548 S Hickory St · Nowata, OK 74048

$90,000

2 bd · 2.0 ba · 2,288 sqft · SingleFamily public records · 13 Days on market

Built 1930 6,695 sqft lot ↓ 36% since listing

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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 +27.9/30.0
• DSCR +9.9/10.0
• Appreciation +8.4/10.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0

Listing remarks MLS

Want the "Farmhouse" look? Check out this completely restored 1930's church. Converted w/ 3 bd/1 full bath/2 half baths. This is a home/church/event center/home schoolhouse all in one! HUGE sanctuary w/ beautiful vaulted shiplap ceiling/loft. Updates in last 2 yrs include partial roof, insulation int/ext paint, windows, doors, blinds, drywall, flooring, gas line, HW tank, wood stove, foundation replacement, fixtures, landscaping, partial siding, HVAC, electrical, partial plumbing. Come see!

Key facts

• Large sanctuary
• Stained wood floors
• Shiplap ceiling

Tags

• LARGE SANCTUARY
• SHIPLAP CEILING
• STAINED WOOD FLOORS

Property features AI

Exterior

• Security: No safety shelter
• Utilities: Electricity available; Natural gas available; Public water; Public sewer
• Home design: One-story; Faces east; Crawlspace foundation; Corner lot
• Construction: Built with aluminum and wood siding over wood frame; Metal roof
• Exterior features: Covered porch

Interior

• Kitchen: Range; Dishwasher
• Flooring: Tile; Wood
• Bathrooms: 1 full bathroom; 2 half bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: High ceilings; Laminate counters; Ceiling fan(s); Vinyl and wood window frames
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $276 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Cap rate 10.0% vs local median 4.7% in Nowata — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• 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).

Forward outlook

• In year one you build about $7k of equity ($622 loan paydown + $6k appreciation (6.8% local appreciation)).
• Nowata County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (6.8% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y ago 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.

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→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $90,000

Questions for the listing agent

1. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.19% ✓
• Cap rate: 9.97%
• Cash-on-cash: 13.15%
• DSCR: 1.59
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.75% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 27.8%
• Equity multiple: 2.89×
• Total profit: $47,636
• Equity at exit: $60,918

10-year hold

• IRR: 25.5%
• Equity multiple: 5.98×
• Total profit: $125,429
• Equity at exit: $114,429

Cash invested: $25,200 (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 74048

• Home prices YoY: 2.9%
• Active inventory: 50
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,070 medium
• Mortgage (P&I): −$472
• Tax from tax record: −$59 /mo · $712/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$225
• Net cashflow: $276

Break-even live

Break-even rent $720

Max offer price $90,000

Occupancy floor 69%

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-19
   days on market $90,000 Active 13 DOM
2. 2026-06-18
   days on market $90,000 Active 12 DOM
3. 2026-06-17
   days on market $90,000 Active 11 DOM
4. 2026-06-16
   days on market $90,000 Active 10 DOM
5. 2026-06-15
   days on market $90,000 Active 9 DOM
6. 2026-06-14
   days on market $90,000 Active 7 DOM
7. 2026-06-12
   days on market $90,000 Active 6 DOM
8. 2026-06-09
   days on market $90,000 Active 3 DOM
9. 2026-06-08
   days on market $90,000 Active 2 DOM
10. 2026-06-07
    remarks 279-char remark
11. 2026-06-07
    listed $90,000 Active 1 DOM

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

Tax reassessment forecast OK · Resets to sale price

• Current annual tax: $712 · $59/mo
• Projected year-2 tax: $810 · $67/mo
• Expected delta: +$98/yr (+$8/mo · 13.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 6/10 Major 7 d/yr ≥111°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,835
• − Mortgage interest: −$5,041
• − Property taxes: −$712
• − Insurance: −$450
• − Repairs & maintenance: −$1,027
• − Management: −$1,027
• − Depreciation: −$2,618
• Taxable income: $1,959
• Est. tax owed @ 24.0%: −$470
• After-tax cash flow: $2,843/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.

Schools (NCES district)

• District: Nowata
• NCES district ID: 4021930
• Math proficiency: 10% ▼ -26.00%
• Reading proficiency: 18% ▼ -15.00%
• Median HH income: $37,644
• Composite: 11.73/100
• National rank: #9689
• State rank: #234 of 270 in OK

Livability — Nowata

• Score: 58/100
• State rank: #455
• US rank: #21518

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Nowata, OK
• City population: 5,592
• Population (ZIP): 5,592

Population outlook (Nowata County) Hauer SSP2

• Today (2025): 10,711 people
• By 2030: 10,803 · +0.9%
• By 2040: 10,984 · +2.5%
• By 2050: 11,094 · +3.6%
• By 2075: 11,730 · +9.5%
• By 2100: 11,734 · +9.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 64% Native American 16% Two or more races 14% Hispanic / Latino 4% Black 2%
• Common ancestry: Iranian 2% Slovak 2% European 2%
• Foreign-born: 1% · Vietnam
• Languages at home: 97% English-only · Spanish 1%

Political lean MEDSL · Nowata

• 2024 margin: Solid R (+67.0) · D 15.8% · R 82.8% · Other 1.5%
• 2008→2024 swing: -30.5pp toward R · 2008: -36.5pp · 2024: -67.0pp
• All cycles: 2024: R+67.0 2020: R+66.0 2016: R+60.9 2012: R+39.0 2008: R+36.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.75%
• Current HPI: 237.1251
• 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

-35.7% since first listed

7 events — show timeline

• 2026-06-07 Listed $90,000 MLS Technology, Inc.
• 2022-08-03 Sold (Public Records) $88,500 Public Records
• 2022-08-01 Sold (MLS) $88,130 MLS Technology, Inc.
• 2022-07-07 Pending — MLS Technology, Inc.
• 2022-07-07 Price Changed $97,000 MLS Technology, Inc.
• 2022-06-27 Price Changed $117,000 MLS Technology, Inc.
• 2022-06-10 Listed $140,000 MLS Technology, Inc.

Property tax history

+15.3%/yr

Latest (2025): $712 · -25.7% YoY. Source: county tax records.