312 W C St

Alex, OK 73002

$114,240B-

4 bd · 2.0 ba · 2,332 sqft · Built 1936 · SingleFamily · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,405/mo
• Mortgage (P&I): −$599
• Tax + insurance: −$623
• HOA: −$0
• Vac / Maint / Mgmt: −$295
• Net cashflow: $-112/mo
• Annual: $-1,344/yr
• Cap rate: 9.60%
• Cash-on-cash: 11.80%
• DSCR: 1.53
• 1% rule: 1.23%
• Cash to close: $31,987

Investor read

• This is a 4-bed/2.0-bath single-family listed at $114k.
• At list price, monthly cash flow is $-112 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $94k (17.3% below list).
• Meets the 1% rule at list price ($1k rent vs $114k).
• It's been on market 38 days — a 3% lower offer ($111k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $94k (17.3% below list) — sets the bar for cash-flow.
• In year one you build about $4k of equity ($790 loan paydown + $3k appreciation (3.0% local appreciation)).
• Location reads 57/100 on livability (#474 in OK) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: employment D+, crime F, amenities F.
• Alex (rural): math 50% / reading 50% proficiency, ranked #36 of 513 in OK (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Alex Es (math 42% / reading 32%, grade F, #132 of 845 statewide, top 19%, 218 students, 0% FRL); Alex Hs (math 10% / reading 10%, grade F, #361 of 447 statewide, top 94%, 86 students, 0% FRL) — zoned schools average 0% FRL vs 68% district-wide (68 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 24% at this address vs 50% district-wide (-26 pts) — the specific schools serving this property underperform the Alex average; the district grade overstates school quality for this exact location.
• Watch-outs: flood insurance adds $427/mo; built in 1936 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 8 active listings in the ZIP; 224 units permitted in Grady County in 2024 (0 in 5+ unit buildings).
• Grady County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• By year 8, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); moderate wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 38 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
• Built in 1936 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.