2145 S Dewey Ave

Bartlesville, OK 74003

$75,000B+

3 bd · 1.5 ba · 1,568 sqft · Built 1949 · SingleFamily · Pending · 254 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,197/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$599
• HOA: −$0
• Vac / Maint / Mgmt: −$251
• Net cashflow: $-47/mo
• Annual: $-559/yr
• Cap rate: 12.37%
• Cash-on-cash: 21.71%
• DSCR: 1.97
• 1% rule: 1.60%
• Cash to close: $21,000

Investor read

• This is a 3-bed/1.5-bath single-family listed at $75k.
• At list price, monthly cash flow is $-47 ($-559/yr) — negative.
• To cash-flow at today's rent, offer at most $67k (11.0% below list).
• Meets the 1% rule at list price ($1k rent vs $75k).
• It's been on market 254 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.
• In year one you build about $8k of equity ($519 loan paydown + $8k appreciation (10.0% local appreciation)).
• Location reads 64/100 on livability (#175 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, schools D+, crime D+.
• Bartlesville (town): math 30% / reading 29% proficiency, ranked #59 of 270 in OK (top 22%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: flood insurance adds $427/mo; built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 137 active listings in the ZIP; 46 units permitted in Washington County in 2024 (0 in 5+ unit buildings).
• Washington County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 8 sale attempts since 15y ago; this cycle's ask has dropped $70k (48%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$37k 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); major wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 12.4% vs local median 4.7% in Bartlesville — 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.
• This rent runs 30% of the median local income ($47k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 254 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1949 — 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?
• 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 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 D 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?