128 E Johnson St · Norman, OK 73069

$105,000

3 bd · 1.0 ba · 963 sqft · SingleFamily public records · 4 Days on market

Built 1930 6,098 sqft lot Est $164k · 36% under

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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 +28.8/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.3/10.0
• 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

Listing remarks MLS

Great original homeplace, lots of charm, home to be sold as is,

Key facts

• 6,098 sq ft lot
• Garage
• Built 1930

Tags

• BOOMING NORMAN MARKET

Property features AI

Finance

• Other: Located in Highland Norman addition; Homestead not claimed; Not historically designated
• Financial info: Sold as-is; Not assumable
• HOA & community: No mandatory association dues

Exterior

• Parking: 1-car garage
• Home design: One-and-a-half level residential single-family home; Existing property
• Construction: Frame construction; Shingle roof; Conventional foundation; Built prior to or by assessor records
• Exterior features: Covered porch; Interior lot

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 1 full bathroom
• Interior features: One living area; No fireplace

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $105k.

Deal economics

• At list price, monthly cash flow is $352 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Cap rate 10.3% 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 15d 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 $726 of loan paydown is wiped out by about $3k 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 $29k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 11y 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 $52k; list at $105k implies a 102% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — 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 $105,000

Questions for the listing agent

1. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.23% ✓
• Cap rate: 10.32%
• Cash-on-cash: 14.38%
• DSCR: 1.64
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $163,710
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
223 W Mosier St	0.26mi	2/1.0 (-1)	947 (-2%)	1mo	$118,000	$125	79
324 Mimosa Dr	0.51mi	3/1.0	940 (-2%)	1mo	$160,000	$170	71
109 E Hayes St	0.22mi	3/1.0	1,091 (+13%)	1mo	$162,000	$148	67
415 E Frank St	0.29mi	3/1.0	1,088 (+13%)	1mo	$180,500	$166	64
808 N Cockrel Ave	0.59mi	3/1.0	1,015 (+5%)	2mo	$153,000	$151	62
208 Mimosa Dr	0.52mi	2/1.0 (-1)	923 (-4%)	2mo	$185,000	$200	62
819 E Mosier St	0.71mi	3/1.0	884 (-8%)	1mo	$150,000	$170	52
425 E Eufaula St	0.71mi	2/1.0 (-1)	910 (-6%)	1mo	$95,000	$104	52
700 Iowa St	0.67mi	2/2.0 (-1)	1,008 (+5%)	0mo	$210,000	$208	52
617 E Comanche St	0.70mi	2/1.0 (-1)	894 (-7%)	3mo	$157,000	$176	48
715 W Hughbert St	0.59mi	3/1.5	1,103 (+14%)	3mo	$172,500	$156	44
1325 Regent St	0.72mi	2/1.0 (-1)	836 (-13%)	2mo	$158,500	$190	38

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 · 7.66% rent growth · sell at horizon

5-year hold

• IRR: 9.6%
• Equity multiple: 1.40×
• Total profit: $11,750
• Equity at exit: $15,656

10-year hold

• IRR: 22.2%
• Equity multiple: 3.30×
• Total profit: $67,708
• Equity at exit: $9,078

Cash invested: $29,400 (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: 6.8×

Monthly cashflow live

• Estimated rent: $1,291 high
• Mortgage (P&I): −$551
• Tax from tax record: −$73 /mo · $880/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $352

Break-even live

Break-even rent $845

Max offer price $105,000

Occupancy floor 68%

Sensitivity live

Price	-10% $412	-5% $382	+0% $352	+5% $323	+10% $293
Rent	-10% $250	-5% $301	+0% $352	+5% $403	+10% $454
Rate	-1.0pp $405	-0.5pp $379	base $352	+0.5pp $325	+1.0pp $297

