424 SW 28th St · Oklahoma City, OK 73109

$93,500

3 bd · 1.0 ba · 1,208 sqft · SingleFamily public records · 3 Days on market

Built 1916 7,000 sqft lot

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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 +28.8/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• Livability +4.0/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0

Listing remarks

Fantastic Rental or Flip Opportunity! This 3-bedroom, 1-bath home features a newer roof and all major systems in excellent working condition! While it previously had leaks, the roof has since been replaced, making it ideal for investors looking to rent or homebuyers seeking a discounted price with minimal TLC. It could benefit from some sprucing up and modern touches but is also perfectly livable in its current condition!

Key facts

• Newer roof
• 7,000 sq ft lot
• Garage

Tags

• NEWER ROOF

Property features AI

Finance

• Other: Occupied; No conditions affecting sale; Historic designation: no; Property listed as a model home: no
• Financial info: Loan qualification: yes
• HOA & community: No mandatory association dues

Exterior

• Parking: Detached or attached 1-car garage
• Utilities: Homestead status: yes
• Home design: Single-family residence; One level; Residential property; Located in Capitol Hill Add
• Construction: Frame construction; Shingle roof; Built status: existing
• Exterior features: No notable exterior features listed; Infill lot

Interior

• Bedrooms: 3 bedrooms (all on one level)
• Bathrooms: 1 full bathroom
• Interior features: Two living areas; No fireplace; Combination foundation

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $94k.

Deal economics

• At list price, monthly cash flow is $315 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $94k).
• Cap rate 10.3% 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.
• 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.
• Zoned schools: Adelaide Lee Es (math 2% / reading 2%, grade F, #802 of 845 statewide, top 100%, 410 students, 0% FRL); Capitol Hill Hs (math 2% / reading 4%, grade F, #444 of 447 statewide, top 99%, 1,455 students, 0% FRL) — zoned schools average 0% FRL vs 82% district-wide (82 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+4.5%/yr); 83 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 32% of the median local income ($43k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $10k of equity ($646 loan paydown + $9k appreciation (10.0% local appreciation)).
• Oklahoma County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 4.5% rent growth), your $26k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $41k; list at $94k implies a 128% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1916 — 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 $93,500

Questions for the listing agent

1. Built in 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.22% ✓
• Cap rate: 10.34%
• Cash-on-cash: 14.46%
• DSCR: 1.64
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $190,864
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
520 SW 31st St	0.22mi	3/2.0	1,337 (+11%)	6mo	$244,000	$182	63
517 SW 28th St	0.08mi	3/1.0	1,032 (-15%)	23mo	$163,000	$158	53
1005 SW 25th St	0.70mi	3/2.0	1,281 (+6%)	22mo	$175,000	$137	35

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

Projected returns pro-forma

10.0% appreciation · 4.51% rent growth · sell at horizon

5-year hold

• IRR: 35.6%
• Equity multiple: 3.78×
• Total profit: $72,749
• Equity at exit: $84,232

10-year hold

• IRR: 31.2%
• Equity multiple: 8.72×
• Total profit: $202,188
• Equity at exit: $181,650

Cash invested: $26,180 (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 73109

• Home prices YoY: 9.5%
• Rents YoY: 4.5%
• Active inventory: 83
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,140 high
• Mortgage (P&I): −$490
• Tax from tax record: −$56 /mo · $668/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$239
• Net cashflow: $315

