204 S Cedar Ave

Terlton, OK 74081

$57,000B

3 bd · 1.5 ba · 1,836 sqft · Built 1918 · SingleFamily · Active · 82 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,393/mo
• Mortgage (P&I): −$299
• Tax + insurance: −$95
• HOA: −$0
• Vac / Maint / Mgmt: −$293
• Net cashflow: $707/mo
• Annual: $8,479/yr
• Cap rate: 21.17%
• Cash-on-cash: 53.13%
• DSCR: 3.36
• 1% rule: 2.44%
• Cash to close: $15,960

Investor read

• This is a 3-bed/1.5-bath single-family listed at $57k.
• 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).
• It's been on market 82 days — a 6% lower offer ($54k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $54k (6.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($394 loan paydown + $2k appreciation (3.0% local appreciation)).
• 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.
• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 23 active listings in the ZIP; 3 units permitted in Pawnee County in 2024 (0 in 5+ unit buildings).
• Pawnee County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 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.
• 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.
• 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

• 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?
• Built in 1918 — 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 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?
• 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.
• 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.