908 E Main St · Norman, OK 73071

$189,000

4 bd · 3.0 ba · 1,372 sqft · MultiFamily public records · 84 Days on market

Built 1950 0.29 ac lot

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +3.2/5.0
• 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

Amazing Price Drop!!! Wow come check out this cute duplex located in the heart of Norman. Minutes from OU Campus and easy access to dining and highways. The duplex is a 1 bed 1 bath, and a 2 bed 1 bath units. Lovely one-story duplex in Norman, Oklahoma. Kitchen has granite countertops, appliances include an electric stove, dishwasher, and refrigerator. Carpet and laminate flooring. The units both have washer and dryer connections. Ample parking and a nice backyard for relaxing. Both units are occupied and will make a nice investment property. Call to take a tour today!!

Key facts

• 0.29 acre lot
• 4 parking spots
• Built 1950

Property features AI

Finance

• Other: Legal addition: 9-2W Tier 1; Lot size approximately 0.29 acres
• Financial info: Listing terms: Cash or Conventional; Assumable financing: No; Occupied and currently rented
• HOA & community: No mandatory association dues

Exterior

• Parking: Parking for 4 vehicles; Concrete parking surface
• Utilities: No flood insurance indicated
• Home design: Duplex residential income property; One-level
• Construction: Frame construction; Composition roof; Conventional foundation; Existing property
• Exterior features: Interior lot

Interior

• Kitchen: Range (2W)
• Bedrooms: 3 bedrooms; Property contains 2 residential units
• Bathrooms: 3 full bathrooms
• Heating & cooling: Electric heating
• Interior features: Dishwasher; Refrigerator

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $189k.

Deal economics

• At list price, monthly cash flow is $837 ($10k/yr) — positive. Per door: $419/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $189k).
• Recommended offer: $178k (6.0% below list) — sets the bar for market timing.

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: Jefferson Es (math 32% / reading 32%, grade F, #213 of 845 statewide, top 28%, 368 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 42% at this address vs 30% district-wide (+12 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 (+2.8%/yr); 350 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $1k of loan paydown is wiped out by about $6k 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 + 2.8% rent growth), your $53k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($178k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 26y ago; this cycle's ask has dropped $18k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $82k; list at $189k implies a 130% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — 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 $177,660 (6.0% below list)

Questions for the listing agent

1. It's been on market 84 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 1950 — 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: 1.34% ✓
• Cap rate: 11.61%
• Cash-on-cash: 18.98%
• DSCR: 1.84
• GRM: 6.2

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: 10.6%
• Equity multiple: 1.42×
• Total profit: $22,136
• Equity at exit: $28,181

10-year hold

• IRR: 19.5%
• Equity multiple: 2.62×
• Total profit: $85,651
• Equity at exit: $16,341

Cash invested: $52,920 (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: 350
• Price-to-rent: 12.5×

Monthly cashflow live

• Estimated rent: $2,529 high
• Mortgage (P&I): −$991
• Tax from tax record: −$91 /mo · $1,090/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$531
• Net cashflow: $837

Break-even live

Break-even rent $1,469

Max offer price $189,000

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$2,528
Total (2 units)			$2,529

