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% IO |
| LTC | Up to 90% |
| Close | 7–10 days on clean title |
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.
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.