23653 Independence Rd

Heavener, OK 74937

$26,000C-

3 bd · 1.0 ba · 1,365 sqft · Built 1979 · SingleFamily · Active · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,146/mo
• Mortgage (P&I): −$136
• Tax + insurance: −$44
• HOA: −$0
• Vac / Maint / Mgmt: −$241
• Net cashflow: $725/mo
• Annual: $8,699/yr
• Cap rate: 39.75%
• Cash-on-cash: 119.50%
• DSCR: 6.32
• 1% rule: 4.41%
• Cash to close: $7,280

Investor read

• This is a 3-bed/1.0-bath single-family listed at $26k.
• At list price, monthly cash flow is $725 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $26k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $3k of equity ($180 loan paydown + $3k appreciation (9.9% local appreciation)).
• Location reads 60/100 on livability (#354 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Heavener (town): math 14% / reading 23% proficiency, ranked #200 of 270 in OK (top 74%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Heavener Es (math 14% / reading 23%, grade F, #530 of 845 statewide, top 63%, 577 students, 0% FRL); Heavener Hs (math 12% / reading 22%, grade F, #314 of 447 statewide, top 72%, 310 students, 0% FRL) — zoned schools average 0% FRL vs 74% district-wide (74 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 43 active listings in the ZIP; 73 units permitted in Le Flore County in 2024 (0 in 5+ unit buildings).
• Le Flore County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (9.9% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1979 — 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.