502 W Hanover · Coalgate, OK 74538

$39,500

2 bd · 1.0 ba · 1,267 sqft · SingleFamily · 31 Days on market

Built 1930 Poor condition 0.38 ac lot

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Schools +2.1/10.0
• Condition / age +1.0/5.0

Listing remarks

Great Investment! Great Price! 2 Bed with a Nursery or Office Space, Large Living Room, and Laundry Room! Fenced in Backyard with Pecan Trees and Plenty of Shade & Privacy! HVAC Unit is less than 5 years old, Lots of Cabinets in the Kitchen, and Seller is removing the carpet, so plywood floors in bedrooms! Located on a Corner Lot close to shopping, commerce and schools.

Key facts

• Laundry room
• Fenced in backyard
• Pecan trees

Tags

• FENCED IN BACKYARD
• PECAN TREES
• CORNER LOT
• LAUNDRY ROOM
• NURSERY OR OFFICE SPACE

Property features AI

Exterior

• Parking: Detached garage with workshop; 1 garage space
• Security: No safety shelter
• Utilities: Electricity available; Public water; Public sewer
• Home design: Single-story home; Faces east; Crawlspace foundation
• Construction: Built with wood frame and wood siding; Asphalt/fiberglass roof; Year built per public records
• Exterior features: Covered porch; Partial fencing with chain link and barbed wire; Corner lot; Mature trees

Interior

• Kitchen: Built-in oven; Cooktop; Oven; Range
• Flooring: Plywood; Wood veneer
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Laminate counters; Aluminum, storm, and wood window frames; Electric oven and range connections
• Laundry & utility: Electric dryer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $40k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $558 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $38k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 62/100 on livability (#247 in OK) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D, amenities F, commute F.
• Coalgate (rural): math 20% / reading 30% proficiency, ranked #126 of 270 in OK (top 47%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 29 active listings in the ZIP; 8 units permitted in Coal County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($273 loan paydown + $1k appreciation (3.0% local appreciation)).
• Coal County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($38k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $38,315 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 2.66% ✓
• Cap rate: 23.23%
• Cash-on-cash: 60.49%
• DSCR: 3.69
• GRM: 3.1

CMA / ARV

• ARV (on-the-fly): $112,763
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4 N Orray St	0.19mi	3/2.0 (+1)	1,320 (+4%)	2mo	$118,000	$89	73
4 N Jerome St	0.27mi	3/2.0 (+1)	1,288 (+2%)	10mo	$18,000	$14	67
12 N Byrd St	0.26mi	3/2.0 (+1)	1,290 (+2%)	11mo	$85,000	$66	67
17159 County Road 3878 #1840	0.32mi	2/1.0	1,148 (-9%)	14mo	$225,000	$196	58
38352 County Road 1745	0.32mi	3/2.0 (+1)	1,268 (+0%)	23mo	$62,250	$49	57
709 S Arno St	0.54mi	3/2.0 (+1)	1,441 (+14%)	10mo	$200,000	$139	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 65.4%
• Equity multiple: 4.64×
• Total profit: $40,284
• Equity at exit: $17,761

10-year hold

• IRR: 64.9%
• Equity multiple: 9.47×
• Total profit: $93,669
• Equity at exit: $27,372

Cash invested: $11,060 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Oklahoma: 83 Strongly Landlord-Friendly · R+20
• County: — inherits STATE
• City: — inherits STATE

5-day notice; strongly landlord-favorable.

Methodology + full state rankings →

ZIP-level market 74538

• Active inventory: 29
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $1,051 medium
• Mortgage (P&I): −$207
• Tax est. 1.5%: −$49 /mo · $592/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$221
• Net cashflow: $558

Break-even live

Break-even rent $346

Max offer price $39,500

Occupancy floor 42%

Sensitivity live

Price	-10% $585	-5% $571	+0% $558	+5% $544	+10% $530
Rent	-10% $474	-5% $516	+0% $558	+5% $599	+10% $641
Rate	-1.0pp $577	-0.5pp $568	base $558	+0.5pp $547	+1.0pp $537

