1409 SW 32nd St · Oklahoma City, OK 73119

$119,000

2 bd · 1.0 ba · 960 sqft · SingleFamily public records · 59 Days on market

Built 1928 6,499 sqft lot $124/sqft · 19% below area Est $147k · 19% under

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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 +16.1/30.0
• ARV discount +15.0/15.0
• DSCR +5.0/10.0
• Livability +4.0/5.0
• 1% rule +3.5/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located at 1409 SW 32nd St in Oklahoma City, this inviting home blends classic character with practical living. Offering 4bedrooms and 2 bathroom within approximately 960 square feet, the property features a functional layout that maximizes space and comfort. Originally built in 1928, the home retains its timeless appeal while presenting an excellent opportunity for updates or customization. Situated on a generous lot, the expansive yard provides plenty of room for outdoor enjoyment, gardening, or future improvements. Nestled in an established neighborhood with convenient access to schools, shopping, and major thoroughfares, this property is ideal for first-time buyers.

Key facts

• Expansive yard
• Convenient access
• Functional layout

Tags

• FUNCTIONAL LAYOUT
• EXPANSIVE YARD
• ESTABLISHED NEIGHBORHOOD
• CONVENIENT ACCESS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $119k.

Deal economics

• At list price, monthly cash flow is $61 ($732/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $101k (15.5% below list).
• Recommended offer: $101k (15.5% below list) — sets the bar for 1% rule.
• Cap rate 6.9% 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 (+1.1%/yr); 93 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 54% of comp listings sitting > 30 days — soft ceiling on asking rent; 5,365 units permitted in Oklahoma County in 2024 (569 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $823 of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($115k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1928 — 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 $100,568 (15.5% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
2. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
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 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: 0.85% ✗
• Cap rate: 6.91%
• Cash-on-cash: 2.20%
• DSCR: 1.10
• GRM: 9.9

CMA / ARV

• ARV (median comp): $147,292
• List price: $119,000
• Delta: -19.21%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1333 SW 32nd St	0.07mi	2/1.0	888 (-8%)	2mo	$80,000	$90	83
1233 SW 34th St	0.23mi	2/1.0	918 (-4%)	9mo	$120,000	$131	74
1428 Reding Dr	0.48mi	3/1.0 (+1)	973 (+1%)	4mo	$68,000	$70	67
1648 SW 40th St	0.59mi	3/1.0 (+1)	939 (-2%)	4mo	$125,000	$133	61
1521 SW 25th St	0.56mi	3/2.0 (+1)	916 (-5%)	1mo	$162,000	$177	56
1440 SW 25th St	0.51mi	2/1.0	1,064 (+11%)	9mo	$52,500	$49	51
1116 SW 41st St	0.71mi	2/1.0	875 (-9%)	2mo	$125,500	$143	50
2325 SW Binkley St	0.67mi	3/1.0 (+1)	1,000 (+4%)	10mo	$156,000	$156	49
1128 SW 38th St	0.53mi	3/2.0 (+1)	1,076 (+12%)	0mo	$138,000	$128	46
1216 SW 39th St	0.55mi	3/2.0 (+1)	1,064 (+11%)	2mo	$87,550	$82	46
3901 S Youngs Blvd	0.70mi	3/1.0 (+1)	1,025 (+7%)	6mo	$110,000	$107	46
920 SW 26th St	0.74mi	2/1.0	824 (-14%)	9mo	$85,000	$103	34

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

Projected returns pro-forma

-3.0% appreciation · 1.13% rent growth · sell at horizon

5-year hold

• IRR: -14.8%
• Equity multiple: 0.48×
• Total profit: $-17,296
• Equity at exit: $17,743

10-year hold

• IRR: -9.2%
• Equity multiple: 0.47×
• Total profit: $-17,561
• Equity at exit: $10,289

Cash invested: $33,320 (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 73119

• Home prices YoY: -14.4%
• Rents YoY: 1.1%
• Active inventory: 93
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,006 high
• Mortgage (P&I): −$624
• Tax from tax record: −$60 /mo · $718/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$211
• Net cashflow: $61

