Paseo is Oklahoma City’s arts-district premium lane — the Spanish-revival and craftsman bungalow blocks around the historic Paseo gallery spine between NW 28th and NW 30th, where renovated product sells to owner-occupants buying walkability, architecture, and the district’s restaurant row.
Hard money loans in Paseo fund estate acquisitions, rewire-heavy bungalows, and 7–14 day close windows on stock banks won’t touch until the mechanicals are done.
Metro: Oklahoma City hub · Oklahoma fix and flip · Compare: Plaza District · Rankings.
Paseo market data (2026)
Oklahoma City’s metro median sale price runs about $220,000, with homes averaging ~38 days on market (Redfin, 2026). Paseo spine-adjacent bungalows trade $40K–$90K above that metro median on renovated exits — but off-spine blocks sit much closer to the citywide number. The gallery walk radius, not the district label, is what separates a $312K exit from a $258K one on matching craftsman stock. First Friday gallery traffic supports O-O buyer demand March through November — list finished spine-adjacent product when walkable events are active, not in the January quiet window.
Who invests in Paseo
| Profile | Playbook |
|---|---|
| O-O flipper | Estate bungalow → finished resale at $250K–$380K |
| Premium holder | Renovated craftsman near the spine; deep tenant pool |
| Design-led rehabber | Overlay-compliant exterior + modern interior |
| Graduating operator | First premium file after a clean Capitol Hill exit |
The buyer pool pays for architecture and district walk — builder-grade finish underprices this exit.
2026 economics
| Asset | As-is | Rehab | ARV / rent |
|---|---|---|---|
| Craftsman/Spanish-revival bungalow | $140K–$240K | $50K–$90K | $250K–$380K O-O resale |
| Two-unit conversion-era stock | $150K–$230K | $55K–$95K | $270K–$360K; $2,200–$2,800/mo gross |
| Small SFR off-spine | $120K–$180K | $40K–$70K | $210K–$290K resale |
Worked example: gallery-spine bungalow flip
Acquisition: $172,000 estate 1925 bungalow — original wiring, 18-year-old roof, choppy plan
Rehab: $71,000 — wind-rated roof in draw one, full rewire, kitchen/bath, opened plan, porch restore
All-in: $243,000
Hard money: 86% LTC · 9-day close · 10.25% IO
Sale: $312,000 at 8 months — O-O buyer paying for the district walk
Net spread (est.): ~$26,600 after carry and 8% selling costs
Worked example: off-spine craftsman hold
Acquisition: $148,000 two-bedroom craftsman three blocks off Paseo Drive — dated but sound
Rehab: $52,000 — roof, HVAC, kitchen, bath, exterior paint per overlay palette
All-in: $200,000
Stabilized rent: $1,850/mo — young-professional tenant pool renting before buying
Appraisal: $258,000
DSCR refi: 72% LTV → Oklahoma DSCR exit on documented lease
Carry: $200K all-in at 86% LTC and 10.25% IO ≈ $1,470/mo — seven months to lease-up ≈ $10,290 carry, cleared by the $1,850/mo rent line
Cash-out at refi: $185,760 loan on $258K appraisal at 72% LTV — roughly $49K equity recycled after bridge payoff
Historic-overlay scope
Paseo’s historic character is protected by design review on exterior work — windows, porches, siding, and rooflines get reviewed; interiors do not. Practical consequences:
- Budget the compliant versions — wood-window restoration and period-correct porch details cost more than vinyl swaps
- Sequence the approval — submit exterior scope for review while interior demo proceeds; parallel-tracking saves 4–6 weeks
- The overlay is the premium — the same review that adds cost is what protects the $250K–$380K exit from vinyl-clad comps
Files that fight the overlay lose time; files that plan for it capture the district premium. Budget 4–6 weeks for exterior review on first-time Paseo sponsors — parallel-track interior demo while the board reviews porch and window scope.
Mechanical stress test
| Item | Cost band |
|---|---|
| Wind-rated roof (bungalow) | $9K–$16K |
| Full rewire (knob-and-tube) | $10K–$18K |
| HVAC replacement | $8K–$14K |
| Wood-window restoration | $500–$1,000/opening |
| Pier work (clay-soil settling) | $4K–$12K |
Budget 10%–15% contingency — 1920s bungalows hide surprises behind plaster and under porches.
Block walk protocol
- Spine distance in walking minutes — the premium decays past NW 23rd and Western edges
- Recent sold comps on the same block face, renovated condition only
- Roof age and hail history — insurance quote before LOI
- Foundation: door racking and stair-step cracks on clay soil
- Overlay boundary check on the exact parcel
Comp discipline
- Plaza District solds do not price Paseo ARV — $50K–$90K appraiser gaps on matching stock
- Midtown/SoSA condos and new-builds never comp onto bungalow files
- Capitol Hill is a different market entirely — south of the river, different buyer pool
- Within Paseo, spine-adjacent and edge blocks price differently — half-mile rule within corridor only
Carry math
$243K all-in at 86% LTC and 10.25% IO ≈ $1,780/mo interest. Eight months to sale ≈ $14,300 carry — the finished-product exit absorbs it when the comp file is honest and the overlay review was parallel-tracked, not discovered.
Insurance reality
Paseo’s premium exit does not exempt it from Oklahoma’s hail math. Bind replacement-cost coverage with a stated wind/hail deductible before close, and spec impact-resistant shingles — the premium discount improves your carry and gives your end buyer a lower insurance quote at their own closing, which supports the appraisal.
First-time sponsor path
Paseo is a second-file corridor. Prove the model on Capitol Hill basis or Classen Ten Penn value-add first — under-capitalized premium flips are the most common urban-core failure mode.
