2515 Harper Rd · Choctaw, OK 73020

$500,000

1 bd · 4.0 ba · 3,168 sqft · MultiFamily public records · 32 Days on market

Built 1970 8,080 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 +26.5/30.0
• DSCR +9.1/10.0
• ARV discount +7.5/15.0
• 1% rule +6.1/10.0
• Livability +3.6/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. 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

Four fully occupied & extremely well maintained town homes all separately metered with big backyards. This property has gone through extensive renovation over the past eight years to include; new exterior siding, windows, doors, roof, central heat & air, hot water tanks, stoves and much more.

Key facts

• 8,080 sq ft lot
• Built 1970
• Listed 32 days

Property features AI

Finance

• Other: Located in the Railway To Choctaw City addition; Directions: Southwest corner of Harper St & Grand Ave.
• Financial info: Listed as residential income; four rental units
• HOA & community: No mandatory association dues

Exterior

• Home design: Two-level property; Residential income property (fourplex)
• Construction: Frame construction; Composition roof; Conventional foundation; Built (existing structure)
• Exterior features: Corner lot; Existing property

Interior

• Bedrooms: Total of 4 full bathrooms in the building
• Bathrooms: 4 full bathrooms
• Heating & cooling: Electric heating
• Interior features: Four units (fourplex); Not occupied

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $500k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $331/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $500k).
• Recommended offer: $485k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.5% vs local median 3.1% in Choctaw — 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 71/100 on livability (#31 in OK) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Choctaw-Nicoma Park (suburban): math 28% / reading 32% proficiency, ranked #48 of 270 in OK (top 18%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Choctaw Es (math 42% / reading 32%, grade F, #132 of 845 statewide, top 19%, 349 students, 0% FRL); Choctaw Ms (math 13% / reading 27%, grade F, #158 of 345 statewide, top 47%, 725 students, 0% FRL); Choctaw Hs (math 26% / reading 37%, grade F, #73 of 447 statewide, top 16%, 1,811 students, 0% FRL) — zoned schools average 0% FRL vs 34% district-wide (34 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 333 active listings in the ZIP; solid renter incomes; 5,365 units permitted in Oklahoma County in 2024 (569 in 5+ unit buildings).
• At $5,536/mo this rent would consume 64% of the median local household income ($105k/yr) (locally 258% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $140k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($485k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 20y 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 $186k; list at $500k implies a 169% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $485,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.11% ✓
• Cap rate: 9.47%
• Cash-on-cash: 11.36%
• DSCR: 1.51
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 0.6%
• Equity multiple: 1.02×
• Total profit: $3,187
• Equity at exit: $74,552

10-year hold

• IRR: 10.2%
• Equity multiple: 1.79×
• Total profit: $110,745
• Equity at exit: $43,231

Cash invested: $140,000 (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 73020

• Active inventory: 333
• Price-to-rent: 30.1×

Monthly cashflow live

• Estimated rent: $5,536 medium
• Mortgage (P&I): −$2,622
• Tax from tax record: −$218 /mo · $2,620/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,163
• Net cashflow: $1,325

Break-even live

Break-even rent $3,859

Max offer price $500,000

Occupancy floor 71%

Sensitivity live

Price	-10% $1,608	-5% $1,466	+0% $1,325	+5% $1,183	+10% $1,042
Rent	-10% $887	-5% $1,106	+0% $1,325	+5% $1,543	+10% $1,762
Rate	-1.0pp $1,577	-0.5pp $1,452	base $1,325	+0.5pp $1,195	+1.0pp $1,063

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$5,536
Total (4 units)			$5,536

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: $125,000
• Closing costs: $15,000
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-07
   statusdays on market $500,000 Pending 32 DOM
2. 2026-06-03
   days on market $500,000 Active 29 DOM
3. 2026-06-02
   days on market $500,000 Active 28 DOM
4. 2026-06-01
   days on market $500,000 Active 27 DOM
5. 2026-05-31
   days on market $500,000 Active 26 DOM
6. 2026-05-05
   listed $500,000 Active
7. 2006-12-20
   soldstatus $186,000
8. 2006-12-11
   soldstatus $186,000 301-char remark

   Show marketing remark (301 chars)

   Four fully occupied & extremely well maintained town homes all separately metered with big backyards. This property has gone through extensive renovation over the past eight years to include; new exterior siding, windows, doors, roof, central heat & air, hot water tanks, stoves and much more.

9. 2006-10-19
   listed $194,000 301-char remark

   Show marketing remark (301 chars)

   Four fully occupied & extremely well maintained town homes all separately metered with big backyards. This property has gone through extensive renovation over the past eight years to include; new exterior siding, windows, doors, roof, central heat & air, hot water tanks, stoves and much more.

10. 1981-02-01
    soldstatus $38,000

ⓘ 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: $2,620 · $218/mo
• Projected year-2 tax: $4,500 · $375/mo
• Expected delta: +$1,880/yr (+$157/mo · 71.8%)

ⓘ 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 5/10 Major
• 🌡 Heat 6/10 Major 7 d/yr ≥108°F today · 20 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $66,432
• − Mortgage interest: −$28,008
• − Property taxes: −$2,620
• − Insurance: −$2,500
• − Repairs & maintenance: −$5,315
• − Management: −$5,315
• − Depreciation: −$14,545
• Taxable income: $8,130
• Est. tax owed @ 24.0%: −$1,951
• After-tax cash flow: $13,946/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: Choctaw-Nicoma Park
• NCES district ID: 4007620
• Math proficiency: 28% ▼ -10.00%
• Reading proficiency: 32% ▼ -12.00%
• Median HH income: $69,072
• Composite: 28.02/100
• National rank: #6847
• State rank: #48 of 270 in OK

Livability — Choctaw

• Score: 71/100
• State rank: #31
• US rank: #6853

Category grades

Amenities F Commute F Cost of living A+ Crime A- Employment A+ Housing A+ Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Choctaw, OK
• County: Oklahoma County · 771,644 people
• City population: 25,645
• Metro: Oklahoma City, OK
• Population (ZIP): 25,645
• Household income: $104,601
• Rent vs Own: 11.3% rent · 88.7% own
• Severe rent burden: 258.0

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: Predominantly White (77%)
• Race & ethnicity: White 77% Two or more races 8% Hispanic / Latino 6% Black 5% Native American 4% Asian 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Lithuanian 2% Italian 2% Iranian 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 96% English-only · Spanish 2%

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: ▼ -131.61%
• Current HPI: 240.9989
• Rent YoY: —
• 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

+1215.8% since first listed

5 events — show timeline

• 2026-05-05 Listed $500,000 MLSOK
• 2006-12-20 Sold (Public Records) $186,000 Public Records
• 2006-12-11 Sold (MLS) $186,000 MLSOK
• 2006-10-19 Listed $194,000 MLSOK
• 1981-02-01 Sold (Public Records) $38,000 Public Records

Property tax history

+1.5%/yr

Latest (2025): $2,620 · +5.8% YoY. Source: county tax records.