406 N Washington St · Hobart, OK 73651

$75,000

3 bd · 1.0 ba · 1,474 sqft · SingleFamily public records · 119 Days on market

Built 1949 0.26 ac lot Est $74k · at est.

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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
• Appreciation +10.0/10.0
• ARV discount +6.7/15.0
• Livability +2.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0

Listing remarks

Charming Single-Family Home in a Prime Location This well-maintained 3-bedroom, 1-bathroom home offers 1,474 square feet of living space. Featuring great curb appeal and a desirable location, the property includes a single-car garage and a fenced backyard, ideal for outdoor enjoyment. Inside, the home provides comfortable living areas with ample natural light and a functional layout. Conveniently situated near schools, shopping, and parks, this home is perfect for buyers seeking both comfort and convenience. All interior walls and ceilings have been retextured and painted. New outlet and light covers. GFCI installed in bathroom and kitchen. Sanded and painted both porches. Trees and bushes

Key facts

• Ample natural light
• Fenced backyard
• 0.26 acre lot

Tags

• FENCED BACKYARD
• AMPLE NATURAL LIGHT

Property features AI

Finance

• Other: Days on market: 68; Occupied: No; Conditions affecting sale: None
• Financial info: Financing qualification possible; Not assumable
• HOA & community: No mandatory association dues

Exterior

• Parking: 1-car garage
• Utilities: Homestead designation; Living area reported from assessor
• Home design: Single family residence; Residential property on one level; Existing property
• Construction: Frame construction; Composition roof; Slab foundation; Built status: existing
• Exterior features: Covered porch; Lot features listed as Other

Interior

• Bedrooms: 3 bedrooms (all on one level)
• Bathrooms: 1 full bathroom
• Interior features: One living area; No fireplace

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $509 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $68k (9.0% below list) — sets the bar for market timing.
• Cap rate 14.4% vs local median 8.7% in Hobart — 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 53/100 on livability (#627 in OK) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: crime D+, amenities F, commute F.
• Hobart (town): math 23% / reading 28% proficiency, ranked #110 of 270 in OK (top 41%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Hobart Es (math 32% / reading 27%, grade F, #255 of 845 statewide, top 35%, 366 students, 0% FRL); Hobart Hs (math 5% / reading 24%, grade F, #332 of 447 statewide, top 78%, 197 students, 0% FRL) — zoned schools average 0% FRL vs 63% district-wide (63 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 54 active listings in the ZIP.

Forward outlook

• In year one you build about $8k of equity ($519 loan paydown + $8k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 119 days — a 9% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• 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.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $68,250 (9.0% below list)

Questions for the listing agent

1. It's been on market 119 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is D 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?
7. 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.
8. 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.
9. 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: 1.66% ✓
• Cap rate: 14.44%
• Cash-on-cash: 29.11%
• DSCR: 2.30
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $73,700
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
215 N Washington	0.17mi	3/2.0	1,416 (-4%)	9mo	$139,500	$99	74
326 N Washington St	0.06mi	3/2.0	1,523 (+3%)	18mo	$83,100	$55	73
613 N Broadway	0.25mi	3/2.0	1,407 (-4%)	6mo	$115,000	$82	72
415 N Hitchcock St	0.41mi	3/1.0	1,372 (-7%)	6mo	$5,000	$4	64
118 S Hitchcock St	0.49mi	3/1.0	1,456 (-1%)	20mo	$11,666	$8	58
309 N Stephens St	0.56mi	3/2.0	1,520 (+3%)	24mo	$48,000	$32	45
229 S Hill St	0.48mi	2/1.0 (-1)	1,254 (-15%)	15mo	$45,000	$36	35
621 N Lowe St	0.43mi	4/2.0 (+1)	1,665 (+13%)	21mo	$83,000	$50	32

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 46.4%
• Equity multiple: 4.49×
• Total profit: $73,284
• Equity at exit: $67,566

10-year hold

• IRR: 40.3%
• Equity multiple: 10.06×
• Total profit: $190,278
• Equity at exit: $145,709

Cash invested: $21,000 (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 73651

• Home prices YoY: 8.0%
• Active inventory: 54
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,245 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$50 /mo · $599/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $509

Break-even live

Break-even rent $601

Max offer price $75,000

Occupancy floor 54%

Sensitivity live

Price	-10% $552	-5% $531	+0% $509	+5% $488	+10% $467
Rent	-10% $411	-5% $460	+0% $509	+5% $559	+10% $608
Rate	-1.0pp $547	-0.5pp $528	base $509	+0.5pp $490	+1.0pp $470

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-15
   status Pending
2. 2026-02-18
   status Active
3. 2026-01-18
   status Pending
4. 2025-12-16
   listed $75,000 Active

ⓘ 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: $599 · $50/mo
• Projected year-2 tax: $675 · $56/mo
• Expected delta: +$76/yr (+$6/mo · 12.7%)

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

Taxation est. · year 1

• Rental income: $14,945
• − Mortgage interest: −$4,201
• − Property taxes: −$599
• − Insurance: −$375
• − Repairs & maintenance: −$1,196
• − Management: −$1,196
• − Depreciation: −$2,182
• Taxable income: $5,197
• Est. tax owed @ 24.0%: −$1,247
• After-tax cash flow: $4,866/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: Hobart
• NCES district ID: 4014700
• Math proficiency: 23% ▼ -6.00%
• Reading proficiency: 28% ▼ -8.00%
• Median HH income: $36,779
• Composite: 21.2/100
• National rank: #8417
• State rank: #110 of 270 in OK

Livability — Hobart

• Score: 53/100
• State rank: #627
• US rank: #24677

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hobart, OK
• City population: 4,070
• Population (ZIP): 4,070

Population outlook (Kiowa County) Hauer SSP2

• Today (2025): 8,842 people
• By 2030: 8,733 · -1.2%
• By 2040: 8,641 · -2.3%
• By 2050: 8,758 · -1.0%
• By 2075: 9,894 · +11.9%
• By 2100: 11,194 · +26.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 15% Two or more races 10% Black 4% Native American 2%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Iranian 8% Italian 2% Slovak 1%
• Foreign-born: 1% · Canada
• Languages at home: 90% English-only · Spanish 10%

Political lean MEDSL · Kiowa

• 2024 margin: Solid R (+58.3) · D 20.1% · R 78.4% · Other 1.6%
• 2008→2024 swing: -23.5pp toward R · 2008: -34.8pp · 2024: -58.3pp
• All cycles: 2024: R+58.3 2020: R+57.6 2016: R+52.4 2012: R+35.4 2008: R+34.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 11.68%
• Current HPI: 158.6311
• 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

4 events — show timeline

• 2026-05-15 Pending — MLSOK
• 2026-02-18 Relisted — MLSOK
• 2026-01-18 Pending — MLSOK
• 2025-12-16 Listed $75,000 MLSOK

Property tax history

+7.1%/yr

Latest (2025): $599 · +27.7% YoY. Source: county tax records.