100 N Woodward St

Ames, OK 73718

$105,000B-

3 bd · 2.0 ba · 1,384 sqft · Built 1960 · SingleFamily · Active · 76 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,158/mo
• Mortgage (P&I): −$551
• Tax + insurance: −$78
• HOA: −$0
• Vac / Maint / Mgmt: −$243
• Net cashflow: $286/mo
• Annual: $3,437/yr
• Cap rate: 9.57%
• Cash-on-cash: 11.69%
• DSCR: 1.52
• 1% rule: 1.10%
• Cash to close: $29,400

Investor read

• This is a 3-bed/2.0-bath single-family listed at $105k.
• At list price, monthly cash flow is $286 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• It's been on market 76 days — a 6% lower offer ($99k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $99k (6.0% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($726 loan paydown + $6k appreciation (5.6% local appreciation)).
• Location reads 56/100 on livability (#525 in OK) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, employment B; Watch: schools F, crime F, amenities F.
• Cimarron (rural): math 15% / reading 20% proficiency, ranked #421 of 513 in OK (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 3 active listings in the ZIP; 2 units permitted in Major County in 2024 (0 in 5+ unit buildings).
• Major County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $50k; list at $105k implies a 110% gain — meaningful room to come down on a strong offer.
• At projected returns (5.6% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1960 — 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.