1131 Stubbeman Ave · Norman, OK 73069

$229,000

4 bd · 2.0 ba · 1,248 sqft · MultiFamily public records · 89 Days on market

Built 1970 6,098 sqft lot

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Why this score? — see what drove the C- 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 +19.6/30.0
• ARV discount +7.5/15.0
• DSCR +6.2/10.0
• 1% rule +4.6/10.0
• Rent growth +4.4/5.0
• Livability +4.2/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Experience the perfect blend of character and opportunity with this Craftsman-style duplex, ideally situated in Core Norman just a short distance from Andrews Park and blocks from the vibrant Downtown Main Street. Whether you are looking for a high-performing investment or a premier "house hacking" opportunity, this property delivers total autonomy rarely found in multi-family living. Each of the two units features 2 spacious bedrooms, 1 bathroom, and its own dedicated entrance and private driveway. Residents will enjoy complete privacy with individual, non-shared partially fenced backyards and the ultimate convenience of in-unit washers and dryers on both sides. Recently updated

Key facts

• Non shared backyards
• Recently updated
• Private driveway

Tags

• CRAFTSMAN STYLE DUPLEX
• IN UNIT WASHERS AND DRYERS
• RECENTLY UPDATED
• PRIVATE DRIVEWAY
• COMPLETE PRIVACY
• NON SHARED BACKYARDS

Property features AI

Finance

• Other: Income property with 2 units
• Financial info: Current asking price $233,000; Annual tax amount $2,050
• HOA & community: No mandatory HOA/association dues

Exterior

• Parking: Parking for 4 vehicles; Concrete parking surface
• Utilities: Manual geocode (location verified)
• Home design: Duplex; One-story; Existing property
• Construction: Vinyl siding; Composition roof; Conventional foundation; Built (existing)
• Exterior features: Corner lot

Interior

• Bedrooms: 4 bedrooms total (across units)
• Bathrooms: 2 full bathrooms total
• Interior features: Duplex (residential income property); One-level property; Corner lot location; Not occupied

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $229k.

Deal economics

• At list price, monthly cash flow is $265 ($3k/yr) — positive. Per door: $133/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $219k (4.2% below list).
• Recommended offer: $215k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.7% 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: Wilson Es (math 32% / reading 37%, grade F, #168 of 845 statewide, top 24%, 285 students, 0% FRL); Norman North Hs (math 45% / reading 57%, grade D+, #2 of 447 statewide, top 0%, 2,401 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.
• Zoned-school proficiency averages 43% at this address vs 30% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Norman average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+7.7%/yr); 253 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 592 units permitted in Cleveland County in 2024 (12 in 5+ unit buildings).
• This rent runs 45% of the median local income ($59k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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.
• At projected returns (-3.0% appreciation + 7.7% rent growth), your $64k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($215k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $87k; list at $229k implies a 163% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $215,260 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.96% ✗
• Cap rate: 7.68%
• Cash-on-cash: 4.97%
• DSCR: 1.22
• GRM: 8.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.66% rent growth · sell at horizon

5-year hold

• IRR: -3.8%
• Equity multiple: 0.85×
• Total profit: $-9,482
• Equity at exit: $34,145

10-year hold

• IRR: 10.4%
• Equity multiple: 1.97×
• Total profit: $61,996
• Equity at exit: $19,800

Cash invested: $64,120 (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 73069

• Rents YoY: 7.7%
• Active inventory: 253
• Price-to-rent: 17.4×

Monthly cashflow live

• Estimated rent: $2,193 high
• Mortgage (P&I): −$1,201
• Tax from tax record: −$171 /mo · $2,050/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$461
• Net cashflow: $265

Break-even live

Break-even rent $1,857

Max offer price $229,000

Occupancy floor 83%

Sensitivity live

Price	-10% $395	-5% $330	+0% $265	+5% $201	+10% $136
Rent	-10% $92	-5% $179	+0% $265	+5% $352	+10% $439
Rate	-1.0pp $381	-0.5pp $324	base $265	+0.5pp $206	+1.0pp $146

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,194
Total (2 units)			$2,193

