114 W Himes St · Norman, OK 73069

$70,848

1 bd · 1.0 ba · 754 sqft · SingleFamily public records · 92 Days on market

Built 1930 6,098 sqft lot Est $136k · 48% under ↓ 17% since listing

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• 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

# Exceptional Investment Opportunity in the Heart of Norman This property is being sold AS IS. Welcome to 114 W Himes St—a charming 1-bedroom, 1-bathroom property brimming with untapped potential in one of Norman's most convenient locations. This new listing represents a rare opportunity for savvy investors and first-time buyers alike seeking a solid foundation for their next project. * * Renovation Potential Awaits * * This cozy residence is ready for your creative vision. Whether you're looking to flip for profit or transform it into a stylish rental property, the possibilities are endless. The compact layout offers efficient living space while providing ample room to modernize a

Key facts

• Prime location
• Renovation potential
• Outdoor living

Tags

• RENOVATION POTENTIAL
• OUTDOOR LIVING
• PRIME LOCATION
• EASY ACCESS TO GREEN SPACES

Property features AI

Finance

• Other: Located in the Highland Norman addition
• Financial info: Sold/Offered as-is
• HOA & community: No mandatory association dues

Exterior

• Home design: Residential single-family home; Property faces north; Existing property
• Construction: Frame construction; Shingle roof (roof replaced/updated 2022); Combination foundation
• Exterior features: No special exterior features listed; Interior lot

Interior

• Kitchen: Range (2 burners)
• Bedrooms: 1 bedroom
• Bathrooms: 1 full bathroom
• Heating & cooling: Other heating; Window unit cooling
• Interior features: No fireplace; No in-law plan

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $71k.

Deal economics

• At list price, monthly cash flow is $356 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $71k).
• Recommended offer: $64k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.3% 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); 250 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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 $490 of loan paydown is wiped out by about $2k 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 $20k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 92 days — a 9% lower offer ($64k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $64,471 (9.0% below list)

Questions for the listing agent

1. It's been on market 92 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.47% ✓
• Cap rate: 12.32%
• Cash-on-cash: 21.54%
• DSCR: 1.96
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $135,720
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
114 W Himes St	0.00mi	1/1.0	754 (0%)	0mo	$70,848	$94	100
113 S Beal St	0.36mi	1/1.0	808 (+7%)	5mo	$88,500	$110	67
622 E Frank St	0.61mi	1/1.0	764 (+1%)	6mo	$64,000	$84	64
714 E Oliver St	0.69mi	2/1.0 (+1)	754 (0%)	0mo	$130,000	$172	62
106 W Rich St	0.12mi	2/1.0 (+1)	864 (+15%)	6mo	$150,000	$174	60
127 E Hayes St	0.20mi	2/1.5 (+1)	840 (+11%)	8mo	$157,700	$188	58
840 Iowa St	0.72mi	2/1.0 (+1)	765 (+2%)	6mo	$150,000	$196	54
806 Denison Dr	0.59mi	2/1.0 (+1)	789 (+5%)	8mo	$147,500	$187	53
420 N Stewart Ave	0.64mi	1/1.0	702 (-7%)	9mo	$126,500	$180	51
908 N Cockrel Ave	0.69mi	2/1.0 (+1)	736 (-2%)	11mo	$147,000	$200	50
430 E Gray St	0.64mi	2/1.0 (+1)	720 (-4%)	11mo	$128,880	$179	49
1325 Regent St	0.61mi	2/1.0 (+1)	836 (+11%)	2mo	$158,500	$190	47

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: 19.2%
• Equity multiple: 1.82×
• Total profit: $16,323
• Equity at exit: $10,564

10-year hold

• IRR: 30.5%
• Equity multiple: 4.36×
• Total profit: $66,580
• Equity at exit: $6,126

Cash invested: $19,837 (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: 250
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,044 high
• Mortgage (P&I): −$372
• Tax from tax record: −$68 /mo · $810/yr
• Insurance: −$30
• HOA: −$0
• Vacancy / Maint / Mgmt: −$219
• Net cashflow: $356

