204 S Cedar Ave · Terlton, OK 74081

$57,000

3 bd · 1.5 ba · 1,836 sqft · SingleFamily · 82 Days on market

Built 1918 0.46 ac 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0

Listing remarks MLS

Needs extensive repairs and updates - Selling As Is - $1,000 Earnest Money and Proof of fund required.

Key facts

• 3 additional parcels
• 22 lots
• 0.46 acre lot

Tags

• APPROXIMATELY 1.6 ACRES
• 22 LOTS
• 3 ADDITIONAL PARCELS

Property features AI

Exterior

• Parking: Detached garage for 1 car
• Security: No safety shelter
• Utilities: Public water; Septic tank
• Home design: 2-story home; Faces west
• Construction: Brick and concrete construction; Metal roof
• Exterior features: No notable exterior features listed; Additional land available

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Electric heating
• Interior features: Other interior features
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $57k.

Deal economics

• At list price, monthly cash flow is $707 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $57k).
• Recommended offer: $54k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 57/100 on livability (#471 in OK) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities F.
• Cleveland (town): math 21% / reading 19% proficiency, ranked #169 of 270 in OK (top 63%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 23 active listings in the ZIP; 3 units permitted in Pawnee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($394 loan paydown + $2k appreciation (3.0% local appreciation)).
• Pawnee County population projected to shrink 4% 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 $16k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($54k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 22y ago; this cycle's ask has dropped $8k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $17k; list at $57k implies a 235% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $53,580 (6.0% below list)

Questions for the listing agent

1. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is F 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?
7. 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.
8. 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.
9. 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: 2.44% ✓
• Cap rate: 21.17%
• Cash-on-cash: 53.13%
• DSCR: 3.36
• GRM: 3.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 58.2%
• Equity multiple: 4.25×
• Total profit: $51,890
• Equity at exit: $25,630

10-year hold

• IRR: 57.8%
• Equity multiple: 8.62×
• Total profit: $121,693
• Equity at exit: $39,498

Cash invested: $15,960 (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 74081

• Active inventory: 23
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,393 medium
• Mortgage (P&I): −$299
• Tax est. 1.5%: −$71 /mo · $855/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$293
• Net cashflow: $707

Break-even live

Break-even rent $499

Max offer price $57,000

Occupancy floor 44%

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: $14,250
• Closing costs: $1,710
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $57,000 Active 82 DOM
2. 2026-06-17
   days on market $57,000 Active 81 DOM
3. 2026-06-16
   days on market $57,000 Active 80 DOM
4. 2026-06-15
   days on market $57,000 Active 79 DOM
5. 2026-06-13
   days on market $57,000 Active 77 DOM
6. 2026-06-10
   days on market $57,000 Active 74 DOM
7. 2026-06-09
   days on market $57,000 Active 73 DOM
8. 2026-06-08
   days on market $57,000 Active 72 DOM
9. 2026-06-07
   days on market $57,000 Active 71 DOM
10. 2026-06-03
    days on market $57,000 Active 67 DOM
11. 2026-06-02
    days on market $57,000 Active 66 DOM
12. 2026-06-01
    days on market $57,000 Active 65 DOM
13. 2026-05-31
    days on market $57,000 Active 64 DOM
14. 2026-03-28
    listed $65,000 Active
15. 2005-09-02
    soldstatus $17,000 102-char remark

    Show marketing remark (102 chars)

    Needs extensive repairs and updates - Selling As Is - $1,000 Earnest Money and Proof of fund required.

16. 2005-09-01
    soldstatus $17,000
17. 2005-07-07
    listed $19,900 102-char remark

    Show marketing remark (102 chars)

    Needs extensive repairs and updates - Selling As Is - $1,000 Earnest Money and Proof of fund required.

18. 2005-06-21
    historical
19. 2005-03-21
    listed $21,900
20. 2005-03-21
    historical
21. 2004-12-21
    listed $25,900

ⓘ 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 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 5/10 Major 7 d/yr ≥111°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,716
• − Mortgage interest: −$3,193
• − Property taxes: −$855
• − Insurance: −$285
• − Repairs & maintenance: −$1,337
• − Management: −$1,337
• − Depreciation: −$1,658
• Taxable income: $8,051
• Est. tax owed @ 24.0%: −$1,932
• After-tax cash flow: $6,547/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: Cleveland
• NCES district ID: 4008040
• Math proficiency: 21% ▼ -6.00%
• Reading proficiency: 19% ▼ -11.00%
• Median HH income: $45,642
• Composite: 17.52/100
• National rank: #9049
• State rank: #169 of 270 in OK

Livability — Terlton

• Score: 57/100
• State rank: #471
• US rank: #21898

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Terlton, OK
• Population (ZIP): 2,008

Population outlook (Pawnee County) Hauer SSP2

• Today (2025): 16,219 people
• By 2030: 16,028 · -1.2%
• By 2040: 15,724 · -3.1%
• By 2050: 15,563 · -4.0%
• By 2075: 15,905 · -1.9%
• By 2100: 16,058 · -1.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 7% Native American 6%
• Common ancestry: Slovak 2% Scottish 2% Iranian 2%
• Foreign-born: 0%
• Languages at home: 99% English-only · German/W. Germanic 1%

Political lean MEDSL · Pawnee

• 2024 margin: Solid R (+58.9) · D 19.7% · R 78.6% · Other 1.7%
• 2008→2024 swing: -21.4pp toward R · 2008: -37.4pp · 2024: -58.9pp
• All cycles: 2024: R+58.9 2020: R+57.5 2016: R+53.2 2012: R+40.0 2008: R+37.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

+151.0% since first listed

8 events — show timeline

• 2026-03-28 Listed $65,000 MLS Technology, Inc.
• 2005-09-02 Sold (MLS) $17,000 MLS Technology, Inc.
• 2005-09-01 Sold (Public Records) $17,000 Public Records
• 2005-07-07 Listed $19,900 MLS Technology, Inc.
• 2005-06-21 Listing Removed — MLS Technology, Inc.
• 2005-03-21 Listing Removed — MLS Technology, Inc.
• 2005-03-21 Listed $21,900 MLS Technology, Inc.
• 2004-12-21 Listed $25,900 MLS Technology, Inc.

Property tax history

+4.3%/yr

Latest (2025): $35 · +0.0% YoY. Source: county tax records.