210 S Oak Ave

Hennessey, OK 73742

$70,000B+

3 bd · 1.0 ba · 1,468 sqft · Built 1922 · SingleFamily · Pending · 115 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,166/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$65
• HOA: −$0
• Vac / Maint / Mgmt: −$245
• Net cashflow: $489/mo
• Annual: $5,869/yr
• Cap rate: 14.68%
• Cash-on-cash: 29.94%
• DSCR: 2.33
• 1% rule: 1.67%
• Cash to close: $19,600

Investor read

• This is a 3-bed/1.0-bath single-family listed at $70k.
• At list price, monthly cash flow is $489 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• It's been on market 115 days — a 9% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $64k (9.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($484 loan paydown + $3k appreciation (4.0% local appreciation)).
• Location reads 71/100 on livability (#32 in OK) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, employment D+, amenities F.
• Hennessey (rural): math 28% / reading 23% proficiency, ranked #93 of 270 in OK (top 34%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Hennessey Lower Es (math 42% / reading 27%, grade F, #168 of 845 statewide, top 24%, 351 students, 0% FRL); Hennessey Hs (math 5% / reading 24%, grade F, #332 of 447 statewide, top 78%, 232 students, 0% FRL) — zoned schools average 0% FRL vs 77% district-wide (77 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 14 active listings in the ZIP; 39 units permitted in Kingfisher County in 2024 (0 in 5+ unit buildings).
• Kingfisher County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $37k (35%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $38k; list at $70k implies a 82% gain — meaningful room to come down on a strong offer.
• At projected returns (4.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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 115 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.