1310 NE 17th St

Oklahoma City, OK 73111

$124,000B

2 bd · 2.0 ba · 1,725 sqft · Built 1923 · MultiFamily · Active · 181 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,388/mo
• Mortgage (P&I): −$650
• Tax + insurance: −$148
• HOA: −$0
• Vac / Maint / Mgmt: −$501
• Net cashflow: $1,088/mo
• Annual: $13,056/yr
• Cap rate: 16.82%
• Cash-on-cash: 37.60%
• DSCR: 2.67
• 1% rule: 1.93%
• Cash to close: $34,720

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $124k. Condition is rated fair.
• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $544/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $124k).
• It's been on market 181 days — a 12% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $109k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $857 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• 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.
• Oklahoma City (urban): math 7% / reading 10% proficiency, ranked #254 of 270 in OK (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 82% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Emerson Alternative Ed. (Es) (math 24% / reading 24%, grade F, #354 of 845 statewide, top 47%, 64 students, 0% FRL); Classen Ms of Advanced Studies (math 35% / reading 46%, grade F, #6 of 345 statewide, top 1%, 855 students, 0% FRL); Southeast Hs (math 8% / reading 17%, grade F, #355 of 447 statewide, top 80%, 854 students, 0% FRL) — zoned schools average 0% FRL vs 82% district-wide (82 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 26% at this address vs 8% district-wide (+17 pts) — the actual schools serving this property are materially stronger than the Oklahoma City average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.1%/yr); 133 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 88d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 70% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 5,365 units permitted in Oklahoma County in 2024 (569 in 5+ unit buildings).
• Oklahoma County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 7 sale attempts since 17y ago; this cycle's ask has dropped $36k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; list at $124k implies a 91% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 2.1% rent growth), your $35k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 181 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?

Repairs flagged (vision-AI assessment)

• Moderate: Exterior siding — Weathered and discolored, indicating wear and tear.
• Moderate: Landscaping — Overgrown and in need of trimming for better curb appeal.
• Minor: Interior walls — Some discoloration, likely from age or minor water damage.
• Unknown: HVAC/mechanical systems — No photos provided, but likely in need of inspection and maintenance based on age and location.
• Unknown: Kitchen and bathrooms — No photos provided, but likely in need of updates and repairs based on the overall condition of the property.
• Unknown: Foundation/structure — No photos provided, but likely in need of inspection and potential repairs based on the age and location of the property.