8137 NW 23rd St · Oklahoma City, OK 73127

$99,999

3 bd · 3.0 ba · 1,504 sqft · Condo public records · 14 Days on market

Built 1980 $273/mo HOA · 20% of rent

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Why this score? — see what drove the C- 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 +19.7/30.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• DSCR +6.2/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this beautifully refreshed 3-bedroom, 2.5-bath condo where modern updates meet everyday comfort. Step inside to discover brand-new flooring that flows throughout the space, complemented by stunning updated countertops and a kitchen equipped with a brand new built-in microwave and oven. Both bathrooms have been tastefully renovated with sleek new shower surrounds, and peace of mind comes standard with a brand-new water heater already in place, the hard work has already been done — just move in and enjoy. Storage is rarely this good. From generous closets throughout the home to a dedicated storage closet tucked on the back porch, there's a place for everything. Your back

Key facts

• Renovated bathrooms
• Brand new flooring
• Updated countertops

Tags

• BRAND NEW FLOORING
• UPDATED COUNTERTOPS
• BUILT-IN MICROWAVE
• BUILT-IN OVEN
• RENOVATED BATHROOMS
• NEW SHOWER SURROUNDS

Property features AI

Finance

• Financial info: Loan qualifying available
• HOA & community: Mandatory association dues; Association fee includes garbage and grounds maintenance

Exterior

• Home design: Condominium (residential); Multi-level property; Existing construction
• Construction: Brick and frame construction; Composition roof; Slab foundation
• Exterior features: Interior lot; Outdoor private pool

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Interior features: One living area; Wood-burning fireplace

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath condo listed at $100k.

Deal economics

• At list price, monthly cash flow is $116 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Cap rate 7.7% 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: crime F.
• Putnam City (urban): math 12% / reading 16% proficiency, ranked #227 of 270 in OK (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Lake Park Es (math 17% / reading 17%, grade F, #540 of 845 statewide, top 68%, 323 students, 0% FRL); Putnam City West Hs (math 10% / reading 20%, grade F, #323 of 447 statewide, top 74%, 1,803 students, 0% FRL) — zoned schools average 0% FRL vs 65% district-wide (65 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents flat; 69 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 5,365 units permitted in Oklahoma County in 2024 (569 in 5+ unit buildings).
• This rent runs 36% of the median local income ($45k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k 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.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 20y ago 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 $73k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 20% of rent.
• 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 $99,999

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.33% ✓
• Cap rate: 7.69%
• Cash-on-cash: 4.99%
• DSCR: 1.22
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.01% rent growth · sell at horizon

5-year hold

• IRR: -12.9%
• Equity multiple: 0.55×
• Total profit: $-12,511
• Equity at exit: $14,910

10-year hold

• IRR: -11.4%
• Equity multiple: 0.44×
• Total profit: $-15,700
• Equity at exit: $8,646

Cash invested: $28,000 (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 73127

• Home prices YoY: -30.6%
• Rents YoY: 0.0%
• Active inventory: 69
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,333 high
• Mortgage (P&I): −$524
• Tax from tax record: −$97 /mo · $1,169/yr
• Insurance: −$42
• HOA: −$273
• Vacancy / Maint / Mgmt: −$280
• Net cashflow: $116

Break-even live

Break-even rent $1,185

Max offer price $99,999

Occupancy floor 86%

Sensitivity live

Price	-10% $173	-5% $145	+0% $116	+5% $88	+10% $60
Rent	-10% $11	-5% $64	+0% $116	+5% $169	+10% $222
Rate	-1.0pp $167	-0.5pp $142	base $116	+0.5pp $91	+1.0pp $64

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7520 NW 28th St Bethany, OK	3.0	2.0	1100	$1,295	$1.18	12d	1	0.58mi
7505 NW 29th St Bethany, OK	3.0	2.0	1311	$1,495	$1.14	3d	1	0.70mi
8300 NW 15th St Oklahoma City, OK	3.0	2.0	1966	$1,700	$0.86	2d	1	0.75mi
1405 N Council Rd Unit 211 Oklahoma City, OK	3.0	2.0	1200	$1,035	$0.86	24d	1	0.77mi
1405 N Council Rd Unit 217 Oklahoma City, OK	2.0	2.0	1100	$825	$0.75	24d	1	0.77mi
8300 NW 38th St Bethany, OK	3.0	1.5	1650	$1,525	$0.92	17d	1	1.13mi
1128 Glade Ave Unit 154 Oklahoma City, OK	2.0	2.0	1100	$965	$0.88	20d	1	1.19mi
1128 Glade Ave Unit 224 Oklahoma City, OK	3.0	2.0	1153	$975	$0.85	24d	1	1.19mi
1128 Glade Ave Unit 217 Oklahoma City, OK	3.0	2.0	1153	$975	$0.85	11d	1	1.19mi
1900 N Rockwell Ave Bethany, OK	1.0–3.0	1.0–2.0	885	$925	$1.05	24d	12	1.21mi
6820 NW 22nd St Bethany, OK	3.0	1.5	1100	$1,400	$1.27	3d	1	1.25mi
1800 N Rockwell Ave Bethany, OK	1.0–3.0	1.0–2.0	1036	$1,100	$1.06	3d	1	1.26mi
3801 Franks Way Bethany, OK	2.0	2.0	1150	$1,545	$1.34	24d	1	1.33mi
6810 NW 16th St Oklahoma City, OK	1.0–3.0	1.0–2.0	1119	$1,199	$1.07	2d	20	1.42mi
1721 N Gleason Ave Bethany, OK	3.0	2.0	1514	$1,650	$1.09	3d	1	1.43mi
6703 NW 25th St Bethany, OK	3.0	1.0	1100	$1,249	$1.14	24d	1	1.44mi
7307 NW 38th St Bethany, OK	3.0	2.0	1200	$1,595	$1.33	24d	1	1.44mi
1705 N Gleason Ave Bethany, OK	2.0	2.5	1453	$1,295	$0.89	5d	1	1.45mi
1705 N Gleason Ave Bethany, OK	2.0	2.5	1453	$1,295	$0.89	22d	1	1.45mi
2017 N Keeton Ave Bethany, OK	3.0	1.5	1452	$1,375	$0.95	3d	1	1.49mi

