401 SE 12th Ave #136 · Norman, OK 73071

$100,000

2 bd · 2.0 ba · 1,120 sqft · Condo public records · 128 Days on market

Built 1976 $292/mo HOA · 25% of rent

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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 +12.1/30.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• Livability +4.2/5.0
• DSCR +3.6/10.0
• Rent growth +3.2/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Very well-maintained condo, ground-floor, 2-story, 2 bedroom with all new paint & carpet, new hardware, 2 all new HVAC systems installed in winter of 09. Wood-burning fireplace & large rooms. New stove & microwave, windows & doors, including sliding doors to private patio, fenced for privacy. Just west of pool, very near OU & shopping.

Key facts

• Community pool
• Close to shopping
• $292 HOA

Tags

• CLOSE TO SHOPPING
• COMMUNITY POOL

Property features AI

Finance

• Other: Leased (occupied); Association fee: $3,499
• Financial info: Not assumable
• HOA & community: Mandatory association dues; Association fee covers garbage, common area maintenance, partial utilities, and pool

Exterior

• Home design: Residential condominium; Multi-level property
• Construction: Brick and frame construction; Brick exterior; Composition roof; Slab foundation; Existing property
• Exterior features: Interior lot; Private outdoor pool

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central electric heating/cooling
• Interior features: One living area; No fireplace

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $100k.

Deal economics

• At list price, monthly cash flow is $-22 ($-269/yr) — negative.
• To cash-flow at today's rent, offer at most $96k (4.0% below list).
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.0% 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); Irving Ms (math 14% / reading 20%, grade F, #193 of 345 statewide, top 60%, 788 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); 356 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 592 units permitted in Cleveland County in 2024 (12 in 5+ unit buildings).

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.
• Cleveland County population projected at +40% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 128 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 16y 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 $50k; list at $100k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 25% 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 $88,000 (12.0% 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. It's been on market 128 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 1.15% ✓
• Cap rate: 6.02%
• Cash-on-cash: -0.96%
• DSCR: 0.96
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -18.0%
• Equity multiple: 0.37×
• Total profit: $-17,697
• Equity at exit: $14,910

10-year hold

• IRR: -10.3%
• Equity multiple: 0.37×
• Total profit: $-17,519
• 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 73071

• Rents YoY: 2.8%
• Active inventory: 356
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,153 high
• Mortgage (P&I): −$524
• Tax from tax record: −$75 /mo · $903/yr
• Insurance: −$42
• HOA: −$292
• Vacancy / Maint / Mgmt: −$242
• Net cashflow: $-22

Break-even live

Break-even rent $1,181

Max offer price $96,041

Occupancy floor 97%

Sensitivity live

Price	-10% $34	-5% $6	+0% $-22	+5% $-51	+10% $-79
Rent	-10% $-114	-5% $-68	+0% $-22	+5% $23	+10% $69
Rate	-1.0pp $28	-0.5pp $3	base $-22	+0.5pp $-48	+1.0pp $-75

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 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
401 12th Ave SE Norman, OK	1.0–2.0	1.0–2.0	842	$949	$1.13	5d	2	0.07mi
517 Coronado Ave Norman, OK	3.0	2.0	1207	$1,465	$1.21	5d	1	0.11mi
375 Triad Village Dr Norman, OK	3.0	2.0	1428	$1,425	$1.00	23d	1	0.16mi
375 Triad Village Dr Norman, OK	3.0	2.0–2.5	1428	$1,425	$1.00	25d	2	0.16mi
216 Justin Dr Norman, OK	2.0	2.5	1200	$1,000	$0.83	25d	1	0.30mi
1628 Claudia Dr Norman, OK	3.0	2.5	1200	$1,250	$1.04	25d	1	0.31mi
508 Sinclair Dr Norman, OK	2.0	2.0	1156	$895	$0.77	25d	1	0.33mi
1612 Claudia Dr Norman, OK	3.0	2.5	1200	$1,350	$1.12	5d	1	0.34mi
717 Biloxi Dr Norman, OK	2.0	2.0	1000	$975	$0.97	25d	1	0.34mi
820 Richmond Dr Norman, OK	3.0	2.0	1175	$1,495	$1.27	25d	1	0.35mi
1626 Glenn Bo Dr Norman, OK	2.0	2.5	1320	$1,150	$0.87	23d	1	0.36mi
1616 Cara Jo Dr Norman, OK	2.0	2.5	1200	$1,100	$0.92	25d	1	0.37mi
1149 W Brooks St Norman, OK	1.0–4.0	1.0–2.0	1025	$1,053	$1.03	3d	7	0.40mi
1616 Alameda St Norman, OK	2.0	1.0–1.5	925	$938	$1.01	12d	1	0.40mi
1616 Alameda St Norman, OK	1.0–2.0	1.0–1.5	975	$980	$1.01	25d	8	0.40mi
627 Sinclair Dr Norman, OK	2.0	2.0	1200	$895	$0.75	25d	1	0.40mi
641 Sinclair Dr Norman, OK	2.0	2.0	1200	$750	$0.62	25d	1	0.42mi
300 Chalmette Dr Unit A Norman, OK	2.0	1.0	975	$875	$0.90	5d	1	0.44mi
1120 Arkansas St Norman, OK	2.0	1.0	941	$850	$0.90	16d	1	0.45mi
1712 Jennifer Cir Norman, OK	3.0	1.5	1425	$1,195	$0.84	23d	1	0.47mi
1817 Beaumont Dr Norman, OK	3.0	2.0	1100	$1,200	$1.09	25d	1	0.50mi
1008 Arkansas St Norman, OK	2.0	1.0	941	$850	$0.90	16d	1	0.52mi
1812 E Alameda St Norman, OK	1.0	1.0	906	$925	$1.02	16d	1	0.53mi
1900 Dover St Unit A Norman, OK	2.0	1.0	948	$1,095	$1.16	5d	1	0.54mi
1900 Dover St Norman, OK	2.0	1.0	975	$1,200	$1.23	23d	1	0.54mi
721 Vicksburg Ave Norman, OK	3.0	2.0	1217	$1,550	$1.27	21d	1	0.55mi
1812 Alameda St #221 Norman, OK	1.0	1.0	906	$925	$1.02	22d	1	0.56mi
1115 Biloxi Dr Norman, OK	1.0–2.0	1.0	818	$909	$1.11	13d	3	0.59mi
829 Russell Cir Norman, OK	2.0	1.0	825	$1,000	$1.21	25d	1	0.59mi
821 Russell Cir Unit 821 Norman, OK	3.0	1.5	877	$1,050	$1.20	25d	1	0.61mi
828 Russell Cir Norman, OK	2.0	1.0	768	$1,050	$1.37	4d	1	0.62mi
826 Russell Cir Unit 826 Norman, OK	2.0	2.0	877	$1,050	$1.20	25d	1	0.62mi
824 Russell Cir Norman, OK	2.0	2.0	877	$1,050	$1.20	25d	1	0.62mi
820 Russell Cir Norman, OK	3.0	1.5	940	$1,050	$1.12	25d	1	0.63mi
833 Owl St Norman, OK	2.0	1.0	810	$1,000	$1.23	25d	1	0.64mi
1400 E Lindsey St Norman, OK	2.0	2.5	896	$889	$0.99	25d	1	0.66mi
2023 Delaware Ln Norman, OK	2.0	1.0	720	$1,000	$1.39	25d	1	0.68mi
101 Crestland Dr Norman, OK	2.0	1.5	1100	$1,249	$1.14	3d	2	0.69mi
1703 E Lindsey St Norman, OK	2.0	2.0	1101	$1,100	$1.00	25d	1	0.69mi
2035 Delaware Ln Norman, OK	2.0	1.0	783	$1,000	$1.28	25d	1	0.71mi