Comparing lenders on Paseo files
| Lender type | Strength on Paseo | Weakness |
|---|---|---|
| National platforms | Speed on clean-title suburban stock | Historic-overlay scope and rewire-heavy 1920s bungalows |
| Local OKC funds | Relationship capital on urban-core acquisitions | Capacity limits on premium-finish files |
| Focus-market (Jaken Finance Group) | Overlay-sequenced draws, Oklahoma DSCR exit pairing | Not optimized for exurban ranch stock |
See the full compare lenders hub for side-by-side rate, LTC, and close-speed tables.
Loan terms (2026)
| Parameter | Range |
|---|---|
| Rate | 8.99%–13.5% interest-only |
| Cost | Up to 100% of cost on qualified files |
| Value cap | Up to 75% of after-repair value. Fund the lower figure. |
| Term | 6–12 months on fix-and-flip files |
| Close | 7–10 business days on a complete file |
Paseo — corridor and basis file gates (2026)
Paseo files fail on builder-grade finish against a design-district exit, unbudgeted overlay compliance, and roof lines discovered at draw three instead of priced at LOI.
- Basis: $140K–$240K bungalow — match scope to $250K–$380K ARV on renovated same-corridor solds
- Comps: Paseo solds only — Plaza or Midtown imports invalidate the file
- Mechanical: Roof + rewire before cosmetics — $19K–$34K combined line is normal
- Exit: O-O resale via fix and flip Oklahoma or spine-adjacent hold → Oklahoma DSCR
Bridge 8.99%–13.5% IO · OKC rankings · (833) 264-7776.
Analyzing a Paseo bungalow? Pre-qualify for hard money or call (833) 264-7776 for proof of funds before your next arts-district offer.
Oklahoma City’s 2024 median, and the spine premium above it
Paseo exits are a district story sitting on top of a city median. The Census Reporter profile for Oklahoma City uses ACS 2024 1-year estimates. City population is 713,014. Median household income is $70,040. Per capita income is $40,194. Median value of owner-occupied homes is $259,300.
The city has 314,255 housing units. About 43.03% of occupied units are rented. Vacancy is about 7.62%. About 15.31% of residents are below the poverty line. Mean travel time to work is 21.9 minutes. About 71.35% of units are single-unit. About 26.26% are multi-unit. About 36.78% of adults hold a bachelor’s degree or higher.
A finished spine bungalow at $312,000 is above that $259,300 median. An off-spine resale at $210,000–$290,000 sits around it. The gallery walk is the difference. A citywide sale-price median, if you are also looking at a listing site, is a different statistic from this owner-occupied value. Do not drop both into one cell of the pro forma and call them the same thing.
West South Central prices barely moved
The FHFA monthly index, released September 29, 2026, shows the West South Central division up 1.1% from July 2025 to July 2026. The June-to-July 2026 change was 0.4%. Oklahoma is in that division. The U.S. twelve-month change was 2.6%.
Illustration: 1.1% of a $172,000 Paseo purchase is about $1,892. The rehab in the gallery-spine example is $71,000. The profit, if it exists, is the renovation and the district walk. It is not the division index. Do not add a growth factor to a 8-month flip because the census division was slightly positive.
Notice, deposits, and a five-year flood disclosure
The Oklahoma statutes index for Title 41, Landlord and Tenant, includes these section titles:
- § 4, 30 days’ notice required before termination of a tenancy
- § 113a, flooding within the past five years to be disclosed in a written rental agreement
- § 115, damage or security deposits
Read the section text before you rely on a deadline. The titles are enough to change a Paseo hold file. A written lease on a bungalow near a low spot should not skip the flood disclosure the code titles as a rental-agreement item. A month-to-month exit that assumes a 10-day notice is using some other state’s clock. This is a reading list, not a legal opinion.
Oklahoma runs its own lead program
EPA lists Oklahoma among the states authorized to operate the Renovation, Repair and Painting program. Paid work that disturbs paint in a pre-1978 home still needs a certified firm and trained workers. Flippers are included. A 1925 Paseo bungalow with plaster and porch paint is that house. Hire the firm certified under Oklahoma’s program. Do not assume a federal-only card is the local requirement.
Example: which cap binds on the spine flip and the off-spine hold
Gallery-spine inputs from above: purchase $172,000, rehab $71,000, all-in $243,000, sale $312,000.
- 86% of $243,000 is $208,980.
- 75% of the $312,000 sale price is $234,000.
- Cost leverage is the lower number. The 86% loan fits under the value cap by $25,020.
Off-spine hold: purchase $148,000, rehab $52,000, all-in $200,000, appraisal $258,000.
- 86% of $200,000 is $172,000.
- 75% of $258,000 is $193,500.
- Again, cost leverage is lower.
- A 72% loan on $258,000 is $185,760. That is about $13,760 above the $172,000 bridge, before costs.
The hold can recycle a slice of equity if the appraisal and the 72% structure both hold. Pushing the bridge toward 100% of the $200,000 cost would be $200,000, which is over the 75% value cap of $193,500. Jaken Finance Group would fund the lower figure. Interest-only pricing stays inside 8.99%–13.5%. Fix-and-flip terms are 6–12 months. Cash-out on a DSCR loan can reach 80% for qualified borrowers, which on $258,000 is $206,400. That is a program maximum, not the leverage this rent has to use. See Oklahoma DSCR.
If the overlay board is still out when your buyer wants to walk, call (833) 264-7776 before you extend the bridge. The pre-qual form is the place to attach the exterior-scope set.
Rates, terms and conditions offered only to qualified borrowers and are subject to change without notice. All loans are subject to full underwriting. Jaken Finance Group only finances non-owner occupied investment properties.