HOA detail condo

• Monthly dues: $273 · $3,276/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-05-07
   status Pending
2. 2026-04-23
   listed $99,999 Active
3. 2026-04-23
   historical
4. 2026-03-02
   price $105,999
5. 2026-02-05
   listed $114,999 Active
6. 2026-02-05
   historical
7. 2025-11-13
   listed $124,999 Active
8. 2019-05-14
   soldstatus $73,000
9. 2019-05-13
   soldstatus $73,000 Sold
10. 2019-03-26
    status Pending
11. 2019-03-11
    listed $79,900 Active
12. 2009-06-09
    soldstatus $70,500
13. 2009-06-05
    soldstatus $70,500
14. 2008-10-02
    listed $75,000
15. 2006-12-29
    soldstatus $87,000
16. 2006-12-15
    soldstatus $65,000
17. 2006-11-14
    listed $69,000
18. 2003-06-11
    soldstatus $41,500
19. 1989-03-24
    soldstatus $23,000

ⓘ 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: $1,169 · $97/mo
• Projected year-2 tax: $1,169 · $97/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,994
• − Mortgage interest: −$5,601
• − Property taxes: −$1,169
• − Insurance: −$500
• − Repairs & maintenance: −$1,280
• − Management: −$1,280
• − HOA: −$3,276
• − Depreciation: −$2,909
• Taxable loss: −$21
• Est. tax savings @ 24.0%: +$5
• After-tax cash flow: $1,402/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: Putnam City
• NCES district ID: 4025290
• Math proficiency: 12% ▼ -18.00%
• Reading proficiency: 16% ▼ -14.00%
• Median HH income: $46,657
• Composite: 12.61/100
• National rank: #9614
• State rank: #227 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): 25,865
• Household income: $44,925
• Rent vs Own: 57.8% rent · 42.2% own
• Severe rent burden: 1244.0

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: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: Hispanic / Latino 40% White 33% Two or more races 24% Black 13% Native American 3% Asian 2%
• Hispanic origin (detail): Mexican 26%
• Common ancestry: Slovak 1% Lithuanian 1%
• Foreign-born: 18% · Canada, Vietnam
• Languages at home: 63% English-only · Spanish 35% Other Asian/Pacific 1% Vietnamese 1%

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: ▼ -118.05%
• Current HPI: 268.0173
• Rent YoY: ▬ 0.01%
• 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

+334.8% since first listed

19 events — show timeline

• 2026-05-07 Pending — MLSOK
• 2026-04-23 Listing Removed — MLSOK
• 2026-04-23 Listed $99,999 MLSOK
• 2026-03-02 Price Changed $105,999 MLSOK
• 2026-02-05 Listing Removed — MLSOK
• 2026-02-05 Listed $114,999 MLSOK
• 2025-11-13 Listed $124,999 MLSOK
• 2019-05-14 Sold (Public Records) $73,000 Public Records
• 2019-05-13 Sold (MLS) $73,000 MLSOK
• 2019-03-26 Pending — MLSOK
• 2019-03-11 Listed $79,900 MLSOK
• 2009-06-09 Sold (Public Records) $70,500 Public Records
• 2009-06-05 Sold (MLS) $70,500 MLSOK
• 2008-10-02 Listed $75,000 MLSOK
• 2006-12-29 Sold (Public Records) $87,000 Public Records
• 2006-12-15 Sold (MLS) $65,000 MLSOK
• 2006-11-14 Listed $69,000 MLSOK
• 2003-06-11 Sold (Public Records) $41,500 Public Records
• 1989-03-24 Sold (Public Records) $23,000 Public Records

Property tax history

+3.1%/yr

Latest (2025): $1,169 · +5.7% YoY. Source: county tax records.