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1001 Riviera Dr
Norman, OK

1001 Riviera Dr

$345,000
4 bd • 3 ba • 2,366 sf

This analysis was generated by artificial intelligence on 1/23/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$345,000

Price/Sq.Ft

$146

Year Built

1997

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

The property at 1001 Riviera Dr, Norman, OK offers excellent value at $145.82/sqft, which is approximately 20% below the average of $182/sqft for similar homes in Norman. Built in 1997, this 2,366 sqft home provides ample space with 4 bedrooms and 3 bathrooms, ideal for families or those needing extra room. The corner lot location in River Chase adds visibility and curb appeal. Recent upgrades include a new Blanco Farm Sink, gas stovetop, counters, and backsplash in the kitchen, enhancing both functionality and aesthetics. The single-story main living area offers accessibility and open sight lines, while the upstairs bonus room with full bath adds versatility. The HOA provides valuable services including greenbelt maintenance, clubhouse/pool access, and year-round lawn care, potentially saving homeowners $2,000-$3,000 annually in landscaping costs. Its proximity to OU campus, Core Norman, and I-35 enhances its appeal for both owner-occupants and potential renters.

The Bad

While the property offers many positives, there are some potential drawbacks. The home's age (28 years) suggests that some systems and appliances may be nearing the end of their lifespan. For example, the HVAC system, if original, could require replacement soon at an estimated cost of $5,000-$7,000. The presence of an HOA, while providing benefits, also means additional monthly costs and potential restrictions on property modifications. The listing doesn't mention energy efficiency features, which could result in higher utility bills compared to newer constructions. The corner lot, while visually appealing, may experience more traffic noise and reduced privacy compared to interior lots. Additionally, the lack of detailed information about the HOA fees makes it difficult to fully assess the total cost of ownership.

The Ugly

The most significant concern is the potential for foundation issues, given Oklahoma's clay soil and the home's age. A thorough inspection is crucial, as foundation repairs can cost $5,000-$15,000 or more. The rising property taxes and water rates in Norman, as mentioned in the local context, could significantly increase the cost of ownership over time. For instance, if property taxes increase at 5% annually, a current tax bill of $3,500 could rise to $4,465 in five years. The competitive housing market in Norman might lead to bidding wars, potentially pushing the final price above the current asking price of $345,000. Flood risk is another concern; without specific information, it's crucial to investigate the property's flood zone status, as flood insurance could add $700-$3,000 annually to ownership costs.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is best suited for families or professionals seeking a spacious home in a well-maintained neighborhood close to OU and major thoroughfares. With 4 bedrooms and 3 bathrooms, it's ideal for households of 3-5 members. The single-story main living area makes it appropriate for buyers with mobility concerns or those planning to age in place. Investors could also find this property attractive for student or faculty rentals, given its proximity to OU. The bonus room upstairs is perfect for those needing a home office or additional living space. Buyers who value community amenities like a clubhouse and pool, and prefer low-maintenance living with HOA-provided lawn care, will appreciate this home.

Not For

This property is not ideal for first-time homebuyers on a tight budget, as the total cost of ownership (including potential HOA fees, rising property taxes, and maintenance of an older home) could be substantial. It's also not suitable for those seeking a newer construction with modern energy efficiency features. Buyers looking for complete privacy might find the corner lot less desirable. Individuals or couples wanting a smaller, more manageable space might find 2,366 sqft excessive. Those who prefer to handle their own lawn care and dislike HOA restrictions should look elsewhere. Additionally, it may not be the best fit for investors seeking immediate high returns, as the property's price point and potential need for updates could limit initial profitability.
Demographics
Area Median Income

$0

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Risk Assessment

Risk Analysis

1. Foundation issues due to Oklahoma's clay soil (potential $5,000-$15,000 repair cost) 2. Aging systems (HVAC, plumbing, electrical) may need replacement soon ($10,000-$20,000 total) 3. Rising property taxes and water rates in Norman (5-7% annual increases possible) 4. Potential flood risk (unknown without flood zone information) 5. HOA fee increases and potential special assessments 6. Market volatility: Norman's competitive market could lead to overvaluation 7. Possible zoning changes or new developments that could affect property value 8. Energy efficiency concerns in an older home leading to higher utility costs 9. Corner lot may have higher exposure to traffic noise and reduced privacy 10. Potential for increased insurance costs due to Oklahoma's severe weather risks

Financials

Monthly Costs

Location & Comparables

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