Del City is a 7.2 square mile area located between Oklahoma City and Midwest City along I-40.
Del City Neighborhoods
Construction of Homes
Homes in the Del City area were constructed mainly in the 1940’s to the 1970’s, although the greatest amount of building occurred in the 1960’s. Homes are a mix of frame and brick.
Demographics of Residents
The population of Del City is almost 22,000.
Seventy percent of occupants have white collar jobs, and 30% have blue collar jobs. The average household income is $54,000.
Houses are 57% owner occupied and 43% renter occupied.
About 50% of residents have some high school education, and about 26% have some college education.
Del City Schools
Del City public schools appear to be mediocre (A US World Report score of 33 out of 100), but not terrible.
The Rental Market and Example Property for Rent
The median gross rent for Del City was $854.
Here are some rental homes posted on Zillow at the time of this writing:
Del City Properties Listed for rent on zillow (2/18/2021).
|4224 SE 24||3||1||1098||900||0.82||13||14||1.1|
|2204 June Ln||3||1||792||900||1.14||14||16||1.1|
|4228 SE 40||2||1||1080||750||0.69||69||26||0.4|
|3916 Del Rd||2||1||1026||775||0.76||17||50||2.9|
Days= Days listed; Req= number of requests about property; IR= Interest ration (how much interest there is in the property). Obviously unappealing properties were not shown.
These are all asking rents, not rents that are being paid.
Click here: To find the Rentals in the Del City
Three Bedroom Homes
Average sized three bedroom properties (slightly more than 1,000 square feet) range from $0.82-$0.84 per square foot. The rent per square foot falls off for larger properties, like the one on Lariat. The one on June Lane is most likely overpriced.
One way of gauging if a property is overpriced is to look at what I have termed the “Tenant Interest Ratio” (TIR). The tenant interest ratio is the number of requests that prospective tenants have made about the property divided by the number of days listed. If the TIR is somewhere around one or less, that suggests the property may be overpriced, as was the case for the June Lane property. If the TIR is 2-4, it indicates the property is priced about right. If it’s greater than 4, it may indicate it’s somewhat underpriced.
Two Bedroom Homes
The rent per square foot of the two bedroom homes ranged from $0.69 to $0.76 per square foot. Note that the one on SE 40 is likely overpriced. It has been listed for 69 days, yet the TIR is 0.4.
Home Values and Example Properties for Sale
The median home value of owner occupied homes is claimed to be $84,000, but I challenge you to find those kinds of prices right now.
One of the most challenging things about managing properties in Del City are occupancy inspections required by the city. Prior to every new tenant moving into a property, the owner of the property must request and pay for a city inspector to check out the housing unit. The inspector may require any number of items to be brought up to current city code.
I have seen some fairly lengthy lists of repairs.
Opportunities for Public Housing
Tenants receiving housing assistance may use vouchers obtained from the Oklahoma Housing Finance Agency for housing located in Del City.
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