None bd · None ba ·
9,020 sqft ·
Built 1973
· MultiFamily
· Active
· 167 DOM
Cashflow @ list (25.0% down · 7.5%)
Estimated rent
$20,943/mo
Mortgage (P&I)
−$8,784
Tax + insurance
−$1,987
HOA
−$0
Vac / Maint / Mgmt
−$4,398
Net cashflow
$5,774/mo
Annual
$69,285/yr
Cap rate
10.47%
Cash-on-cash
14.92%
DSCR
1.66
1% rule
1.25%
Cash to close
$469,000
Investor read
This is a 21 × 2-bed/?-bath units multifamily listed at $1.68M.
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).
It's been on market 167 days — a 12% lower offer ($1.47M) is reasonable based on typical stale-listing flexibility.
Recommended offer: $1.47M (12.0% below list) — sets the bar for market timing.
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.
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.
Watch-outs: flood insurance adds $56/mo.
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).
Cleveland County population projected at +40% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
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.
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.
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.
Questions for listing agent
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?
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?
Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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.
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.
CashFlowRE · CFR-ZABPFHB93H2XH2
· Data 2 weeks agocashflowre.app · 2026-05-29