3141 NW 23rd St · Oklahoma City, OK 73107

$220,000

2 bd · 3.0 ba · 2,170 sqft · MultiFamily public records · 119 Days on market

Built 1930 6,752 sqft lot $101/sqft · 22% below area Est $283k · 22% under

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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 +21.8/30.0
• ARV discount +15.0/15.0
• DSCR +7.0/10.0
• 1% rule +5.1/10.0
• Rent growth +4.3/5.0
• Livability +4.0/5.0
• 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

This expansive property offers a unique and flexible layout with four bedrooms and three bathrooms, providing generous living space and multiple functional areas. The home features a two-level design with multiple living and dining spaces, allowing for a variety of uses and configurations. Situated on a prominent corner lot, the property includes a detached two-car garage with additional workshop and storage space, adding versatility and practicality. The overall layout offers abundant storage and adaptable interior areas suited for a range of needs. Conveniently located along NW 23rd Street with easy access to major roadways, shopping, dining, and central Oklahoma City destinations, this property combines space, visibility, and long-term potential in an established area.

Key facts

• Two level design
• Additional workshop
• Abundant storage

Tags

• TWO LEVEL DESIGN
• DETACHED TWO CAR GARAGE
• ADDITIONAL WORKSHOP
• CORNER LOT
• ABUNDANT STORAGE
• ADAPTABLE INTERIOR AREAS

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath multifamily listed at $220k.

Deal economics

• At list price, monthly cash flow is $344 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $220k).
• Recommended offer: $200k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.2% 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 fast (+7.3%/yr); 216 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 5,365 units permitted in Oklahoma County in 2024 (569 in 5+ unit buildings).
• At $2,214/mo this rent would consume 47% of the median local household income ($57k/yr) (locally 1210% 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 $2k of loan paydown is wiped out by about $7k 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 + 7.3% rent growth), your $62k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 119 days — a 9% lower offer ($200k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 23y 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 $140k; list at $220k implies a 57% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $200,200 (9.0% below list)

Questions for the listing agent

1. It's been on market 119 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — 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: 1.01% ✓
• Cap rate: 8.17%
• Cash-on-cash: 6.70%
• DSCR: 1.30
• GRM: 8.3

CMA / ARV

• ARV (median comp): $282,595
• List price: $220,000
• Delta: -22.15%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.29% rent growth · sell at horizon

5-year hold

• IRR: -1.6%
• Equity multiple: 0.94×
• Total profit: $-3,826
• Equity at exit: $32,803

10-year hold

• IRR: 12.0%
• Equity multiple: 2.13×
• Total profit: $69,405
• Equity at exit: $19,022

Cash invested: $61,600 (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 73107

• Rents YoY: 7.3%
• Active inventory: 216
• Price-to-rent: 16.6×

Monthly cashflow live

• Estimated rent: $2,214 high
• Mortgage (P&I): −$1,154
• Tax from tax record: −$160 /mo · $1,920/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$465
• Net cashflow: $344

Break-even live

Break-even rent $1,779

Max offer price $220,000

Occupancy floor 79%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,107
1× unit	2	2	$1,107
Total (2 units)			$2,214

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3145 NW 21st St Oklahoma City, OK	3.0	2.0	1728	$1,600	$0.93	2d	1	0.11mi
2808 NW 24th St Unit A Oklahoma City, OK	3.0	1.5	1604	$1,595	$0.99	3d	1	0.46mi
2736 NW 27th St Oklahoma City, OK	3.0	2.0	1657	$1,895	$1.14	2d	1	0.56mi
1414 N Drexel Blvd Oklahoma City, OK	2.0	1.0	1604	$1,100	$0.69	2d	1	0.65mi
3701 NW 24th St Oklahoma City, OK	3.0	2.0	1404	$1,299	$0.93	44d	1	0.66mi
2928 NW 33rd St Oklahoma City, OK	3.0	2.0	1450	$1,600	$1.10	44d	1	0.79mi
1517 N Miller Blvd Oklahoma City, OK	3.0	2.0	1968	$1,650	$0.84	4d	1	0.82mi
3608 N Independence Ave Oklahoma City, OK	3.0	2.0	1597	$1,600	$1.00	24d	1	0.90mi
4036 NW 30th Ter Oklahoma City, OK	3.0	2.0	1675	$1,500	$0.90	24d	1	1.11mi
2525 NW 11th St Oklahoma City, OK	3.0	2.0	1415	$1,550	$1.10	44d	1	1.15mi
2519 W Park Pl Oklahoma City, OK	3.0	2.0	2000	$1,900	$0.95	44d	1	1.21mi
3407 NW 39th St Oklahoma City, OK	3.0	2.0	1400	$1,240	$0.89	24d	1	1.37mi
2139 NW 15th St Oklahoma City, OK	3.0	2.0	1551	$1,950	$1.26	44d	1	1.37mi
3411 Cameron Ct Oklahoma City, OK	2.0	2.0	1409	$1,300	$0.92	44d	1	1.42mi
3411 Cameron Ct Oklahoma City, OK	2.0	2.0	1409	$1,300	$0.92	24d	1	1.42mi
3633 N Youngs Blvd Oklahoma City, OK	3.0	2.5	1404	$1,450	$1.03	4d	1	1.47mi