Break-even live

Break-even rent $928

Max offer price $119,000

Occupancy floor 89%

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1329 SW Grand Blvd Oklahoma City, OK	2.0	1.0	858	$1,050	$1.22	43d	1	0.27mi
2140 SW 35th St Oklahoma City, OK	3.0	2.0	976	$1,300	$1.33	43d	1	0.49mi
2119 SW 39th St Oklahoma City, OK	1.0–2.0	1.0	675	$909	$1.35	43d	1	0.58mi
2125 SW 26th St Unit B Oklahoma City, OK	1.0	1.0	800	$700	$0.88	23d	1	0.61mi
2128 SW 41st St Oklahoma City, OK	2.0	1.0	860	$820	$0.95	2d	1	0.72mi
2336 SW Grand Blvd Oklahoma City, OK	2.0	1.0	770	$995	$1.29	43d	1	0.75mi
4330 S Barnes Ave Oklahoma City, OK	1.0–3.0	1.0–2.0	860	$937	$1.09	3d	9	0.80mi
1004 SW 45th St Oklahoma City, OK	2.0	1.0	756	$950	$1.26	23d	1	1.00mi
1056 Hangar Dr Oklahoma City, OK	2.0	1.5	844	$2,400	$2.84	43d	1	1.00mi
3407 S Lee Ave Oklahoma City, OK	2.0	1.0	900	$980	$1.09	43d	1	1.03mi
3616 S Lee Ave Oklahoma City, OK	1.0	1.0	760	$775	$1.02	43d	1	1.07mi
3618 S Lee Ave Oklahoma City, OK	1.0	1.0	760	$850	$1.12	43d	1	1.07mi
934 Hangar Dr Unit 7 Oklahoma City, OK	1.0	1.0	635	$1,500	$2.36	44d	1	1.08mi
934 Hangar Dr Unit 3 Oklahoma City, OK	2.0	2.0	864	$1,550	$1.79	43d	1	1.08mi
934 Hangar Dr Unit 1 Oklahoma City, OK	1.0	1.0	591	$1,300	$2.20	17d	1	1.08mi
2640 SW 38th St Oklahoma City, OK	3.0	2.0	944	$1,050	$1.11	2d	1	1.10mi
900 Hangar Dr Oklahoma City, OK	2.0	1.0–2.0	743	$2,075	$2.79	1d	37	1.12mi
1338 South Dr Oklahoma City, OK	2.0	1.0	720	$1,150	$1.60	15d	1	1.19mi
540 SW 24th St #3 Oklahoma City, OK	1.0	1.0	726	$625	$0.86	43d	1	1.20mi
632 SW 44th St Oklahoma City, OK	2.0	1.0	958	$1,000	$1.04	3d	1	1.24mi
2412 SW 47th St Oklahoma City, OK	3.0	1.0	638	$1,150	$1.80	23d	1	1.25mi
2813 SW 33rd St Oklahoma City, OK	1.0	1.0	600	$725	$1.21	43d	1	1.25mi
404 SW 26th St Unit 6 Oklahoma City, OK	1.0	1.0	600	$645	$1.07	11d	1	1.30mi
3906 S Hudson Ave Oklahoma City, OK	1.0	1.0	700	$750	$1.07	23d	1	1.31mi
2116 SW 51st St Oklahoma City, OK	1.0	1.0	558	$675	$1.21	43d	1	1.32mi
316 SW 27th St Unit 4 Oklahoma City, OK	1.0	1.0	615	$679	$1.10	11d	1	1.33mi
316 SW 27th St Unit 8 Oklahoma City, OK	1.0	1.0	615	$679	$1.10	43d	1	1.33mi
2500 SW 48th St Oklahoma City, OK	2.0	1.0	1096	$1,050	$0.96	43d	1	1.36mi
3312 S Harvey Ave Oklahoma City, OK	2.0	1.0	840	$1,100	$1.31	20d	1	1.36mi
1323 S Blackwelder Ave Oklahoma City, OK	2.0	1.0	651	$1,095	$1.68	43d	1	1.37mi
3913 S Harvey Ave Unit 2 Oklahoma City, OK	1.0	1.0	568	$900	$1.58	43d	1	1.39mi
220 SW 34th St Oklahoma City, OK	1.0	1.0	625	$725	$1.16	43d	1	1.41mi
2921 SW 28th St Oklahoma City, OK	3.0	1.0	1125	$1,490	$1.32	43d	1	1.42mi
1632 Birch St Oklahoma City, OK	2.0	1.0	935	$775	$0.83	2d	1	1.44mi
1800 Exchange Ave Unit 1/2 Oklahoma City, OK	1.0	2.0	550	$725	$1.32	23d	1	1.48mi

