228 S 2nd St

Waukomis, OK 73773

$40,900B

2 bd · 1.0 ba · 1,120 sqft · Built 1910 · SingleFamily · Active · 49 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $995/mo
• Mortgage (P&I): −$214
• Tax + insurance: −$35
• HOA: −$0
• Vac / Maint / Mgmt: −$209
• Net cashflow: $537/mo
• Annual: $6,440/yr
• Cap rate: 22.04%
• Cash-on-cash: 56.24%
• DSCR: 3.50
• 1% rule: 2.43%
• Cash to close: $11,452

Investor read

• This is a 2-bed/1.0-bath single-family listed at $41k.
• At list price, monthly cash flow is $537 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($995 rent vs $41k).
• It's been on market 49 days — a 3% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $40k (3.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($283 loan paydown + $1k appreciation (2.5% local appreciation)).
• Location reads 68/100 on livability (#70 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, health & safety F.
• Waukomis (rural): math 12% / reading 16% proficiency, ranked #217 of 270 in OK (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Waukomis Es (math 12% / reading 12%, grade F, #667 of 845 statewide, top 82%, 276 students, 0% FRL); Waukomis Hs (math 30% / reading 50%, grade F, #25 of 447 statewide, top 8%, 109 students, 0% FRL) — zoned schools average 0% FRL vs 41% district-wide (41 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 12 active listings in the ZIP; 19 units permitted in Garfield County in 2024 (0 in 5+ unit buildings).
• Garfield County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (2.5% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 6→16/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 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.
• 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.