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
101 Maple Ln Norman, OK	3.0	1.0	1164	$1,700	$1.46	23d	1	0.72mi
1413 Buena Vista Cir Norman, OK	3.0	2.0	1209	$1,545	$1.28	23d	1	0.75mi
1505 Shrill Ct Norman, OK	3.0	2.0	1818	$2,195	$1.21	23d	1	0.80mi
241 Emelyn St Norman, OK	3.0	2.0	910	$1,500	$1.65	3d	1	0.86mi
1605 Blessing Ct Norman, OK	4.0	1.5	1071	$1,930	$1.80	23d	1	0.90mi
106 W Mosier St Norman, OK	4.0	2.0	1762	$2,150	$1.22	23d	1	0.94mi
1301 Melisa Dr Norman, OK	4.0	2.0	1775	$2,000	$1.13	11d	1	0.96mi
375 Triad Village Dr Norman, OK	3.0	2.0–2.5	1428	$1,425	$1.00	23d	2	0.98mi
375 Triad Village Dr Norman, OK	3.0	2.0	1428	$1,425	$1.00	21d	1	0.98mi
222 McCullough Norman, OK	3.0	2.0	1175	$3,300	$2.81	23d	1	0.99mi
1612 Claudia Dr Norman, OK	3.0	2.5	1200	$1,350	$1.12	3d	1	1.00mi
1628 Claudia Dr Norman, OK	3.0	2.5	1200	$1,250	$1.04	23d	1	1.01mi
1640 High Cir Norman, OK	3.0	2.0	1215	$1,200	$0.99	14d	1	1.03mi
1712 Jennifer Cir Norman, OK	3.0	1.5	1425	$1,195	$0.84	21d	1	1.05mi
101 E Haddock St Norman, OK	3.0	1.0	1146	$1,425	$1.24	14d	1	1.08mi
203 W Dale St Norman, OK	3.0	2.0	997	$1,395	$1.40	23d	1	1.10mi
517 Coronado Ave Norman, OK	3.0	2.0	1207	$1,465	$1.21	3d	1	1.11mi
418 N Flood Ave Norman, OK	3.0	1.0	1200	$1,600	$1.33	3d	1	1.22mi
227 W Ridge Rd Norman, OK	3.0	2.0	1172	$1,420	$1.21	14d	1	1.27mi
820 Richmond Dr Norman, OK	3.0	2.0	1175	$1,495	$1.27	23d	1	1.27mi
1149 W Brooks St Norman, OK	1.0–4.0	1.0–2.0	1025	$1,402	$1.37	1d	7	1.28mi
821 Russell Cir Unit 821 Norman, OK	3.0	1.5	877	$1,050	$1.20	23d	1	1.31mi
1009 Idaho St Norman, OK	3.0	1.0	1508	$1,500	$0.99	14d	1	1.31mi
1345 Columbia Cir Norman, OK	4.0	2.0	1357	$1,600	$1.18	23d	1	1.33mi
820 Russell Cir Norman, OK	3.0	1.5	940	$1,050	$1.12	23d	1	1.34mi
712 Dakota St Norman, OK	3.0	1.0	1353	$1,395	$1.03	3d	1	1.34mi
751 Iowa St Norman, OK	3.0	1.0	1148	$1,600	$1.39	3d	1	1.34mi
1817 Beaumont Dr Norman, OK	3.0	2.0	1100	$1,200	$1.09	23d	1	1.48mi
532 Lone Oak Dr Norman, OK	3.0	2.0	1545	$1,695	$1.10	23d	1	1.50mi

Listing history 25 events

1. 2026-06-18
   days on market $189,000 Active 84 DOM
2. 2026-06-17
   days on market $189,000 Active 83 DOM
3. 2026-06-16
   days on market $189,000 Active 82 DOM
4. 2026-06-15
   days on market $189,000 Active 81 DOM
5. 2026-06-13
   days on market $189,000 Active 79 DOM
6. 2026-06-09
   days on market $189,000 Active 75 DOM
7. 2026-06-08
   days on market $189,000 Active 74 DOM
8. 2026-06-07
   days on market $189,000 Active 73 DOM
9. 2026-06-05
   days on market $189,000 Active 70 DOM
10. 2026-06-03
    days on market $189,000 Active 69 DOM
11. 2026-06-02
    days on market $189,000 Active 68 DOM
12. 2026-06-01
    days on market $189,000 Active 67 DOM
13. 2026-05-31
    days on market $189,000 Active 66 DOM
14. 2026-04-30
    price $189,000
15. 2026-04-09
    price $199,000
16. 2026-03-26
    listed $207,000 Active
17. 2025-09-03
    historical $825
18. 2025-08-25
    price $825
19. 2025-07-24
    listed $850
20. 2023-09-10
    historical
21. 2023-08-17
    listed
22. 2007-12-19
    historical
23. 2004-01-30
    soldstatus $82,000
24. 2000-11-06
    listed $59,000
25. 2000-06-08
    soldstatus $25,000

ⓘ 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: $1,090 · $91/mo
• Projected year-2 tax: $1,701 · $142/mo
• Expected delta: +$611/yr (+$51/mo · 56.1%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥108°F today · 19 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% 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: $30,348
• − Mortgage interest: −$10,587
• − Property taxes: −$1,090
• − Insurance: −$945
• − Repairs & maintenance: −$2,428
• − Management: −$2,428
• − Depreciation: −$5,498
• Taxable income: $7,372
• Est. tax owed @ 24.0%: −$1,769
• After-tax cash flow: $8,277/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

+656.0% since first listed

12 events — show timeline

• 2026-04-30 Price Changed $189,000 MLSOK
• 2026-04-09 Price Changed $199,000 MLSOK
• 2026-03-26 Listed $207,000 MLSOK
• 2025-09-03 Rental Removed $825 APPFOLIO
• 2025-08-25 Price Changed $825 APPFOLIO
• 2025-07-24 Listed for Rent $850 APPFOLIO
• 2023-09-10 Rental Removed — APPFOLIO
• 2023-08-17 Listed for Rent — APPFOLIO
• 2007-12-19 Listing Removed — MLSOK
• 2004-01-30 Sold (Public Records) $82,000 Public Records
• 2000-11-06 Listed $59,000 MLSOK
• 2000-06-08 Sold (Public Records) $25,000 Public Records

Property tax history

+4.9%/yr

Latest (2024): $1,090 · +4.7% YoY. Source: county tax records.