229 N Arapahoe Ave

Geary, OK 73040

$44,900B

4 bd · 2.0 ba · 1,923 sqft · Built 1948 · SingleFamily · Active · 286 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,351/mo
• Mortgage (P&I): −$235
• Tax + insurance: −$47
• HOA: −$0
• Vac / Maint / Mgmt: −$284
• Net cashflow: $785/mo
• Annual: $9,421/yr
• Cap rate: 27.28%
• Cash-on-cash: 74.94%
• DSCR: 4.33
• 1% rule: 3.01%
• Cash to close: $12,572

Investor read

• This is a 4-bed/2.0-bath single-family listed at $45k.
• At list price, monthly cash flow is $785 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• It's been on market 286 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($310 loan paydown + $2k appreciation (5.2% local appreciation)).
• Location reads 51/100 on livability (#652 in OK) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment D+, crime F, amenities F.
• Geary (rural): math 25% / reading 15% proficiency, ranked #405 of 513 in OK (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Geary Es (math 22% / reading 17%, grade F, #479 of 845 statewide, top 63%, 122 students, 0% FRL); Geary Ms (math 12% / reading 8%, grade F, #288 of 345 statewide, top 86%, 53 students, 0% FRL); Geary Hs (math 10% / reading 10%, grade F, #361 of 447 statewide, top 94%, 75 students, 0% FRL) — zoned schools average 0% FRL vs 75% district-wide (75 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 3 active listings in the ZIP; 3 units permitted in Blaine County in 2024 (0 in 5+ unit buildings).
• Blaine County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $15k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (5.2% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 6→17/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 286 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1948 — 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.