938 SW 58 St Unit Address : 938 1/2 (rear) · Oklahoma City, OK 73109

$535,000

13 bd · 7.0 ba · 4,649 sqft · MultiFamily · 37 Days on market

Built 1958 Poor condition $115/sqft · at area comps Est $533k · at est.

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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 +25.4/30.0
• Appreciation +10.0/10.0
• DSCR +8.4/10.0
• ARV discount +7.3/15.0
• 1% rule +6.7/10.0
• Livability +4.0/5.0
• Rent growth +3.6/5.0
• Condition / age +1.0/5.0
• Schools +0.7/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

ATTENTION INVESTORS: This is a PACKAGE SALE of 4 Total Properties, with one MULTI-FAMILY FOURPLEX and 3 SINGLE FAMILY HOMES. All units are rented on Month to Month Leases . 3 are 3 Bedroom Single Family Homes and one of them is a FourPlex that have 1 bedroom, 1 bath in each of the 4Plex units. Rents are as follows: 1.) 938 1/2 (rear) SW 58th (the FOURPLEX) each have 1 bedroom, 1 bath units and each rent for between $575. to $700./month. 2.) 938 SW 58th (up front is a Single Family Home with 660 Sq. Ft and it rents for $800./ month, 3.) 940 SW 58th = 576 Sq. Ft and rents for $800./month. 4.) 946 SW 58th = 1014 Sq. Ft and rents for $850./month. Showings to take place after an a Contract is Executed, during the Buyer's inspection period. Listing Realtor is related to Seller.

Key facts

• Built 1958
• Listed 36 days

What this means for you Summary

Snapshot

• This is a 13-bed/7.0-bath multifamily listed at $535k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $535k).
• Recommended offer: $519k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.0% 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 (+4.5%/yr); 83 active listings in the ZIP; lower-income renter base — watch delinquency; 5,365 units permitted in Oklahoma County in 2024 (569 in 5+ unit buildings).
• At $6,235/mo this rent would consume 173% of the median local household income ($43k/yr) (locally 1473% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $57k of equity ($4k loan paydown + $54k 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 $150k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$92k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($519k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1958 — 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 $518,950 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.17% ✓
• Cap rate: 9.05%
• Cash-on-cash: 9.84%
• DSCR: 1.44
• GRM: 7.2

CMA / ARV

• ARV (median comp): $532,991
• List price: $535,000
• Delta: 0.38%
• Verdict: FAIR
• Comps: 3 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 32.1%
• Equity multiple: 3.53×
• Total profit: $379,321
• Equity at exit: $481,970

10-year hold

• IRR: 28.3%
• Equity multiple: 8.19×
• Total profit: $1,076,447
• Equity at exit: $1,039,387

Cash invested: $149,800 (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 73109

• Home prices YoY: 9.5%
• Rents YoY: 4.5%
• Active inventory: 83
• Price-to-rent: 56.9×

Monthly cashflow live

• Estimated rent: $6,235 high
• Mortgage (P&I): −$2,806
• Tax est. 1.5%: −$669 /mo · $8,025/yr
• Insurance: −$223
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,309
• Net cashflow: $1,228

Break-even live

Break-even rent $4,680

Max offer price $535,000

Occupancy floor 75%

Sensitivity live

Price	-10% $1,598	-5% $1,413	+0% $1,228	+5% $1,044	+10% $859
Rent	-10% $736	-5% $982	+0% $1,228	+5% $1,475	+10% $1,721
Rate	-1.0pp $1,498	-0.5pp $1,364	base $1,228	+0.5pp $1,090	+1.0pp $949

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$3,132
▸ 3× units	3	1	$3,102
Total (7 units)			$6,235

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: $133,750
• Closing costs: $16,050
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $535,000 Active 37 DOM
2. 2026-06-17
   days on market $535,000 Active 36 DOM
3. 2026-06-16
   days on market $535,000 Active 35 DOM
4. 2026-06-15
   days on market $535,000 Active 34 DOM
5. 2026-06-13
   days on market $535,000 Active 32 DOM
6. 2026-06-09
   days on market $535,000 Active 28 DOM
7. 2026-06-08
   days on market $535,000 Active 27 DOM
8. 2026-06-07
   days on market $535,000 Active 26 DOM
9. 2026-06-05
   days on market $535,000 Active 23 DOM
10. 2026-06-03
    days on market $535,000 Active 22 DOM
11. 2026-06-02
    days on market $535,000 Active 21 DOM
12. 2026-06-01
    days on market $535,000 Active 20 DOM
13. 2026-05-31
    days on market $535,000 Active 19 DOM
14. 2026-05-13
    listed $535,000 Active 789-char remark

    Show marketing remark (789 chars)

    ATTENTION INVESTORS: This is a PACKAGE SALE of 4 Total Properties, with one MULTI-FAMILY FOURPLEX and 3 SINGLE FAMILY HOMES. All units are rented on Month to Month Leases . 3 are 3 Bedroom Single Family Homes and one of them is a FourPlex that have 1 bedroom, 1 bath in each of the 4Plex units. Rents are as follows: 1.) 938 1/2 (rear) SW 58th (the FOURPLEX) each have 1 bedroom, 1 bath units and each rent for between $575. to $700./month. 2.) 938 SW 58th (up front is a Single Family Home with 660 Sq. Ft and it rents for $800./ month, 3.) 940 SW 58th = 576 Sq. Ft and rents for $800./month. 4.) 946 SW 58th = 1014 Sq. Ft and rents for $850./month. Showings to take place after an a Contract is Executed, during the Buyer's inspection period. Listing Realtor is related to Seller.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $74,820
• − Mortgage interest: −$29,968
• − Property taxes: −$8,025
• − Insurance: −$2,675
• − Repairs & maintenance: −$5,986
• − Management: −$5,986
• − Depreciation: −$15,564
• Taxable income: $6,617
• Est. tax owed @ 24.0%: −$1,588
• After-tax cash flow: $13,153/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.

Condition & rehab AI · 5 photos

Poor 20/100 Extensive rehab

This multi-family property requires extensive repairs and maintenance to improve its condition and increase its value.

Repairs flagged

• Major exterior siding — Severe weathering and peeling
• Major roof — Signs of significant wear
• Major landscaping — Overgrown lawn and unkempt appearance

Value-add opportunities

• Both exterior painting — Enhances curb appeal and property value
• Both roof repair — Improves structural integrity and reduces maintenance costs
• Both landscaping — Enhances curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Severe weathering and peeling	Major	$15,000–50,000
roof · Signs of significant wear	Major	$15,000–50,000
landscaping · Overgrown lawn and unkempt appearance	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both exterior painting — Enhances curb appeal and property value ↑
• Both roof repair — Improves structural integrity and reduces maintenance costs ↑
• Both landscaping — Enhances curb appeal and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

1 event — show timeline

• 2026-05-13 Listed $535,000 MLSOK