HOA detail condo

• Monthly dues: $292 · $3,504/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-21
   days on market $100,000 Active 128 DOM
2. 2026-06-18
   days on market $100,000 Active 125 DOM
3. 2026-06-17
   days on market $100,000 Active 124 DOM
4. 2026-06-16
   days on market $100,000 Active 123 DOM
5. 2026-06-15
   days on market $100,000 Active 122 DOM
6. 2026-06-13
   days on market $100,000 Active 120 DOM
7. 2026-06-09
   days on market $100,000 Active 116 DOM
8. 2026-06-08
   days on market $100,000 Active 115 DOM
9. 2026-06-07
   days on market $100,000 Active 114 DOM
10. 2026-06-05
    days on market $100,000 Active 111 DOM
11. 2026-06-03
    days on market $100,000 Active 110 DOM
12. 2026-06-02
    days on market $100,000 Active 109 DOM
13. 2026-06-01
    days on market $100,000 Active 108 DOM
14. 2026-05-31
    days on market $100,000 Active 107 DOM
15. 2026-02-13
    listed $100,000 Active
16. 2018-12-19
    soldstatus $50,000
17. 2010-06-11
    soldstatus $45,000 359-char remark

    Show marketing remark (359 chars)

    Very well-maintained condo, ground-floor, 2-story, 2 bedroom with all new paint & carpet, new hardware, 2 all new HVAC systems installed in winter of 09. Wood-burning fireplace & large rooms. New stove & microwave, windows & doors, including sliding doors to private patio, fenced for privacy. Just west of pool, very near OU & shopping.

18. 2010-06-11
    soldstatus $45,000

    Show marketing remark (359 chars)

    Very well-maintained condo, ground-floor, 2-story, 2 bedroom with all new paint & carpet, new hardware, 2 all new HVAC systems installed in winter of 09. Wood-burning fireplace & large rooms. New stove & microwave, windows & doors, including sliding doors to private patio, fenced for privacy. Just west of pool, very near OU & shopping.

19. 2010-03-11
    listed $48,500 359-char remark

    Show marketing remark (359 chars)

    Very well-maintained condo, ground-floor, 2-story, 2 bedroom with all new paint & carpet, new hardware, 2 all new HVAC systems installed in winter of 09. Wood-burning fireplace & large rooms. New stove & microwave, windows & doors, including sliding doors to private patio, fenced for privacy. Just west of pool, very near OU & shopping.

ⓘ 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: $903 · $75/mo
• Projected year-2 tax: $903 · $75/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: $13,837
• − Mortgage interest: −$5,602
• − Property taxes: −$903
• − Insurance: −$500
• − Repairs & maintenance: −$1,107
• − Management: −$1,107
• − HOA: −$3,504
• − Depreciation: −$2,909
• Taxable loss: −$1,795
• Est. tax savings @ 24.0%: +$431
• After-tax cash flow: $162/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

+106.2% since first listed

5 events — show timeline

• 2026-02-13 Listed $100,000 MLSOK
• 2018-12-19 Sold (Public Records) $50,000 Public Records
• 2010-06-11 Sold (Public Records) $45,000 Public Records
• 2010-06-11 Sold (MLS) $45,000 MLSOK
• 2010-03-11 Listed $48,500 MLSOK

Property tax history

+5.1%/yr

Latest (2024): $903 · +4.6% YoY. Source: county tax records.