349 S Foreman St

Vinita, OK 74301

$195,000D+

2 bd · 2.0 ba · 2,837 sqft · Built 1907 · SingleFamily · Pending · 169 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,183/mo
• Mortgage (P&I): −$1,023
• Tax + insurance: −$133
• HOA: −$0
• Vac / Maint / Mgmt: −$249
• Net cashflow: $-221/mo
• Annual: $-2,654/yr
• Cap rate: 4.93%
• Cash-on-cash: -4.86%
• DSCR: 0.78
• 1% rule: 0.61%
• Cash to close: $54,600

Investor read

• This is a 2-bed/2.0-bath single-family listed at $195k.
• At list price, monthly cash flow is $-221 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $156k (20.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $118k (39.3% below list).
• It's been on market 169 days — a 12% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $118k (39.3% below list) — sets the bar for 1% rule.
• In year one you build about $21k of equity ($1k loan paydown + $20k appreciation (10.0% local appreciation)).
• Location reads 63/100 on livability (#227 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: schools F, amenities F, commute F.
• Vinita (town): math 24% / reading 20% proficiency, ranked #156 of 270 in OK (top 58%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 113 active listings in the ZIP; 24 units permitted in Craig County in 2024 (0 in 5+ unit buildings).
• Craig County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts; this cycle's ask is 64% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $30k; list at $195k implies a 550% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate 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

• 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 169 days. Have you received any prior offers? Is the seller open to a 39% concession, seller financing, or rate buy-down credit?
• Built in 1907 — 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?
• 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.