I wouldn't live there. Nor would I live in Putnam Heights or the surrounding areas.
But, then again, I wouldn't even live in the Paseo. Those areas are generally more walkable, young/hip/trendy, closer to bars/nightlife/organic stores/yoga studios. There are some nice houses there, and some gross places. It just feels old and less safe to me than, say, Edmond. It's not uncommon to hear sirens in the Paseo. Putnam Heights and Sheperd Historic District have quite a few "crime dots" on the crime map I like to below. It's not the worst place ever, but not the safest. It's generally regarded as a more up-and-coming area. In the 1980s, it sucked. The Paseo was the hood. In the 1990s it got better. Now there are some expensive houses in both of those areas. Even so, they still have their share of crime.... several times that of nice Edmond neighborhoods.
Here's the easiest crime tool. Just type in Sheperd Historic District:
You could probably live there and be fine. It appears that car break-ins are the most common occurrence. Like I said, I wouldn't live there... but plenty of people think it's a trendy cool area.
I just don't consider it safe enough, and I don't think you get enough for your money. While pay $150,000 for an old ("historic") house in Putnam Heights that's a 3 bedroom with only 1 or 2 small bathrooms that needs renovation when you can pay the same price or a little less for a nice, new 3-4 bedroom in Edmond? Or a 1980s/1990s larger house in Edmond? I don't understand the desire for the old and not updated. But, many people like original bathrooms and everything else from the historic district. Putnam Heights and Paseo and Shepperd Historic District have houses from the 1920s even. If you like historic homes, you've got it there. Some are nice.... but some are overpriced. There aren't a great deal of historic homes in OKC. Some are pretty. Some are gross. Some are nicely updated. Some are run down. I understand the charm in nicer, well-kept, renovated old homes. I just haven't seen many well-renovated, nice homes in Putnam Heights or Shepperd that I would say are worth the money. Some are simply overpriced. You pay more there for what you could get elsewhere that's nicer and newer.
I've seen a lot of homes in Putnam with only one bathroom in the house for 3 bedrooms. Or the master bedroom upstairs. Um, what? Who wants a master bedroom upstairs? People used to. Now buyers want the master bedroom downstairs... always. And, more than one bathroom in a house. And, a garage. And, closets.... and master bathrooms. Old historic houses in those areas rarely have all the above. Think about your potential buyers when you sell the house. How many people with kids want a 3 bedroom house with ONE old small bathroom and no master bathroom? And, the master bedroom upstairs? In those public schools? Yeah. Have fun trying to sell that house. Those buyers are often either younger and childless, or retirees, or transplants from big cities like Portland. Think about what percentage of the market would buy the house you buy there with 1-2 bathrooms for 3-4 bedrooms in those schools, etc.
If you insist on an old historic home and the charm that such old homes have, Shepperd Historic and Putnam Heights are an adequate area for that. It does have its charm. It also has it's crime.
Note the crime along 23rd street in the map. In August alone, there were half a dozen or more assaults, burglaries, and robberies just on 23rd street within a few blocks between May and Western. If you enter Shepperd Historic on that map, you'll see probably 50 "dots" locating where crimes occurred just in August in Shepperd Historic District.
If you like historic, and want "young hipster," Putnam Heights and Shepard Historic are good places. I just prefer to get more/better house for my money, and want safer areas. Those are fairly trendy neighborhoods, especially for younger people who want to live near the bars and nightlife of those areas and 10-Penn. Those areas do have more of a nightlife nearby and "urban" things like health food stores, yoga studios, bars, nightlife, places that stay open late, etc. It's more "hip."
Some of those areas are walkable. Places like Paseo, Shepperd, and Putnam Heights are often more walkable. That's a plus. You rarely can walk to restaurants, bars, or grocery in Edmond.