1309 Eastgate Dr #1311 · Norman, OK 73071

$285,000

6 bd · 5.0 ba · 2,664 sqft · MultiFamily public records · 7 Days on market

Built 1983 6,534 sqft lot Est $317k · 10% under

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Why this score? — see what drove the D+ 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 +13.3/30.0
• ARV discount +12.0/15.0
• Livability +4.2/5.0
• DSCR +4.0/10.0
• 1% rule +3.3/10.0
• Rent growth +3.2/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Fantastic Investment Opportunity Near OU! Don’t miss this well-designed townhome-style duplex just minutes from the University of Oklahoma. The spacious floorplan features a large living room with a cozy fireplace, wet bar, and an open dining area — perfect for entertaining. The kitchen and convenient half bath are also located on the main level. Upstairs, you’ll find two generously sized bedrooms, each with its own private bathroom and walk-in closet. Additional features include an in-unit laundry room and a 2-car garage for added storage and convenience. Whether you're looking for a personal residence, or an investment property, this duplex has great potential!

Key facts

• Large bedrooms
• Wet bar
• Kitchen

Tags

• LIVING ROOM
• FIREPLACE
• WET BAR
• OPEN CONCEPT DINING ROOM
• KITCHEN
• LARGE BEDROOMS

Property features AI

Finance

• Other: Two separate units (2 total units)
• Financial info: Listed as residential income (duplex)

Exterior

• Utilities: No flood insurance required (per listing data)
• Home design: Residential income property (Duplex)
• Construction: Brick and frame construction; Composition roof; Slab foundation; Existing structure
• Exterior features: Interior lot

Interior

• Bedrooms: 4 bedrooms total
• Bathrooms: 4 full bathrooms; 2 half bathrooms
• Interior features: Two wood-burning fireplaces; Duplex (two-unit residential income property)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $285k.

Deal economics

• At list price, monthly cash flow is $-1 ($-14/yr) — negative. Per door: $-1/mo.
• To cash-flow at today's rent, offer at most $285k (0.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $236k (17.2% below list).
• Recommended offer: $236k (17.2% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 3.6% in Norman — 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 85/100 on livability (#1 in OK, #557 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+.
• Norman (suburban): math 27% / reading 32% proficiency, ranked #61 of 270 in OK (top 23%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Kennedy Es (math 8% / reading 8%, grade F, #741 of 845 statewide, top 89%, 487 students, 0% FRL); Norman Hs (math 27% / reading 44%, grade F, #46 of 447 statewide, top 10%, 2,137 students, 0% FRL) — zoned schools average 0% FRL vs 39% district-wide (39 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+2.8%/yr); 350 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 592 units permitted in Cleveland County in 2024 (12 in 5+ unit buildings).
• This rent runs 44% of the median local income ($64k/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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Cleveland County population projected at +40% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 9y 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.

Risks & watch-outs

• 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 $236,100 (17.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.83% ✗
• Cap rate: 6.29%
• Cash-on-cash: -0.02%
• DSCR: 1.00
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $317,016
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1404 & 1406 Concord Dr	0.09mi	6/4.0	2,517 (-6%)	7mo	$300,001	$119	77

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.8% rent growth · sell at horizon

5-year hold

• IRR: -16.6%
• Equity multiple: 0.41×
• Total profit: $-46,756
• Equity at exit: $42,494

10-year hold

• IRR: -8.7%
• Equity multiple: 0.46×
• Total profit: $-42,858
• Equity at exit: $24,642

Cash invested: $79,800 (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 73071

• Rents YoY: 2.8%
• Active inventory: 350
• Price-to-rent: 20.1×

Monthly cashflow live

• Estimated rent: $2,361 high
• Mortgage (P&I): −$1,495
• Tax from tax record: −$253 /mo · $3,036/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$496
• Net cashflow: $-1

Break-even live

Break-even rent $2,362

Max offer price $284,800

Occupancy floor 95%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,362
Total (2 units)			$2,361

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1020 Varenna Ln Norman, OK	5.0	3.0	2300	$2,295	$1.00	23d	1	1.22mi

Listing history 15 events

1. 2026-05-18
   status Pending
2. 2026-05-11
   listed $285,000 Active
3. 2025-08-20
   soldstatus $255,000
4. 2025-08-18
   soldstatus $255,000 Closed 698-char remark

   Show marketing remark (698 chars)

   Fantastic Investment Opportunity Near OU! Don’t miss this well-designed townhome-style duplex just minutes from the University of Oklahoma. The spacious floorplan features a large living room with a cozy fireplace, wet bar, and an open dining area — perfect for entertaining. The kitchen and convenient half bath are also located on the main level. Upstairs, you’ll find two generously sized bedrooms, each with its own private bathroom and walk-in closet. Additional features include an in-unit laundry room and a 2-car garage for added storage and convenience. Whether you're looking for a personal residence, or an investment property, this duplex has great potential!

5. 2025-07-01
   status Pending 698-char remark

   Show marketing remark (698 chars)

   Fantastic Investment Opportunity Near OU! Don’t miss this well-designed townhome-style duplex just minutes from the University of Oklahoma. The spacious floorplan features a large living room with a cozy fireplace, wet bar, and an open dining area — perfect for entertaining. The kitchen and convenient half bath are also located on the main level. Upstairs, you’ll find two generously sized bedrooms, each with its own private bathroom and walk-in closet. Additional features include an in-unit laundry room and a 2-car garage for added storage and convenience. Whether you're looking for a personal residence, or an investment property, this duplex has great potential!