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $9,875
• Closing costs: $1,185
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-21
   days on market $39,500 Active 31 DOM
2. 2026-06-18
   days on market $39,500 Active 29 DOM
3. 2026-06-17
   days on market $39,500 Active 28 DOM
4. 2026-06-16
   days on market $39,500 Active 27 DOM
5. 2026-06-15
   days on market $39,500 Active 26 DOM
6. 2026-06-13
   days on market $39,500 Active 24 DOM
7. 2026-06-12
   days on market $39,500 Active 23 DOM
8. 2026-06-09
   days on market $39,500 Active 20 DOM
9. 2026-06-08
   days on market $39,500 Active 19 DOM
10. 2026-06-08
    days on market $39,500 Active 18 DOM
11. 2026-06-05
    days on market $39,500 Active 16 DOM
12. 2026-06-04
    days on market $39,500 Active 14 DOM
13. 2026-06-02
    days on market $39,500 Active 13 DOM
14. 2026-06-01
    days on market $39,500 Active 12 DOM
15. 2026-05-31
    days on market $39,500 Active 11 DOM
16. 2026-05-18
    listed $39,500 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 6/10 Major 7 d/yr ≥112°F today · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 13% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,615
• − Mortgage interest: −$2,213
• − Property taxes: −$592
• − Insurance: −$198
• − Repairs & maintenance: −$1,009
• − Management: −$1,009
• − Depreciation: −$1,149
• Taxable income: $6,445
• Est. tax owed @ 24.0%: −$1,547
• After-tax cash flow: $5,144/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 13 photos

Poor 20/100 Extensive rehab

This property requires extensive renovations to bring it up to modern standards and improve its value. Significant repairs and updates are needed in all areas, including the kitchen, bathrooms, roof, exterior, flooring, interior walls, and HVAC system. Landscaping and curb appeal improvements will also enhance its resale and rental potential.

Repairs flagged

• Major Kitchen cabinets — Old and worn
• Major Bathroom fixtures — Old and worn
• Major Roof — Old shingles, visible wear
• Major Exterior siding — Peeling paint
• Major Flooring — Worn carpet, exposed subfloor
• Major Interior walls/paint — Worn paint, visible damage
• Major HVAC unit — Old and likely inefficient

Value-add opportunities

• Resale New kitchen cabinets and countertops — Modern kitchen will attract more buyers
• Resale New bathroom fixtures and tiles — Modern bathroom will attract more buyers
• Resale New roof — New roof will increase property value
• Resale New exterior siding and paint — New exterior will improve curb appeal
• Resale New flooring — New flooring will improve living space
• Resale New interior walls and paint — New interior will improve living space
• Resale New HVAC unit — New HVAC will improve comfort and energy efficiency
• Both Landscaping and curb appeal — Landscaping will improve curb appeal and attract more buyers

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Old and worn	Major	$15,000–50,000
Bathroom fixtures · Old and worn	Major	$15,000–50,000
Roof · Old shingles, visible wear	Major	$15,000–50,000
Exterior siding · Peeling paint	Major	$15,000–50,000
Flooring · Worn carpet, exposed subfloor	Major	$15,000–50,000
Interior walls/paint · Worn paint, visible damage	Major	$15,000–50,000
HVAC unit · Old and likely inefficient	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Resale New kitchen cabinets and countertops — Modern kitchen will attract more buyers ↑
• Resale New bathroom fixtures and tiles — Modern bathroom will attract more buyers ↑
• Resale New roof — New roof will increase property value ↑
• Resale New exterior siding and paint — New exterior will improve curb appeal ↑
• Resale New flooring — New flooring will improve living space ↑
• Resale New interior walls and paint — New interior will improve living space ↑
• Resale New HVAC unit — New HVAC will improve comfort and energy efficiency ↑
• Both Landscaping and curb appeal — Landscaping will improve curb appeal and attract more buyers ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Coalgate
• NCES district ID: 4008130
• Math proficiency: 20% ▼ -4.00%
• Reading proficiency: 30% ▼ -6.00%
• Median HH income: $34,406
• Composite: 20.53/100
• National rank: #8565
• State rank: #126 of 270 in OK

Livability — Coalgate

• Score: 62/100
• State rank: #247
• US rank: #16556

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment F Housing A+ Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Coalgate, OK
• Population (ZIP): 3,933

Population outlook (Coal County) Hauer SSP2

• Today (2025): 5,190 people
• By 2030: 4,951 · -4.6%
• By 2040: 4,507 · -13.2%
• By 2050: 4,186 · -19.3%
• By 2075: 4,057 · -21.8%
• By 2100: 4,331 · -16.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 63% Two or more races 25% Native American 9% Hispanic / Latino 5%
• Common ancestry: Slovak 2% Lithuanian 2% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 94% English-only · German/W. Germanic 3% Spanish 2% Vietnamese 1%

Political lean MEDSL · Coal

• 2024 margin: Solid R (+71.3) · D 13.6% · R 84.9% · Other 1.5%
• 2008→2024 swing: -24.1pp toward R · 2008: -47.2pp · 2024: -71.3pp
• All cycles: 2024: R+71.3 2020: R+68.0 2016: R+61.9 2012: R+45.0 2008: R+47.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.55%
• F500 in state: 6

Industry mix (Fortune 500 HQ in OK)

Industry	F500 HQs	Revenue
▸Energy	3	$48B

Price history

1 event — show timeline

• 2026-05-18 Listed $39,500 MLS Technology, Inc.