515 Alameda St · Norman, OK 73071

$1,675,000

None bd · None ba · 9,020 sqft · MultiFamily public records · 167 Days on market

Built 1973 5,227 sqft lot Est $2192k · 24% 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 +29.2/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.5/10.0
• Livability +4.2/5.0
• Rent growth +3.2/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 21 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

DO NOT DISTURB TENANTS. Prime Investment Opportunity! 21-Unit Apartment Building Near OU! Located just 5 minutes from the University of Oklahoma, this newly renovated 21-unit apartment complex is a fantastic investment opportunity, perfect for student housing! Each one-bedroom unit features fresh updates, ensuring modern comfort and appeal. The property has been enhanced with brand new sidewalks and landscaping, adding to its curb appeal and desirability. With its prime location in the heart of Norman, tenants will enjoy easy access to campus, dining, shopping, and entertainment. Consistent demand makes this a smart addition to any investment portfolio.

Key facts

• Brand new sidewalks
• Landscaping
• Prime location

Tags

• 21 UNIT APARTMENT BUILDING
• NEWLY RENOVATED
• BRAND NEW SIDEWALKS
• LANDSCAPING
• PRIME LOCATION
• EASY ACCESS TO CAMPUS

Property features AI

Finance

• Other: Located in Norman school district; Directions: From 12th Ave SE, turn west onto Alameda St. Property is about half a mile down and on your right at the intersection of Alameda St and S Findlay Ave.
• Financial info: Listing price: $1,675,000; Property taxes reported

Exterior

• Home design: Apartment-style residential income property; Existing property
• Construction: Brick and frame construction; Slab foundation; Other roof
• Exterior features: Corner lot

Interior

• Interior features: 21-unit residential income property; Occupied

What this means for you Summary

Snapshot

• This is a 21 × 2-bed/?-bath units multifamily listed at $1.68M.

Deal economics

• At list price, monthly cash flow is $6k ($69k/yr) — positive. Per door: $275/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($21k rent vs $1.68M).
• Recommended offer: $1.47M (12.0% below list) — sets the bar for market timing.

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: Jefferson Es (math 32% / reading 32%, grade F, #213 of 845 statewide, top 28%, 368 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 42% at this address vs 30% district-wide (+12 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 (+2.8%/yr); 350 active listings in the ZIP; 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 $12k of loan paydown is wiped out by about $50k 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 + 2.8% rent growth), your $469k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 167 days — a 12% lower offer ($1.47M) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 2y 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 $1.05M; list at $1.68M implies a 59% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,474,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 167 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.25% ✓
• Cap rate: 10.47%
• Cash-on-cash: 14.92%
• DSCR: 1.66
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $2,191,860
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
207 W Apache St	0.57mi	15/15.0	8,648 (-4%)	5mo	$2,100,000	$243	62

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 · 2.8% rent growth · sell at horizon

5-year hold

• IRR: 5.1%
• Equity multiple: 1.20×
• Total profit: $91,927
• Equity at exit: $249,748

10-year hold

• IRR: 14.3%
• Equity multiple: 2.14×
• Total profit: $535,650
• Equity at exit: $144,823

Cash invested: $469,000 (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 73071

• Rents YoY: 2.8%
• Active inventory: 350
• Price-to-rent: 140.0×

Monthly cashflow live

• Estimated rent: $20,943 medium
• Mortgage (P&I): −$8,784
• Tax from tax record: −$1,234 /mo · $14,803/yr
• Insurance: −$698
• Flood insurance flood zone: −$56 /mo · $670/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,398
• Net cashflow: $5,774

