200 N Lakeview St

Broken Bow, OK 74728

$950,000B

32 bd · 16.0 ba · 12,960 sqft · Built 1970 · MultiFamily · Active · 67 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $13,726/mo
• Mortgage (P&I): −$4,982
• Tax + insurance: −$1,583
• HOA: −$0
• Vac / Maint / Mgmt: −$2,882
• Net cashflow: $4,278/mo
• Annual: $51,340/yr
• Cap rate: 11.70%
• Cash-on-cash: 19.30%
• DSCR: 1.86
• 1% rule: 1.44%
• Cash to close: $266,000

Investor read

• This is a 16 × 2-bed/1.0-bath units multifamily listed at $950k. Condition is rated poor.
• At list price, monthly cash flow is $4k ($51k/yr) — positive. Per door: $267/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $950k).
• It's been on market 67 days — a 6% lower offer ($893k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $893k (6.0% below list) — sets the bar for market timing.
• In year one you build about $91k of equity ($7k loan paydown + $85k appreciation (8.9% local appreciation)).
• Location reads 67/100 on livability (#91 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Broken Bow (town): math 17% / reading 20% proficiency, ranked #199 of 270 in OK (top 74%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Bennett Es (math 27% / reading 23%, grade F, #348 of 845 statewide, top 42%, 285 students, 0% FRL); Broken Bow Hs (math 17% / reading 27%, grade F, #222 of 447 statewide, top 52%, 609 students, 0% FRL) — zoned schools average 0% FRL vs 77% district-wide (77 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 921 active listings in the ZIP; 16 units permitted in McCurtain County in 2024 (0 in 5+ unit buildings).
• McCurtain County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (8.9% appreciation + 3.0% rent growth), your $266k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$146k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 21% chance of damaging wind over 30y; 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.
• Cap rate 11.7% vs local median 0.5% in Broken Bow — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 67 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?

Repairs flagged (vision-AI assessment)

• Major: roof — Significant wear and potential leaking indicated by the satellite image.
• Major: exterior walls/siding — Significant wear and discoloration visible in the satellite image.
• Major: landscaping — Overgrown and unkempt, indicating a need for landscaping improvements.
• Major: HVAC/mechanicals — Condition of the exterior suggests potential issues with these systems.
• Major: foundation/structure — Condition of the exterior suggests potential structural issues.