313 Osel Ave

Morrison, OK 73061

$173,000C-

3 bd · 1.0 ba · 1,275 sqft · Built 1971 · SingleFamily · Pending · 98 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,222/mo
• Mortgage (P&I): −$907
• Tax + insurance: −$120
• HOA: −$0
• Vac / Maint / Mgmt: −$257
• Net cashflow: $-62/mo
• Annual: $-740/yr
• Cap rate: 5.87%
• Cash-on-cash: -1.53%
• DSCR: 0.93
• 1% rule: 0.71%
• Cash to close: $48,440

Investor read

• This is a 3-bed/1.0-bath single-family listed at $173k.
• At list price, monthly cash flow is $-62 ($-740/yr) — negative.
• To cash-flow at today's rent, offer at most $162k (6.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (29.3% below list).
• It's been on market 98 days — a 9% lower offer ($157k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $122k (29.3% below list) — sets the bar for 1% rule.
• In year one you build about $12k of equity ($1k loan paydown + $11k appreciation (6.3% local appreciation)).
• Location reads 62/100 on livability (#267 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, crime D, amenities F.
• Morrison (rural): math 31% / reading 26% proficiency, ranked #65 of 270 in OK (top 24%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Morrison Es (math 42% / reading 32%, grade F, #132 of 845 statewide, top 19%, 339 students, 0% FRL); Morrison Ms (math 12% / reading 12%, grade F, #269 of 345 statewide, top 79%, 88 students, 0% FRL); Morrison Hs (math 24% / reading 44%, grade F, #48 of 447 statewide, top 14%, 176 students, 0% FRL) — zoned schools average 0% FRL vs 50% district-wide (50 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 24 active listings in the ZIP; 4 units permitted in Noble County in 2024 (0 in 5+ unit buildings).
• Noble County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts 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.
• Current owner paid $112k; list at $173k implies a 54% gain — meaningful room to come down on a strong offer.
• At projected returns (6.3% appreciation + 3.0% rent growth), your $48k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major 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 98 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
• Built in 1971 — 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?
• 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?
• 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.