-21
   status Active 375-char remark

   Show marketing remark (375 chars)

   EXCELLENT OPPORTUNITY CLOSE TO DOWNTOWN and (CLASSEN 10 PENN. NEIGHBORHOOD) a couple blocks from the Old St. Anthony's Hospital. GREAT LOCATION GREAT PRICE. *** INCOME PRODUCING PROPERTY CURRENTLY $750. -$1300. UNIT ONE. (Below Market) , $500.-$600. (Below Market) UNIT 2 . UNIT 3 needs minor work. ( $650.-$750. when leased ) DON'T DELAY CALL TODAY !

7. 2026-03-14
   status Active 375-char remark

   Show marketing remark (375 chars)

   EXCELLENT OPPORTUNITY CLOSE TO DOWNTOWN and (CLASSEN 10 PENN. NEIGHBORHOOD) a couple blocks from the Old St. Anthony's Hospital. GREAT LOCATION GREAT PRICE. *** INCOME PRODUCING PROPERTY CURRENTLY $750. -$1300. UNIT ONE. (Below Market) , $500.-$600. (Below Market) UNIT 2 . UNIT 3 needs minor work. ( $650.-$750. when leased ) DON'T DELAY CALL TODAY !

8. 2026-02-27
   price $189,000 375-char remark

   Show marketing remark (375 chars)

   EXCELLENT OPPORTUNITY CLOSE TO DOWNTOWN and (CLASSEN 10 PENN. NEIGHBORHOOD) a couple blocks from the Old St. Anthony's Hospital. GREAT LOCATION GREAT PRICE. *** INCOME PRODUCING PROPERTY CURRENTLY $750. -$1300. UNIT ONE. (Below Market) , $500.-$600. (Below Market) UNIT 2 . UNIT 3 needs minor work. ( $650.-$750. when leased ) DON'T DELAY CALL TODAY !

9. 2026-02-04
   listed $195,000 Active 375-char remark

   Show marketing remark (375 chars)

   EXCELLENT OPPORTUNITY CLOSE TO DOWNTOWN and (CLASSEN 10 PENN. NEIGHBORHOOD) a couple blocks from the Old St. Anthony's Hospital. GREAT LOCATION GREAT PRICE. *** INCOME PRODUCING PROPERTY CURRENTLY $750. -$1300. UNIT ONE. (Below Market) , $500.-$600. (Below Market) UNIT 2 . UNIT 3 needs minor work. ( $650.-$750. when leased ) DON'T DELAY CALL TODAY !

10. 1979-07-01
    soldstatus $33,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OK · Resets to sale price

• Current annual tax: $547 · $46/mo
• Projected year-2 tax: $1,701 · $142/mo
• Expected delta: +$1,154/yr (+$96/mo · 211.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,676
• − Mortgage interest: −$10,587
• − Property taxes: −$547
• − Insurance: −$945
• − Repairs & maintenance: −$2,614
• − Management: −$2,614
• − Depreciation: −$5,498
• Taxable income: $9,871
• Est. tax owed @ 24.0%: −$2,369
• After-tax cash flow: $10,059/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Oklahoma City
• NCES district ID: 4022770
• Math proficiency: 7% ▼ -5.00%
• Reading proficiency: 10% ▼ -6.00%
• Median HH income: $35,606
• Composite: 7.0/100
• National rank: #9970
• State rank: #254 of 270 in OK

Livability — Oklahoma City

• Score: 80/100
• State rank: #3
• US rank: #1635

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime F Employment C Housing A+ Health & safety A+ User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oklahoma City, OK
• County: Oklahoma County · 771,644 people
• City population: 498,656
• Metro: Oklahoma City, OK
• Population (ZIP): 12,140
• Household income: $60,205
• Rent vs Own: 64.6% rent · 35.4% own
• Severe rent burden: 892.0

Population outlook (Oklahoma County) Hauer SSP2

• Today (2025): 911,875 people
• By 2030: 982,413 · +7.7%
• By 2040: 1,130,468 · +24.0%
• By 2050: 1,288,422 · +41.3%
• By 2075: 1,711,482 · +87.7%
• By 2100: 2,088,448 · +129.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 50% Hispanic / Latino 27% Two or more races 15% Black 7% Asian 6% Native American 3%
• Hispanic origin (detail): Mexican 20%
• Common ancestry: Scottish 3% Lithuanian 2% Slovak 2%
• Foreign-born: 17% · Canada, Vietnam, Jamaica
• Languages at home: 71% English-only · Spanish 21% German/W. Germanic 3% Vietnamese 2%

Political lean MEDSL · Oklahoma

• 2024 margin: Toss-up / Even · D 48.0% · R 49.7% · Other 2.3%
• 2008→2024 swing: +15.1pp toward D · 2008: -16.8pp · 2024: -1.7pp
• All cycles: 2024: R+1.7 2020: R+1.1 2016: R+10.5 2012: R+16.7 2008: R+16.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -237.74%
• Current HPI: 445.1464
• Rent YoY: ▲ 2.93%
• Metro: Oklahoma City, OK
• State GDP YoY: ▲ 1.55%
• F500 in state: 6

Industry mix (Fortune 500 HQ in OK)

Industry	F500 HQs	Revenue
▸Energy	3	$48B

Price history

+472.7% since first listed

10 events — show timeline

• 2026-05-05 Pending — MLSOK
• 2026-04-22 Relisted — MLSOK
• 2026-04-11 Pending — MLSOK
• 2026-04-08 Relisted — MLSOK
• 2026-03-25 Relisted — MLSOK
• 2026-03-21 Relisted — MLSOK
• 2026-03-14 Relisted — MLSOK
• 2026-02-27 Price Changed $189,000 MLSOK
• 2026-02-04 Listed $195,000 MLSOK
• 1979-07-01 Sold (Public Records) $33,000 Public Records

Property tax history

+5.5%/yr

Latest (2025): $547 · +4.2% YoY. Source: county tax records.