715 S Hickory St

Nowata, OK 74048

$146,500D-

3 bd · 1.0 ba · 1,216 sqft · Built 1971 · SingleFamily · Pending · 170 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,076/mo
• Mortgage (P&I): −$768
• Tax + insurance: −$106
• HOA: −$0
• Vac / Maint / Mgmt: −$226
• Net cashflow: $-25/mo
• Annual: $-299/yr
• Cap rate: 6.09%
• Cash-on-cash: -0.73%
• DSCR: 0.97
• 1% rule: 0.73%
• Cash to close: $41,020

Investor read

• This is a 3-bed/1.0-bath single-family listed at $146k.
• At list price, monthly cash flow is $-25 ($-299/yr) — negative.
• To cash-flow at today's rent, offer at most $142k (3.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $108k (26.6% below list).
• It's been on market 170 days — a 12% lower offer ($129k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $108k (26.6% below list) — sets the bar for 1% rule.
• In year one you build about $11k of equity ($1k loan paydown + $10k appreciation (6.8% local appreciation)).
• Location reads 58/100 on livability (#455 in OK) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Nowata (town): math 10% / reading 18% proficiency, ranked #234 of 270 in OK (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 50 active listings in the ZIP; 8 units permitted in Nowata County in 2024 (0 in 5+ unit buildings).
• Nowata County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 21y ago; this cycle's ask has dropped $8k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $62k; list at $146k implies a 134% gain — meaningful room to come down on a strong offer.
• At projected returns (6.8% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.1% vs local median 4.7% in Nowata — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 170 days. Have you received any prior offers? Is the seller open to a 27% 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.