6817 Lancer Ln · Oklahoma City, OK 73132

$338,000

2 bd · 4.0 ba · 3,358 sqft · MultiFamily public records · 18 Days on market

Built 1972 9,104 sqft lot Est $299k · 13% over

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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 +20.3/30.0
• DSCR +6.4/10.0
• 1% rule +4.6/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• ARV discount +1.6/15.0
• Schools +1.3/10.0
• 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 MLS

WEST UNIT HAS THE LOCKBOX ON THE DOOR. EACH UNIT HAS BEEN RENTING FOR $650 ON ONE SIDE & $725 ON THE OTHER.

Key facts

• Brand new roof
• Strong rental market
• Duplex

Tags

• DUPLEX
• PRIME NW OKC LOCATION
• BRAND NEW ROOF
• STRONG RENTAL MARKET

What this means for you Summary

Snapshot

• This is a 2 × 5-bed/2.0-bath units multifamily listed at $338k.

Deal economics

• At list price, monthly cash flow is $431 ($5k/yr) — positive. Per door: $216/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 $325k (3.7% below list).
• Recommended offer: $325k (3.7% below list) — sets the bar for 1% rule.
• Cap rate 7.8% 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: crime F.
• Putnam City (urban): math 12% / reading 16% proficiency, ranked #227 of 270 in OK (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Tulakes Es (math 7% / reading 7%, grade F, #762 of 845 statewide, top 90%, 621 students, 0% FRL); Putnam City Hs (math 12% / reading 23%, grade F, #307 of 447 statewide, top 69%, 2,014 students, 0% FRL) — zoned schools average 0% FRL vs 65% district-wide (65 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+1.5%/yr); 190 active listings in the ZIP; 5,365 units permitted in Oklahoma County in 2024 (569 in 5+ unit buildings).
• At $3,254/mo this rent would consume 65% of the median local household income ($60k/yr) (locally 1610% 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 $2k of loan paydown is wiped out by about $10k 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 18 days — a 2% lower offer ($333k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 24y 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 $180k; list at $338k implies a 88% 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 $325,400 (3.7% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 7.82%
• Cash-on-cash: 5.47%
• DSCR: 1.24
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $298,862
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6326 NW 82nd St	0.67mi	3/3.0 (+1)	3,556 (+6%)	12mo	$315,000	$89	40

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 · 1.53% rent growth · sell at horizon

5-year hold

• IRR: -9.4%
• Equity multiple: 0.66×
• Total profit: $-32,110
• Equity at exit: $50,397

10-year hold

• IRR: -2.0%
• Equity multiple: 0.88×
• Total profit: $-11,771
• Equity at exit: $29,224

Cash invested: $94,640 (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 73132

• Rents YoY: 1.5%
• Active inventory: 190
• Price-to-rent: 17.3×

Monthly cashflow live

• Estimated rent: $3,254 high
• Mortgage (P&I): −$1,773
• Tax from tax record: −$226 /mo · $2,711/yr
• Insurance: −$141
• HOA: −$0
• Vacancy / Maint / Mgmt: −$683
• Net cashflow: $431

Break-even live

Break-even rent $2,708

Max offer price $338,000

Occupancy floor 82%

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

Units	Beds	Baths	Est. rent
▸ 2× units	5	2	$3,254
Total (2 units)			$3,254

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: $84,500
• Closing costs: $10,140
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-18
   days on market $338,000 Active 18 DOM
2. 2026-06-17
   days on market $338,000 Active 17 DOM
3. 2026-06-16
   days on market $338,000 Active 16 DOM
4. 2026-06-15
   days on market $338,000 Active 15 DOM
5. 2026-06-13
   days on market $338,000 Active 13 DOM
6. 2026-06-13
   days on market $338,000 Active 12 DOM
7. 2026-06-09
   days on market $338,000 Active 9 DOM
8. 2026-06-08
   status $338,000 Active 8 DOM
9. 2026-04-24
   status Pending
10. 2026-04-16
    listed $338,000 Active
11. 2025-02-08
    historical $1,750
12. 2025-01-29
    listed $1,750
13. 2025-01-20
    historical $1,750
14. 2025-01-16
    listed $1,750
15. 2023-09-02
    historical $1,750
16. 2023-08-20
    listed $1,750
17. 2022-09-16
    soldstatus $180,000
18. 2022-08-10
    soldstatus $130,000
19. 2010-02-19
    historical
20. 2009-08-18
    listed $179,900
21. 2003-03-05
    soldstatus $110,000
22. 2003-02-28
    soldstatus $110,000 111-char remark