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
303 E Himes St Unit 2 Norman, OK	2.0	1.0	671	$1,045	$1.56	24d	1	0.18mi
110 E Dale St Norman, OK	2.0	1.0	792	$950	$1.20	12d	1	0.29mi
203 W Dale St Norman, OK	3.0	2.0	997	$1,395	$1.40	24d	1	0.37mi
602 Tiffin Ave Norman, OK	2.0	1.0	720	$1,249	$1.73	11d	1	0.65mi
820 Iowa St Norman, OK	2.0	1.0	752	$1,350	$1.80	24d	1	0.74mi
316 Falcon Ct Unit 2 Norman, OK	2.0	1.0	975	$875	$0.90	24d	1	0.75mi
1104 W Robinson St Norman, OK	3.0	1.0	995	$1,250	$1.26	12d	1	0.75mi
800 Lexington St Norman, OK	3.0	2.0	1056	$1,259	$1.19	2d	1	0.82mi
222 S University Blvd Norman, OK	2.0	2.0	775	$2,875	$3.71	15d	1	0.83mi
222 S University Blvd Unit 2 Norman, OK	2.0	2.0	685	$2,055	$3.00	15d	1	0.83mi
911 Nebraska St Norman, OK	2.0	1.0	750	$1,095	$1.46	15d	1	0.83mi
213 Skylark Ct Norman, OK	2.0	1.5	1000	$1,050	$1.05	21d	1	0.87mi
211 Skylark Ct #213 Norman, OK	2.0	1.5	1050	$1,050	$1.00	21d	1	0.87mi
1238 Iowa St Norman, OK	2.0	1.0	720	$1,150	$1.60	24d	1	1.04mi
1506 Dakota St Norman, OK	3.0	1.0	832	$1,050	$1.26	4d	1	1.11mi
1005 W Eufaula St Norman, OK	2.0	2.0	1100	$1,350	$1.23	4d	1	1.13mi
414 Ferrill St #416 Norman, OK	2.0	1.0	800	$875	$1.09	4d	1	1.15mi
471 Elm Ave Norman, OK	2.0	2.0	976	$1,500	$1.54	24d	1	1.15mi
930 Miller Ave Norman, OK	2.0	2.0	1050	$1,545	$1.47	4d	1	1.16mi
241 Emelyn St Norman, OK	3.0	2.0	910	$1,500	$1.65	4d	1	1.18mi
1713 Iowa St Norman, OK	3.0	1.5	1030	$1,400	$1.36	12d	1	1.30mi
1505 Huntington Way Norman, OK	3.0	1.0	1035	$1,300	$1.26	15d	1	1.43mi

Listing history 4 events

1. 2026-06-07
   statusdays on market $105,000 Pending 4 DOM
2. 2026-06-05
   days on market $105,000 Active 2 DOM
3. 2026-06-03
   remarks 281-char remark
4. 2026-06-03
   listed $105,000 Active 1 DOM

ⓘ 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: $880 · $73/mo
• Projected year-2 tax: $945 · $79/mo
• Expected delta: +$65/yr (+$5/mo · 7.4%)

ⓘ 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: $15,495
• − Mortgage interest: −$5,882
• − Property taxes: −$880
• − Insurance: −$525
• − Repairs & maintenance: −$1,240
• − Management: −$1,240
• − Depreciation: −$3,055
• Taxable income: $2,675
• Est. tax owed @ 24.0%: −$642
• After-tax cash flow: $3,586/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

+27.3% since first listed

7 events — show timeline

• 2026-06-02 Listed $105,000 MLSOK
• 2015-11-23 Sold (Public Records) $52,000 Public Records
• 2015-11-19 Sold (MLS) $62,000 MLSOK
• 2015-10-07 Pending — MLSOK
• 2015-09-15 Price Changed $64,500 MLSOK
• 2015-08-09 Price Changed $69,500 MLSOK
• 2015-07-14 Listed $82,500 MLSOK

Property tax history

+5.1%/yr

Latest (2024): $880 · +4.8% YoY. Source: county tax records.