903 Dakota St · Norman, OK 73069

$110,000

3 bd · 1.0 ba · 726 sqft · SingleFamily public records · 21 Days on market

Built 1950 6,970 sqft lot Est $136k · 19% 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 +28.5/30.0
• 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

Has lots of potential. Structural report on file. Wood floors, needs mostly cosmetic updating.

Key facts

• 6,970 sq ft lot
• Garage
• Built 1950

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $359 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $108k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.2% 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: Adams Es (math 16% / reading 20%, grade F, #534 of 845 statewide, top 64%, 550 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.
• Market conditions: Rents rising fast (+7.7%/yr); 250 active listings in the ZIP; 6 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 $761 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 $31k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 2 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 $56k; list at $110k implies a 96% 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 $108,350 (1.5% below list)

Questions for the listing agent

1. Built in 1950 — 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: 10.21%
• Cash-on-cash: 13.98%
• DSCR: 1.62
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $135,762
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
840 Iowa St	0.11mi	2/1.0 (-1)	765 (+5%)	6mo	$150,000	$196	76
1221 Dakota St	0.17mi	2/1.0 (-1)	708 (-2%)	10mo	$135,000	$191	74
1226 Iowa St	0.21mi	2/1.0 (-1)	783 (+8%)	3mo	$139,000	$178	70
618 Iowa St	0.25mi	2/2.0 (-1)	730 (+1%)	13mo	$145,000	$199	67
806 Denison Dr	0.18mi	2/1.0 (-1)	789 (+9%)	8mo	$147,500	$187	65
1234 Iowa St	0.25mi	2/1.0 (-1)	720 (-1%)	22mo	$105,000	$146	64
711 Iowa St	0.18mi	2/1.0 (-1)	702 (-3%)	22mo	$105,000	$150	62
923 Kansas St	0.21mi	2/1.0 (-1)	820 (+13%)	8mo	$95,000	$116	57
1002 Garver St	0.56mi	2/1.0 (-1)	786 (+8%)	9mo	$200,000	$254	48
1324 Dorchester Dr	0.43mi	2/1.0 (-1)	795 (+10%)	14mo	$160,000	$201	48
1422 Eisenhower Rd	0.72mi	2/1.0 (-1)	754 (+4%)	14mo	$100,000	$133	43
718 N University Blvd	0.43mi	2/1.0 (-1)	811 (+12%)	18mo	$145,000	$179	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 · 7.66% rent growth · sell at horizon

5-year hold

• IRR: 9.2%
• Equity multiple: 1.38×
• Total profit: $11,666
• Equity at exit: $16,401

10-year hold

• IRR: 21.8%
• Equity multiple: 3.26×
• Total profit: $69,561
• Equity at exit: $9,511

Cash invested: $30,800 (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: 6.8×

Monthly cashflow live

• Estimated rent: $1,353 high
• Mortgage (P&I): −$577
• Tax from tax record: −$87 /mo · $1,045/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $359

Break-even live

Break-even rent $898

Max offer price $110,000

Occupancy floor 68%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
911 Nebraska St Norman, OK	2.0	1.0	750	$1,095	$1.46	14d	1	0.12mi
1238 Iowa St Norman, OK	2.0	1.0	720	$1,150	$1.60	23d	1	0.25mi
222 S University Blvd Unit 2 Norman, OK	2.0	2.0	685	$2,055	$3.00	14d	1	0.81mi
303 E Himes St Unit 2 Norman, OK	2.0	1.0	671	$1,045	$1.56	23d	1	0.96mi
301 Hal Muldrow Dr Norman, OK	1.0–2.0	1.0–2.0	857	$1,100	$1.28	1d	6	1.03mi
602 Tiffin Ave Norman, OK	2.0	1.0	720	$1,249	$1.73	10d	1	1.41mi

Listing history 6 events

1. 2026-02-26
   status Pending
2. 2026-01-26
   listed $110,000 Active
3. 2005-02-01
   soldstatus $56,000
4. 2002-12-06
   soldstatus $41,500 96-char remark

   Show marketing remark (96 chars)

   Has lots of potential. Structural report on file. Wood floors, needs mostly cosmetic updating.

5. 2002-12-06
   soldstatus $41,500

   Show marketing remark (96 chars)

   Has lots of potential. Structural report on file. Wood floors, needs mostly cosmetic updating.

6. 2002-10-21
   listed $50,000 96-char remark

   Show marketing remark (96 chars)

   Has lots of potential. Structural report on file. Wood floors, needs mostly cosmetic updating.

ⓘ 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: $1,045 · $87/mo
• Projected year-2 tax: $1,045 · $87/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 4/10 Moderate
• 🌡 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: $16,233
• − Mortgage interest: −$6,162
• − Property taxes: −$1,045
• − Insurance: −$550
• − Repairs & maintenance: −$1,299
• − Management: −$1,299
• − Depreciation: −$3,200
• Taxable income: $2,679
• Est. tax owed @ 24.0%: −$643
• After-tax cash flow: $3,664/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

+120.0% since first listed

6 events — show timeline

• 2026-02-26 Pending — MLSOK
• 2026-01-26 Listed $110,000 MLSOK
• 2005-02-01 Sold (Public Records) $56,000 Public Records
• 2002-12-06 Sold (Public Records) $41,500 Public Records
• 2002-12-06 Sold (MLS) $41,500 MLSOK
• 2002-10-21 Listed $50,000 MLSOK

Property tax history

+2.2%/yr

Latest (2024): $1,045 · +4.6% YoY. Source: county tax records.