Listing history 9 events

1. 2026-05-13
   status Pending 782-char remark

   Show marketing remark (782 chars)

   This expansive property offers a unique and flexible layout with four bedrooms and three bathrooms, providing generous living space and multiple functional areas. The home features a two-level design with multiple living and dining spaces, allowing for a variety of uses and configurations. Situated on a prominent corner lot, the property includes a detached two-car garage with additional workshop and storage space, adding versatility and practicality. The overall layout offers abundant storage and adaptable interior areas suited for a range of needs. Conveniently located along NW 23rd Street with easy access to major roadways, shopping, dining, and central Oklahoma City destinations, this property combines space, visibility, and long-term potential in an established area.

2. 2026-01-10
   listed $220,000 Active 782-char remark

   Show marketing remark (782 chars)

   This expansive property offers a unique and flexible layout with four bedrooms and three bathrooms, providing generous living space and multiple functional areas. The home features a two-level design with multiple living and dining spaces, allowing for a variety of uses and configurations. Situated on a prominent corner lot, the property includes a detached two-car garage with additional workshop and storage space, adding versatility and practicality. The overall layout offers abundant storage and adaptable interior areas suited for a range of needs. Conveniently located along NW 23rd Street with easy access to major roadways, shopping, dining, and central Oklahoma City destinations, this property combines space, visibility, and long-term potential in an established area.

3. 2022-07-20
   soldstatus $140,000
4. 2014-04-07
   soldstatus $120,000
5. 2014-03-31
   soldstatus $120,000 321-char remark

   Show marketing remark (321 chars)

   Duplex - on side has 2 bed, 2 fullbaths, office & 2 dining -large living with f/p,hardwood thru-out ,new roof & kit. flooring, lot of storage -other side 1 bed, eatin kitchen - decent size living & bed - full bath -2 closets - 2 car oversized garage & storage bldg, brick fence & patio, with backyard.

6. 2013-08-01
   listed $139,900 321-char remark

   Show marketing remark (321 chars)

   Duplex - on side has 2 bed, 2 fullbaths, office & 2 dining -large living with f/p,hardwood thru-out ,new roof & kit. flooring, lot of storage -other side 1 bed, eatin kitchen - decent size living & bed - full bath -2 closets - 2 car oversized garage & storage bldg, brick fence & patio, with backyard.

7. 2004-08-11
   soldstatus $90,000
8. 2003-09-30
   soldstatus $90,000
9. 2003-04-28
   listed $94,500

ⓘ 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: $1,920 · $160/mo
• Projected year-2 tax: $1,980 · $165/mo
• Expected delta: +$60/yr (+$5/mo · 3.1%)

ⓘ 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 5/10 Major 7 d/yr ≥107°F today · 18 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: $26,568
• − Mortgage interest: −$12,323
• − Property taxes: −$1,920
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,125
• − Management: −$2,125
• − Depreciation: −$6,400
• Taxable income: $574
• Est. tax owed @ 24.0%: −$138
• After-tax cash flow: $3,987/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): 25,791
• Household income: $56,873
• Rent vs Own: 45.5% rent · 54.5% own
• Severe rent burden: 1210.0

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 0.64)
• Race & ethnicity: White 47% Hispanic / Latino 37% Two or more races 13% Native American 6% Black 5% Asian 2%
• Hispanic origin (detail): Mexican 22%
• Common ancestry: Lithuanian 1% Italian 1% Slovak 1%
• Foreign-born: 19% · Canada, Vietnam
• Languages at home: 67% English-only · Spanish 30% 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: ▼ -245.03%
• Current HPI: 274.7844
• Rent YoY: ▲ 7.29%
• 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

+132.8% since first listed

9 events — show timeline

• 2026-05-13 Pending — MLSOK
• 2026-01-10 Listed $220,000 MLSOK
• 2022-07-20 Sold (Public Records) $140,000 Public Records
• 2014-04-07 Sold (Public Records) $120,000 Public Records
• 2014-03-31 Sold (MLS) $120,000 MLSOK
• 2013-08-01 Listed $139,900 MLSOK
• 2004-08-11 Sold (MLS) $90,000 MLSOK
• 2003-09-30 Sold (Public Records) $90,000 Public Records
• 2003-04-28 Listed $94,500 MLSOK

Property tax history

+1.4%/yr

Latest (2025): $1,920 · -1.1% YoY. Source: county tax records.