Break-even live

Break-even rent $740

Max offer price $93,500

Occupancy floor 67%

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: $23,375
• Closing costs: $2,805
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3312 S Harvey Ave Oklahoma City, OK	2.0	1.0	840	$1,100	$1.31	20d	1	0.35mi
3407 S Lee Ave Oklahoma City, OK	2.0	1.0	900	$980	$1.09	43d	1	0.39mi
900 Hangar Dr Oklahoma City, OK	2.0	1.0–2.0	743	$2,075	$2.79	1d	37	0.85mi
934 Hangar Dr Unit 3 Oklahoma City, OK	2.0	2.0	864	$1,550	$1.79	43d	1	0.88mi
321 SE 25th St Oklahoma City, OK	3.0	1.0	1152	$1,095	$0.95	43d	1	0.90mi
317 SE 24th St Oklahoma City, OK	2.0	1.0	917	$950	$1.04	3d	1	0.91mi
407 SE 25th St Oklahoma City, OK	3.0	1.0	896	$1,275	$1.42	44d	1	0.96mi
1056 Hangar Dr Oklahoma City, OK	2.0	1.5	844	$2,400	$2.84	43d	1	0.98mi
4101 S Shields Blvd Apt 3B Oklahoma City, OK	3.0	2.0	957	$1,025	$1.07	3d	1	1.08mi
4101 S Shields Blvd Unit Shields 3B Oklahoma City, OK	3.0	2.0	957	$1,050	$1.10	23d	1	1.08mi
624 SW 44th St Oklahoma City, OK	2.0	1.0	1206	$1,500	$1.24	43d	1	1.09mi
4426 S Olie Ave Oklahoma City, OK	2.0	2.0	1159	$1,220	$1.05	11d	1	1.09mi
632 SW 44th St Oklahoma City, OK	2.0	1.0	958	$1,000	$1.04	3d	1	1.09mi
101 SE 42nd St Unit B Oklahoma City, OK	2.0	1.0	740	$645	$0.87	43d	1	1.11mi
109 SE 42nd St Apt A Oklahoma City, OK	2.0	1.0	800	$799	$1.00	16d	1	1.11mi
1345 SW 27th St Oklahoma City, OK	3.0	2.0	1153	$1,095	$0.95	2d	1	1.14mi
526 SE 21st St Oklahoma City, OK	3.0	1.0	1054	$1,150	$1.09	3d	1	1.18mi
1132 SW 40th St Oklahoma City, OK	3.0	2.0	1436	$1,350	$0.94	23d	1	1.22mi
1329 SW Grand Blvd Oklahoma City, OK	2.0	1.0	858	$1,050	$1.22	43d	1	1.22mi
630 SE 21st St Oklahoma City, OK	3.0	2.0	1000	$1,095	$1.09	43d	1	1.26mi
733 SW 47th St Oklahoma City, OK	3.0	1.5	1228	$1,180	$0.96	23d	1	1.27mi
1004 SW 45th St Oklahoma City, OK	2.0	1.0	756	$950	$1.26	23d	1	1.32mi
1900 Terrace Lawn Dr Oklahoma City, OK	3.0	2.0	1415	$1,225	$0.87	2d	1	1.34mi
2701 S Phillips Ave Oklahoma City, OK	3.0	2.0	1177	$995	$0.85	23d	1	1.35mi
620 SW 50th St Oklahoma City, OK	2.0	1.0	977	$1,100	$1.13	2d	1	1.45mi

Listing history 3 events

1. 2026-05-13
   status Pending
2. 2026-05-09
   listed $93,500 Active
3. 2006-06-26
   soldstatus $41,000

ⓘ 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: $668 · $56/mo
• Projected year-2 tax: $841 · $70/mo
• Expected delta: +$173/yr (+$14/mo · 25.9%)

ⓘ 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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,677
• − Mortgage interest: −$5,237
• − Property taxes: −$668
• − Insurance: −$468
• − Repairs & maintenance: −$1,094
• − Management: −$1,094
• − Depreciation: −$2,720
• Taxable income: $2,395
• Est. tax owed @ 24.0%: −$575
• After-tax cash flow: $3,210/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): 21,378
• Household income: $43,133
• Rent vs Own: 56.5% rent · 43.5% own
• Severe rent burden: 1473.0

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 0.55)
• Race & ethnicity: Hispanic / Latino 62% Two or more races 24% White 23% Black 9% Native American 5%
• Hispanic origin (detail): Mexican 58%
• Common ancestry: Italian 1% Hispanic 1% Scottish 1%
• Foreign-born: 26% · Canada
• Languages at home: 49% English-only · Spanish 50% Other Asian/Pacific 0%

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: ▲ 23.48%
• Current HPI: 270.5333
• Rent YoY: ▲ 4.51%
• 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

+128.0% since first listed

3 events — show timeline

• 2026-05-13 Pending — MLSOK
• 2026-05-09 Listed $93,500 MLSOK
• 2006-06-26 Sold (Public Records) $41,000 Public Records

Property tax history

+2.4%/yr

Latest (2025): $668 · +4.4% YoY. Source: county tax records.