609 Ollar Ln

Heavener, OK 74937

$141,000D+

3 bd · 2.0 ba · 1,456 sqft · Built 1995 · SingleFamily · Active · 57 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,155/mo
• Mortgage (P&I): −$739
• Tax + insurance: −$139
• HOA: −$0
• Vac / Maint / Mgmt: −$243
• Net cashflow: $34/mo
• Annual: $410/yr
• Cap rate: 6.58%
• Cash-on-cash: 1.04%
• DSCR: 1.05
• 1% rule: 0.82%
• Cash to close: $39,480

Investor read

• This is a 3-bed/2.0-bath single-family listed at $141k.
• At list price, monthly cash flow is $34 ($410/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $116k (18.1% below list).
• It's been on market 57 days — a 3% lower offer ($137k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $116k (18.1% below list) — sets the bar for 1% rule.
• In year one you build about $15k of equity ($975 loan paydown + $14k appreciation (9.9% local appreciation)).
• Location reads 60/100 on livability (#354 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Heavener (town): math 14% / reading 23% proficiency, ranked #200 of 270 in OK (top 74%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Heavener Es (math 14% / reading 23%, grade F, #530 of 845 statewide, top 63%, 577 students, 0% FRL); Heavener Hs (math 12% / reading 22%, grade F, #314 of 447 statewide, top 72%, 310 students, 0% FRL) — zoned schools average 0% FRL vs 74% district-wide (74 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 43 active listings in the ZIP; 73 units permitted in Le Flore County in 2024 (0 in 5+ unit buildings).
• Le Flore County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 7y ago; this cycle's ask has dropped $24k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $95k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (9.9% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 57 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.