201 S 12th St

Tonkawa, OK 74653

$34,000B

3 bd · 1.0 ba · 1,208 sqft · Built 1925 · Other · Active · 53 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,080/mo
• Mortgage (P&I): −$178
• Tax + insurance: −$57
• HOA: −$0
• Vac / Maint / Mgmt: −$227
• Net cashflow: $619/mo
• Annual: $7,422/yr
• Cap rate: 28.12%
• Cash-on-cash: 77.97%
• DSCR: 4.47
• 1% rule: 3.18%
• Cash to close: $9,520

Investor read

• This is a 3-bed/1.0-bath other listed at $34k. Condition is rated poor.
• At list price, monthly cash flow is $619 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $34k).
• It's been on market 53 days — a 3% lower offer ($33k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $33k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-1.3%/yr); year-one equity from $235 of loan paydown is wiped out by about $438 of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#99 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Tonkawa (town): math 16% / reading 22% proficiency, ranked #179 of 270 in OK (top 66%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Tonkawa Es (math 22% / reading 27%, grade F, #354 of 845 statewide, top 47%, 462 students, 0% FRL); Tonkawa Hs (math 24% / reading 34%, grade F, #96 of 447 statewide, top 26%, 216 students, 0% FRL) — zoned schools average 0% FRL vs 53% district-wide (53 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 17 active listings in the ZIP; 11 units permitted in Kay County in 2024 (0 in 5+ unit buildings).
• Kay County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-1.3% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→18/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 53 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1925 — 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.

Repairs flagged (vision-AI assessment)

• Major: Paint — Peeling paint on exterior and interior
• Major: Siding — Damaged siding
• Major: Windows — Dirty, broken glass
• Major: Flooring — Worn-out carpet
• Major: HVAC — Old, inefficient water heater