Break-even live

Break-even rent $593

Max offer price $70,848

Occupancy floor 61%

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: $17,712
• Closing costs: $2,125
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
110 E Dale St Norman, OK	2.0	1.0	792	$950	$1.20	11d	1	0.24mi
303 E Himes St Unit 2 Norman, OK	2.0	1.0	671	$1,045	$1.56	24d	1	0.26mi
127 W Acres St Apt E Norman, OK	1.0	1.0	710	$850	$1.20	3d	1	0.29mi
1200 N Crawford Ave Norman, OK	1.0	1.0	875	$1,000	$1.14	24d	1	0.29mi
1204 N Crawford Ave Unit 1204 Norman, OK	1.0	1.0	875	$1,000	$1.14	14d	1	0.29mi
217 E Daws St Unit B Norman, OK	1.0	1.0	650	$900	$1.38	24d	1	0.42mi
430 E Tonhawa St Norman, OK	1.0	1.0	600	$875	$1.46	20d	1	0.58mi
430 E Tonhawa St Norman, OK	1.0	1.0	600	$875	$1.46	24d	1	0.58mi
316 Falcon Ct Unit 2 Norman, OK	2.0	1.0	975	$875	$0.90	24d	1	0.68mi
820 Iowa St Norman, OK	2.0	1.0	752	$1,350	$1.80	24d	1	0.69mi
602 Tiffin Ave Norman, OK	2.0	1.0	720	$1,249	$1.73	11d	1	0.77mi
911 Nebraska St Norman, OK	2.0	1.0	750	$1,095	$1.46	14d	1	0.77mi
213 Skylark Ct Norman, OK	2.0	1.5	1000	$1,050	$1.05	20d	1	0.81mi
211 Skylark Ct #213 Norman, OK	2.0	1.5	1050	$1,050	$1.00	20d	1	0.82mi
420 W Comanche St Norman, OK	1.0	1.0	580	$1,200	$2.07	14d	1	0.87mi
311 S Webster Ave Norman, OK	1.0	1.0	800	$950	$1.19	11d	1	0.88mi
222 S University Blvd Norman, OK	1.0	1.0	695	$2,275	$3.27	24d	1	0.89mi
222 S University Blvd Norman, OK	2.0	2.0	775	$2,875	$3.71	14d	1	0.89mi
222 S University Blvd Unit 2 Norman, OK	2.0	2.0	685	$2,055	$3.00	14d	1	0.89mi
1238 Iowa St Norman, OK	2.0	1.0	720	$1,150	$1.60	24d	1	0.96mi
1005 W Eufaula St Norman, OK	2.0	2.0	1100	$1,350	$1.23	3d	1	1.12mi
471 Elm Ave Norman, OK	2.0	2.0	976	$1,500	$1.54	24d	1	1.21mi
414 Ferrill St #416 Norman, OK	2.0	1.0	800	$875	$1.09	3d	1	1.26mi
930 Miller Ave Norman, OK	2.0	2.0	1050	$1,545	$1.47	3d	1	1.27mi

Listing history 5 events

1. 2026-05-10
   status Pending
2. 2026-04-21
   price $70,848
3. 2026-03-31
   price $75,000
4. 2026-02-28
   price $80,000
5. 2026-02-07
   listed $85,000 Active

ⓘ 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: $810 · $68/mo
• Projected year-2 tax: $810 · $68/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 18 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: $12,526
• − Mortgage interest: −$3,969
• − Property taxes: −$810
• − Insurance: −$354
• − Repairs & maintenance: −$1,002
• − Management: −$1,002
• − Depreciation: −$2,061
• Taxable income: $3,328
• Est. tax owed @ 24.0%: −$799
• After-tax cash flow: $3,474/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

-16.6% since first listed

5 events — show timeline

• 2026-05-10 Pending — MLSOK
• 2026-04-21 Price Changed $70,848 MLSOK
• 2026-03-31 Price Changed $75,000 MLSOK
• 2026-02-28 Price Changed $80,000 MLSOK
• 2026-02-07 Listed $85,000 MLSOK

Property tax history

+5.0%/yr

Latest (2024): $810 · +4.7% YoY. Source: county tax records.