6. 2025-06-21
   price $265,000 698-char remark

   Show marketing remark (698 chars)

   Fantastic Investment Opportunity Near OU! Don’t miss this well-designed townhome-style duplex just minutes from the University of Oklahoma. The spacious floorplan features a large living room with a cozy fireplace, wet bar, and an open dining area — perfect for entertaining. The kitchen and convenient half bath are also located on the main level. Upstairs, you’ll find two generously sized bedrooms, each with its own private bathroom and walk-in closet. Additional features include an in-unit laundry room and a 2-car garage for added storage and convenience. Whether you're looking for a personal residence, or an investment property, this duplex has great potential!

7. 2025-06-21
   listed $365,000 Active 698-char remark

   Show marketing remark (698 chars)

   Fantastic Investment Opportunity Near OU! Don’t miss this well-designed townhome-style duplex just minutes from the University of Oklahoma. The spacious floorplan features a large living room with a cozy fireplace, wet bar, and an open dining area — perfect for entertaining. The kitchen and convenient half bath are also located on the main level. Upstairs, you’ll find two generously sized bedrooms, each with its own private bathroom and walk-in closet. Additional features include an in-unit laundry room and a 2-car garage for added storage and convenience. Whether you're looking for a personal residence, or an investment property, this duplex has great potential!

8. 2022-12-16
   historical
9. 2022-08-23
   listed $240,000 Active
10. 2018-11-02
    soldstatus $549,000
11. 2017-03-20
    soldstatus $490,000 Sold
12. 2017-02-21
    price $500,000
13. 2017-02-21
    status Pending
14. 2017-01-06
    price $169,900
15. 2017-01-05
    listed $269,900 Active

ⓘ 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: $3,036 · $253/mo
• Projected year-2 tax: $3,036 · $253/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 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥108°F today · 19 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,332
• − Mortgage interest: −$15,964
• − Property taxes: −$3,036
• − Insurance: −$1,425
• − Repairs & maintenance: −$2,267
• − Management: −$2,267
• − Depreciation: −$8,291
• Taxable loss: −$4,917
• Est. tax savings @ 24.0%: +$1,180
• After-tax cash flow: $1,167/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: Norman
• NCES district ID: 4021720
• Math proficiency: 27% ▼ -9.00%
• Reading proficiency: 32% ▼ -8.00%
• Median HH income: $48,940
• Composite: 25.67/100
• National rank: #7395
• State rank: #61 of 270 in OK

Livability — Norman

• Score: 85/100
• State rank: #1
• US rank: #557

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norman, OK
• County: Cleveland County · 239,547 people
• City population: 123,141
• Metro: Oklahoma City, OK
• Population (ZIP): 43,798
• Household income: $64,007
• Rent vs Own: 51.8% rent · 48.2% own
• Severe rent burden: 1903.0

Population outlook (Cleveland County) Hauer SSP2

• Today (2025): 323,621 people
• By 2030: 349,070 · +7.9%
• By 2040: 400,168 · +23.7%
• By 2050: 454,101 · +40.3%
• By 2075: 602,926 · +86.3%
• By 2100: 734,485 · +127.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Two or more races 12% Black 8% Hispanic / Latino 8% Asian 3% Native American 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 3% Serbian 3% Lithuanian 2%
• Foreign-born: 7% · Canada, China
• Languages at home: 89% English-only · Spanish 5% Other Indo-European 1% Chinese 1%

Political lean MEDSL · Cleveland

• 2024 margin: R (+14.9) · D 41.4% · R 56.4% · Other 2.2%
• 2008→2024 swing: +9.1pp toward D · 2008: -24.0pp · 2024: -14.9pp
• All cycles: 2024: R+14.9 2020: R+14.1 2016: R+21.7 2012: R+25.9 2008: R+24.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -187.04%
• Current HPI: 249.3797
• Rent YoY: ▲ 2.80%
• 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

+5.6% since first listed

15 events — show timeline

• 2026-05-18 Pending — MLSOK
• 2026-05-11 Listed $285,000 MLSOK
• 2025-08-20 Sold (Public Records) $255,000 Public Records
• 2025-08-18 Sold (MLS) $255,000 MLSOK
• 2025-07-01 Pending — MLSOK
• 2025-06-21 Price Changed $265,000 MLSOK
• 2025-06-21 Listed $365,000 MLSOK
• 2022-12-16 Listing Removed — MLSOK
• 2022-08-23 Listed $240,000 MLSOK
• 2018-11-02 Sold (Public Records) $549,000 Public Records
• 2017-03-20 Sold (MLS) $490,000 MLSOK
• 2017-02-21 Price Changed $500,000 MLSOK
• 2017-02-21 Pending — MLSOK
• 2017-01-06 Price Changed $169,900 MLSOK
• 2017-01-05 Listed $269,900 MLSOK

Property tax history

+7.8%/yr

Latest (2024): $3,036 · +4.8% YoY. Source: county tax records.