2165 Buena Vida Ln

Edmond, OK 73013

$450,000D

3 bd · 3.0 ba · 1,258 sqft · Built 2017 · MultiFamily · Active · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,432/mo
• Mortgage (P&I): −$2,360
• Tax + insurance: −$374
• HOA: −$0
• Vac / Maint / Mgmt: −$721
• Net cashflow: $-22/mo
• Annual: $-269/yr
• Cap rate: 6.23%
• Cash-on-cash: -0.21%
• DSCR: 0.99
• 1% rule: 0.76%
• Cash to close: $126,000

Investor read

• This is a 2 × 3-bed/2.5-bath units multifamily listed at $450k.
• At list price, monthly cash flow is $-22 ($-269/yr) — negative. Per door: $-11/mo.
• To cash-flow at today's rent, offer at most $446k (0.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $343k (23.7% below list).
• It's been on market 41 days — a 3% lower offer ($436k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $343k (23.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#6 in OK, #2,383 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: health & safety C-, commute F.
• Edmond (suburban): math 38% / reading 40% proficiency, ranked #11 of 270 in OK (top 4%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Sunset Es (math 18% / reading 18%, grade F, #534 of 845 statewide, top 64%, 670 students, 0% FRL); Central Ms (math 40% / reading 42%, grade F, #5 of 345 statewide, top 1%, 980 students, 0% FRL); Santa Fe Hs (math 36% / reading 52%, grade F, #18 of 447 statewide, top 4%, 2,796 students, 0% FRL) — zoned schools average 0% FRL vs 22% district-wide (22 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+3.1%/yr); 662 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 5,365 units permitted in Oklahoma County in 2024 (569 in 5+ unit buildings).
• Oklahoma County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.2% vs local median 3.4% in Edmond — 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.
• This rent runs 36% of the median local income ($114k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 41 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?
• 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.