Break-even live

Break-even rent $13,634

Max offer price $1,675,000

Occupancy floor 67%

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

Units	Beds	Baths	Est. rent
▸ 21× units	2	—	$20,937
Total (21 units)			$20,943

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: $418,750
• Closing costs: $50,250
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-05-31
   days on market $1,675,000 Active 167 DOM
2. 2026-05-01
   status Active
3. 2026-04-29
   status Pending
4. 2026-02-12
   price $1,675,000
5. 2025-12-12
   listed $1,750,000 Active
6. 2025-12-12
   historical
7. 2025-11-12
   listed $1,750,000 Active
8. 2024-10-02
   historical $725
9. 2024-08-30
   price $725
10. 2024-08-27
    listed $795
11. 2024-08-25
    historical $795
12. 2024-07-19
    listed $795
13. 2024-07-19
    historical $795
14. 2024-06-12
    historical $795
15. 2024-06-08
    listed $795
16. 2024-05-24
    listed $795
17. 2024-05-23
    historical $795
18. 2024-04-10
    listed $795
19. 2024-04-10
    historical $795
20. 2024-03-21
    listed $795
21. 2024-03-21
    historical $795
22. 2024-03-13
    listed $795
23. 2024-03-13
    historical $895
24. 2024-01-04
    listed $895
25. 2021-05-03
    soldstatus $1,055,000

ⓘ 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: $14,803 · $1,234/mo
• Projected year-2 tax: $15,075 · $1,256/mo
• Expected delta: +$272/yr (+$23/mo · 1.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 6/10 Major
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $251,316
• − Mortgage interest: −$93,826
• − Property taxes: −$14,803
• − Insurance: −$9,045
• − Repairs & maintenance: −$20,105
• − Management: −$20,105
• − Depreciation: −$48,727
• Taxable income: $44,704
• Est. tax owed @ 24.0%: −$10,729
• After-tax cash flow: $58,556/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): 43,798
• Household income: $64,007
• Rent vs Own: 51.8% rent · 48.2% own
• Severe rent burden: 1903.0

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: Predominantly White (68%)
• Race & ethnicity: White 68% Two or more races 12% Black 8% Hispanic / Latino 8% Asian 3% Native American 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 3% Serbian 3% Lithuanian 2%
• Foreign-born: 7% · Canada, China
• Languages at home: 89% English-only · Spanish 5% 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: ▼ -187.04%
• Current HPI: 249.3797
• Rent YoY: ▲ 2.80%
• 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

+58.8% since first listed

24 events — show timeline

• 2026-05-01 Relisted — MLSOK
• 2026-04-29 Pending — MLSOK
• 2026-02-12 Price Changed $1,675,000 MLSOK
• 2025-12-12 Listing Removed — MLSOK
• 2025-12-12 Listed $1,750,000 MLSOK
• 2025-11-12 Listed $1,750,000 MLSOK
• 2024-10-02 Rental Removed $725 APPFOLIO
• 2024-08-30 Price Changed $725 APPFOLIO
• 2024-08-27 Listed for Rent $795 APPFOLIO
• 2024-08-25 Rental Removed $795 APPFOLIO
• 2024-07-19 Listed for Rent $795 APPFOLIO
• 2024-07-19 Rental Removed $795 APPFOLIO
• 2024-06-12 Rental Removed $795 APPFOLIO
• 2024-06-08 Listed for Rent $795 APPFOLIO
• 2024-05-24 Listed for Rent $795 APPFOLIO
• 2024-05-23 Rental Removed $795 APPFOLIO
• 2024-04-10 Listed for Rent $795 APPFOLIO
• 2024-04-10 Rental Removed $795 APPFOLIO
• 2024-03-21 Listed for Rent $795 APPFOLIO
• 2024-03-21 Rental Removed $795 APPFOLIO
• 2024-03-13 Listed for Rent $795 APPFOLIO
• 2024-03-13 Rental Removed $895 APPFOLIO
• 2024-01-04 Listed for Rent $895 APPFOLIO
• 2021-05-03 Sold (Public Records) $1,055,000 Public Records

Property tax history

+20.1%/yr

Latest (2024): $14,803 · -0.3% YoY. Source: county tax records.