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
203 W Dale St Norman, OK	3.0	2.0	997	$1,395	$1.40	25d	1	0.19mi
101 E Haddock St Norman, OK	3.0	1.0	1146	$1,425	$1.24	15d	1	0.35mi
227 W Ridge Rd Norman, OK	3.0	2.0	1172	$1,420	$1.21	15d	1	0.38mi
1104 W Robinson St Norman, OK	3.0	1.0	995	$1,250	$1.26	12d	1	0.50mi
712 Dakota St Norman, OK	3.0	1.0	1353	$1,395	$1.03	4d	1	0.57mi
800 Lexington St Norman, OK	3.0	2.0	1056	$1,259	$1.19	3d	1	0.59mi
751 Iowa St Norman, OK	3.0	1.0	1148	$1,600	$1.39	4d	1	0.60mi
418 N Flood Ave Norman, OK	3.0	1.0	1200	$1,600	$1.33	4d	1	0.68mi
1202 Glenwood St Norman, OK	3.0	1.5	1221	$1,600	$1.31	15d	1	0.88mi
1506 Dakota St Norman, OK	3.0	1.0	832	$1,050	$1.26	4d	1	0.95mi
1607 Denison Dr Norman, OK	3.0	1.5	1357	$1,595	$1.18	25d	1	0.97mi
101 Maple Ln Norman, OK	3.0	1.0	1164	$1,700	$1.46	25d	1	1.03mi
1713 Iowa St Norman, OK	3.0	1.5	1030	$1,400	$1.36	12d	1	1.13mi
805 Grickle Dr Norman, OK	3.0	2.0	1405	$1,550	$1.10	4d	1	1.20mi
1205 Westlawn Dr Norman, OK	3.0	1.5	1440	$1,600	$1.11	25d	1	1.34mi
1505 Huntington Way Norman, OK	3.0	1.0	1035	$1,300	$1.26	15d	1	1.37mi
2700 Red Fish Rd Norman, OK	3.0	2.0	1411	$1,600	$1.13	4d	1	1.37mi
241 Emelyn St Norman, OK	3.0	2.0	910	$1,500	$1.65	4d	1	1.40mi
1510 Huntington Way Norman, OK	3.0	1.0	1176	$1,550	$1.32	21d	1	1.41mi
222 McCullough Norman, OK	3.0	2.0	1175	$3,300	$2.81	25d	1	1.44mi
343 Woodcrest Dr Norman, OK	3.0	2.0	1470	$1,495	$1.02	25d	1	1.48mi
212 S Mercedes Dr Norman, OK	3.0	1.5	1066	$1,400	$1.31	25d	1	1.48mi

Listing history 20 events

1. 2026-06-21
   days on market $229,000 Active 89 DOM
2. 2026-06-18
   days on market $229,000 Active 86 DOM
3. 2026-06-17
   days on market $229,000 Active 85 DOM
4. 2026-06-16
   days on market $229,000 Active 84 DOM
5. 2026-06-15
   days on market $229,000 Active 83 DOM
6. 2026-06-13
   days on market $229,000 Active 81 DOM
7. 2026-06-09
   days on market $229,000 Active 77 DOM
8. 2026-06-08
   days on market $229,000 Active 76 DOM
9. 2026-06-07
   days on market $229,000 Active 75 DOM
10. 2026-06-05
    days on market $229,000 Active 72 DOM
11. 2026-06-03
    days on market $229,000 Active 71 DOM
12. 2026-06-02
    days on market $229,000 Active 70 DOM
13. 2026-06-02
    price $229,000 Active 69 DOM
14. 2026-06-01
    days on market $233,000 Active 69 DOM
15. 2026-05-31
    days on market $233,000 Active 68 DOM
16. 2026-05-17
    price $233,000
17. 2026-04-11
    price $236,000
18. 2026-03-24
    listed $240,000 Active
19. 2023-06-29
    soldstatus $87,000
20. 1997-01-21
    soldstatus $59,000

ⓘ 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: $2,050 · $171/mo
• Projected year-2 tax: $2,061 · $172/mo
• Expected delta: +$11/yr (+$1/mo · 0.5%)

ⓘ 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 ≥108°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 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: $26,316
• − Mortgage interest: −$12,828
• − Property taxes: −$2,050
• − Insurance: −$1,145
• − Repairs & maintenance: −$2,105
• − Management: −$2,105
• − Depreciation: −$6,662
• Taxable loss: −$579
• Est. tax savings @ 24.0%: +$139
• After-tax cash flow: $3,323/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): 28,462
• Household income: $58,888
• Rent vs Own: 54.3% rent · 45.7% own
• Severe rent burden: 1704.0

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: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 64% Two or more races 15% Hispanic / Latino 14% Native American 4% Black 4% Asian 3% Pacific Islander 1%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Lithuanian 3% Italian 3% Slovak 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 84% English-only · Spanish 10% 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: ▼ -252.79%
• Current HPI: 272.4754
• Rent YoY: ▲ 7.66%
• 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

+294.9% since first listed

5 events — show timeline

• 2026-05-17 Price Changed $233,000 MLSOK
• 2026-04-11 Price Changed $236,000 MLSOK
• 2026-03-24 Listed $240,000 MLSOK
• 2023-06-29 Sold (Public Records) $87,000 Public Records
• 1997-01-21 Sold (Public Records) $59,000 Public Records

Property tax history

+9.9%/yr

Latest (2024): $2,050 · +90.9% YoY. Source: county tax records.