Listing history 15 events

1. 2026-06-18
   days on market $119,000 Active 59 DOM
2. 2026-06-17
   days on market $119,000 Active 58 DOM
3. 2026-06-16
   days on market $119,000 Active 57 DOM
4. 2026-06-15
   days on market $119,000 Active 56 DOM
5. 2026-06-13
   days on market $119,000 Active 54 DOM
6. 2026-06-09
   days on market $119,000 Active 50 DOM
7. 2026-06-08
   days on market $119,000 Active 49 DOM
8. 2026-06-07
   days on market $119,000 Active 48 DOM
9. 2026-06-05
   days on market $119,000 Active 45 DOM
10. 2026-06-03
    days on market $119,000 Active 44 DOM
11. 2026-06-02
    days on market $119,000 Active 43 DOM
12. 2026-06-01
    days on market $119,000 Active 42 DOM
13. 2026-05-31
    days on market $119,000 Active 41 DOM
14. 2026-05-08
    price $119,000 678-char remark

    Show marketing remark (678 chars)

    Located at 1409 SW 32nd St in Oklahoma City, this inviting home blends classic character with practical living. Offering 4bedrooms and 2 bathroom within approximately 960 square feet, the property features a functional layout that maximizes space and comfort. Originally built in 1928, the home retains its timeless appeal while presenting an excellent opportunity for updates or customization. Situated on a generous lot, the expansive yard provides plenty of room for outdoor enjoyment, gardening, or future improvements. Nestled in an established neighborhood with convenient access to schools, shopping, and major thoroughfares, this property is ideal for first-time buyers.

15. 2026-04-06
    listed $120,000 Active 678-char remark

    Show marketing remark (678 chars)

    Located at 1409 SW 32nd St in Oklahoma City, this inviting home blends classic character with practical living. Offering 4bedrooms and 2 bathroom within approximately 960 square feet, the property features a functional layout that maximizes space and comfort. Originally built in 1928, the home retains its timeless appeal while presenting an excellent opportunity for updates or customization. Situated on a generous lot, the expansive yard provides plenty of room for outdoor enjoyment, gardening, or future improvements. Nestled in an established neighborhood with convenient access to schools, shopping, and major thoroughfares, this property is ideal for first-time buyers.

ⓘ 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: $718 · $60/mo
• Projected year-2 tax: $1,071 · $89/mo
• Expected delta: +$353/yr (+$29/mo · 49.1%)

ⓘ 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 6/10 Major 7 d/yr ≥107°F today · 18 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: $12,068
• − Mortgage interest: −$6,666
• − Property taxes: −$718
• − Insurance: −$595
• − Repairs & maintenance: −$965
• − Management: −$965
• − Depreciation: −$3,462
• Taxable loss: −$1,304
• Est. tax savings @ 24.0%: +$313
• After-tax cash flow: $1,045/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): 30,398
• Household income: $45,421
• Rent vs Own: 49.9% rent · 50.1% own
• Severe rent burden: 1221.0

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: Majority Hispanic (63%)
• Race & ethnicity: Hispanic / Latino 63% Two or more races 24% White 24% Native American 7% Black 6%
• Hispanic origin (detail): Mexican 58%
• Common ancestry: Slovak 1% Lithuanian 1%
• Foreign-born: 28% · Canada
• Languages at home: 45% English-only · Spanish 54%

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: ▼ -50.15%
• Current HPI: 297.1117
• Rent YoY: ▲ 1.13%
• 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

-0.8% since first listed

2 events — show timeline

• 2026-05-08 Price Changed $119,000 MLSOK
• 2026-04-06 Listed $120,000 MLSOK

Property tax history

+3.5%/yr

Latest (2025): $718 · +4.4% YoY. Source: county tax records.