807 W Oklahoma Ave

Okeene, OK 73763

$599,000B+

600 bd · 600.0 ba · 10,572 sqft · Built 1978 · MultiFamily · Active · 182 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $24,572/mo
• Mortgage (P&I): −$3,141
• Tax + insurance: −$385
• HOA: −$0
• Vac / Maint / Mgmt: −$5,160
• Net cashflow: $15,886/mo
• Annual: $190,632/yr
• Cap rate: 38.12%
• Cash-on-cash: 113.66%
• DSCR: 6.06
• 1% rule: 4.10%
• Cash to close: $167,720

Investor read

• This is a 24 × 25-bed/25.0-bath units multifamily listed at $599k.
• At list price, monthly cash flow is $16k ($191k/yr) — positive. Per door: $662/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($25k rent vs $599k).
• It's been on market 182 days — a 12% lower offer ($527k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $527k (12.0% below list) — sets the bar for market timing.
• In year one you build about $64k of equity ($4k loan paydown + $60k appreciation (10.0% local appreciation)).
• Location reads 73/100 on livability (#19 in OK) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• Okeene (rural): math 30% / reading 30% proficiency, ranked #256 of 513 in OK (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Okeene Es (math 17% / reading 22%, grade F, #479 of 845 statewide, top 63%, 176 students, 0% FRL); Okeene Jr-Sr Hs (Sr) (math 10% / reading 10%, grade F, #361 of 447 statewide, top 94%, 106 students, 0% FRL) — zoned schools average 0% FRL vs 42% district-wide (42 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 15% at this address vs 30% district-wide (-15 pts) — the specific schools serving this property underperform the Okeene average; the district grade overstates school quality for this exact location.
• Market conditions: 8 active listings in the ZIP; 3 units permitted in Blaine County in 2024 (0 in 5+ unit buildings).
• Blaine County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $50k; list at $599k implies a 1098% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $168k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$103k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 5→14/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 182 days. Have you received any prior offers? Is the seller open to a 12% 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?
• Built in 1978 — 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 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?
• 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.