    Show marketing remark (111 chars)

    WEST UNIT HAS THE LOCKBOX ON THE DOOR. EACH UNIT HAS BEEN RENTING FOR $650 ON ONE SIDE & $725 ON THE OTHER.

23. 2002-09-11
    listed $122,900 111-char remark

    Show marketing remark (111 chars)

    WEST UNIT HAS THE LOCKBOX ON THE DOOR. EACH UNIT HAS BEEN RENTING FOR $650 ON ONE SIDE & $725 ON THE OTHER.

24. 1998-03-26
    soldstatus $81,500
25. 1992-07-29
    soldstatus $58,500
26. 1983-07-01
    soldstatus $108,000

ⓘ 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: $2,711 · $226/mo
• Projected year-2 tax: $3,042 · $253/mo
• Expected delta: +$331/yr (+$28/mo · 12.2%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥106°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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,048
• − Mortgage interest: −$18,933
• − Property taxes: −$2,711
• − Insurance: −$1,690
• − Repairs & maintenance: −$3,124
• − Management: −$3,124
• − Depreciation: −$9,833
• Taxable loss: −$367
• Est. tax savings @ 24.0%: +$88
• After-tax cash flow: $5,265/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: Putnam City
• NCES district ID: 4025290
• Math proficiency: 12% ▼ -18.00%
• Reading proficiency: 16% ▼ -14.00%
• Median HH income: $46,657
• Composite: 12.61/100
• National rank: #9614
• State rank: #227 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): 27,834
• Household income: $60,419
• Rent vs Own: 47.7% rent · 52.3% own
• Severe rent burden: 1610.0

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: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 51% Black 17% Hispanic / Latino 16% Two or more races 12% Asian 5% Native American 2%
• Hispanic origin (detail): Mexican 10% Puerto Rican 1%
• Common ancestry: Serbian 2% Slovak 2% Lithuanian 1%
• Foreign-born: 11% · Canada, Vietnam, Philippines
• Languages at home: 84% English-only · Spanish 10% Other Asian/Pacific 1% Vietnamese 1%

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: ▼ -196.70%
• Current HPI: 214.9695
• Rent YoY: ▲ 1.53%
• 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

+213.0% since first listed

18 events — show timeline

• 2026-04-24 Pending — MLSOK
• 2026-04-16 Listed $338,000 MLSOK
• 2025-02-08 Rental Removed $1,750 APPFOLIO
• 2025-01-29 Listed for Rent $1,750 APPFOLIO
• 2025-01-20 Rental Removed $1,750 APPFOLIO
• 2025-01-16 Listed for Rent $1,750 APPFOLIO
• 2023-09-02 Rental Removed $1,750 APPFOLIO
• 2023-08-20 Listed for Rent $1,750 APPFOLIO
• 2022-09-16 Sold (Public Records) $180,000 Public Records
• 2022-08-10 Sold (Public Records) $130,000 Public Records
• 2010-02-19 Listing Removed — MLSOK
• 2009-08-18 Listed $179,900 MLSOK
• 2003-03-05 Sold (Public Records) $110,000 Public Records
• 2003-02-28 Sold (MLS) $110,000 MLSOK
• 2002-09-11 Listed $122,900 MLSOK
• 1998-03-26 Sold (Public Records) $81,500 Public Records
• 1992-07-29 Sold (Public Records) $58,500 Public Records
• 1983-07-01 Sold (Public Records) $108,000 Public Records

Property tax history

+6.3%/yr

Latest (2025): $2,711 · +5.7% YoY. Source: county tax records.