507 W Cypress St · Altus, OK 73521

$65,000

2 bd · 1.0 ba · 1,042 sqft · SingleFamily public records · 2 Days on market

Built 1940 6,996 sqft lot

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Affordable Updated Home for Sale in Altus, Oklahoma – Close to Downtown Looking for an affordable move-in-ready home in Altus, Oklahoma? This charming 2-bedroom, 1-bath residence at 507 W Cypress Street offers 1,080 square feet of comfortable living space and is conveniently located just four blocks from downtown Altus. Numerous updates have already been completed, including a roof that is only two years old, updated plumbing and electrical systems, new kitchen cabinets, and attractive new flooring throughout the home. These improvements provide peace of mind and modern appeal while maintaining affordability. The property offers easy access to local shopping, restaurants, schools, me

Key facts

• Updated electrical
• New flooring
• New kitchen cabinets

Tags

• UPDATED PLUMBING
• UPDATED ELECTRICAL
• NEW KITCHEN CABINETS
• NEW FLOORING
• CONVENIENT DOWNTOWN LOCATION

Property features AI

Finance

• Other: Below-ground storm shelter; Occupancy: owner occupied
• Financial info: Offered as-is; financing options include cash and conventional; Not assumable
• HOA & community: No mandatory association dues

Exterior

• Parking: Gravel parking
• Security: No specific security features listed
• Utilities: Flood insurance not required (per listing); Homestead status claimed
• Home design: Single family residence; One level; Faces south; Residential property
• Construction: Frame construction; Composition roof; Post tension foundation; Roof replaced or updated in 2025
• Exterior features: Covered porch; Interior lot

Interior

• Kitchen: Free‑standing gas range; Gas oven
• Bedrooms: 2 bedrooms
• Flooring: Flooring details not provided
• Bathrooms: 1 full bathroom
• Heating & cooling: Window unit(s) for cooling
• Interior features: Central living area
• Laundry & utility: Washer/dryer information not provided

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $294 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($941 rent vs $65k).
• Cap rate 11.7% vs local median 3.7% in Altus — 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.

Location & tenants

• Location reads 65/100 on livability (#151 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• Altus (town): math 31% / reading 28% proficiency, ranked #69 of 270 in OK (top 26%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Altus Early Childhood Center (390 students, 0% FRL); Altus Hs (math 21% / reading 26%, grade F, #218 of 447 statewide, top 49%, 921 students, 0% FRL) — zoned schools average 0% FRL vs 55% district-wide (55 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 165 active listings in the ZIP; 8 units permitted in Jackson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Jackson County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $10k; list at $65k implies a 550% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $65,000

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.45% ✓
• Cap rate: 11.72%
• Cash-on-cash: 19.38%
• DSCR: 1.86
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $28,134
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
901 N Lee St	0.47mi	2/1.0	1,095 (+5%)	2mo	$30,000	$27	68
421 N Crain	0.11mi	3/2.0 (+1)	1,100 (+6%)	16mo	$97,500	$89	63
1120 N Benson St	0.63mi	2/1.0	1,043 (+0%)	13mo	$87,500	$84	59
610 W Walnut St	0.27mi	1/1.0 (-1)	962 (-8%)	22mo	$13,000	$14	51
621 N Julian St	0.74mi	2/1.0	1,192 (+14%)	19mo	$27,000	$23	26

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.4%
• Equity multiple: 1.45×
• Total profit: $8,203
• Equity at exit: $9,692

10-year hold

• IRR: 20.4%
• Equity multiple: 2.72×
• Total profit: $31,309
• Equity at exit: $5,620

Cash invested: $18,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Oklahoma: 83 Strongly Landlord-Friendly · R+20
• County: — inherits STATE
• City: — inherits STATE

5-day notice; strongly landlord-favorable.

Methodology + full state rankings →

ZIP-level market 73521

• Home prices YoY: -18.4%
• Active inventory: 165
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $941 medium
• Mortgage (P&I): −$341
• Tax est. 1.5%: −$81 /mo · $975/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$198
• Net cashflow: $294

Break-even live

Break-even rent $569

Max offer price $65,000

Occupancy floor 64%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-18
   days on market $65,000 Active 2 DOM
2. 2026-06-17
   remarks 693-char remark
3. 2026-06-17
   listed $65,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥108°F today · 20 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,288
• − Mortgage interest: −$3,641
• − Property taxes: −$975
• − Insurance: −$325
• − Repairs & maintenance: −$903
• − Management: −$903
• − Depreciation: −$1,891
• Taxable income: $2,650
• Est. tax owed @ 24.0%: −$636
• After-tax cash flow: $2,891/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Altus
• NCES district ID: 4002850
• Math proficiency: 31% ▼ -9.00%
• Reading proficiency: 28% ▼ -10.00%
• Median HH income: $40,607
• Composite: 24.91/100
• National rank: #7574
• State rank: #69 of 270 in OK

Livability — Altus

• Score: 65/100
• State rank: #151
• US rank: #13386

Category grades

Amenities F Commute F Cost of living A+ Crime C+ Employment C- Housing A+ Health & safety F User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Altus, OK
• City population: 20,574
• Population (ZIP): 20,352

Population outlook (Jackson County) Hauer SSP2

• Today (2025): 24,084 people
• By 2030: 23,476 · -2.5%
• By 2040: 22,731 · -5.6%
• By 2050: 22,586 · -6.2%
• By 2075: 25,413 · +5.5%
• By 2100: 31,069 · +29.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 60% Hispanic / Latino 26% Two or more races 12% Black 7% Native American 2% Asian 2%
• Hispanic origin (detail): Mexican 21% Puerto Rican 1%
• Common ancestry: Slovak 2% Lithuanian 1% Iranian 1%
• Foreign-born: 6% · Canada
• Languages at home: 83% English-only · Spanish 15% Tagalog/Filipino 1% German/W. Germanic 1%

Political lean MEDSL · Jackson

• 2024 margin: Solid R (+58.3) · D 19.9% · R 78.2% · Other 1.9%
• 2008→2024 swing: -8.7pp toward R · 2008: -49.6pp · 2024: -58.3pp
• All cycles: 2024: R+58.3 2020: R+57.7 2016: R+57.6 2012: R+50.7 2008: R+49.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -40.26%
• Current HPI: 178.7106
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.55%
• F500 in state: 6

Industry mix (Fortune 500 HQ in OK)

Industry	F500 HQs	Revenue
▸Energy	3	$48B

Price history

+550.0% since first listed

2 events — show timeline

• 2026-06-15 Listed $65,000 MLSOK
• 2006-11-13 Sold (Public Records) $10,000 Public Records

Property tax history

-32.5%/yr

Latest (2025): $2 · +0.0% YoY. Source: county tax records.