820 N Lee St · Altus, OK 73521

$69,900

2 bd · 1.0 ba · 990 sqft · SingleFamily public records · 276 Days on market

Built 1940 3,920 sqft lot Est $66k · 5% over ↓ 18% since listing

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Why this score? — see what drove the C+ 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
• DSCR +10.0/10.0
• 1% rule +7.5/10.0
• ARV discount +5.1/15.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming Corner-Lot Home with Detached Shop! Welcome to this beautifully updated single-family residence offering 2 spacious bedrooms, 1 full bathroom, and 990 sq ft of comfortable living space. Step inside to discover brand-new flooring and fresh paint throughout, both inside and out, creating a bright and inviting atmosphere. Modern light fixtures add a stylish touch to every room. Situated on a desirable corner lot in a central location, this property provides easy access to local amenities, schools, and shopping. The detached shop is perfect for hobbies, storage, or a home-based business—adding incredible versatility to the space. Whether you're a first-time buyer, downsizing, or

Key facts

• Central location
• Detached shop
• Corner lot

Tags

• CORNER LOT
• DETACHED SHOP
• MODERN LIGHT FIXTURES
• CENTRAL LOCATION
• EASY ACCESS TO LOCAL AMENITIES

Property features AI

Finance

• Other: Listed as active and not occupied; Living area recorded as 990 (assessor)
• Financial info: Not assumable; Loan qualification unknown; Taxes listed (for reference) — $278
• HOA & community: No mandatory association dues

Exterior

• Parking: 1-car garage
• Utilities: Homestead exemption applied
• Home design: Single family residence; One story; Residential property; Existing property
• Construction: Brick and frame construction; Composition roof; Slab foundation
• Exterior features: Covered porch; Corner lot

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 1 full bathroom
• Interior features: One living area; No fireplace; No study

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $272 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($876 rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.0% vs local median 3.7% in Altus — 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 65/100 on livability (#151 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• Altus (town): math 31% / reading 28% proficiency, ranked #69 of 270 in OK (top 26%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Altus Early Childhood Center (390 students, 0% FRL); Altus Hs (math 21% / reading 26%, grade F, #218 of 447 statewide, top 49%, 921 students, 0% FRL) — zoned schools average 0% FRL vs 55% district-wide (55 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 165 active listings in the ZIP; 8 units permitted in Jackson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Jackson County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 276 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $61,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 276 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — 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 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: 1.25% ✓
• Cap rate: 10.97%
• Cash-on-cash: 16.70%
• DSCR: 1.74
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $66,330
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
901 N Lee St	0.04mi	2/1.0	1,095 (+11%)	2mo	$30,000	$27	78
1120 N Benson St	0.31mi	2/1.0	1,043 (+5%)	13mo	$87,500	$84	65
711 N Julian St	0.50mi	2/1.0	1,013 (+2%)	12mo	$43,000	$42	63
1424 N Lee St	0.48mi	2/1.0	1,126 (+14%)	4mo	$49,900	$44	52
1519 N Willard St	0.55mi	2/1.0	864 (-13%)	11mo	$58,000	$67	44
1617 N Lee St	0.64mi	3/1.0 (+1)	902 (-9%)	9mo	$80,000	$89	43
421 N Crain	0.35mi	3/2.0 (+1)	1,100 (+11%)	16mo	$97,500	$89	43
1001 N Forrest St	0.72mi	2/1.0	1,125 (+14%)	3mo	$44,250	$39	42
1013 N Howse St	0.65mi	3/1.0 (+1)	1,026 (+4%)	22mo	$54,000	$53	41
610 W Walnut St	0.73mi	1/1.0 (-1)	962 (-3%)	22mo	$13,000	$14	38
1709 Oklahoma Dr	0.74mi	3/1.0 (+1)	871 (-12%)	8mo	$120,000	$138	34
802 E Sutherland St	0.70mi	3/1.0 (+1)	1,070 (+8%)	22mo	$86,000	$80	30

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: 7.8%
• Equity multiple: 1.31×
• Total profit: $5,997
• Equity at exit: $10,422

10-year hold

• IRR: 17.1%
• Equity multiple: 2.40×
• Total profit: $27,457
• Equity at exit: $6,044

Cash invested: $19,572 (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 73521

• Home prices YoY: -18.4%
• Active inventory: 165
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $876 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$24 /mo · $291/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$184
• Net cashflow: $272

Break-even live

Break-even rent $532

Max offer price $69,900

Occupancy floor 64%

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $69,900 Active 276 DOM
2. 2026-06-17
   days on market $69,900 Active 275 DOM
3. 2026-06-16
   days on market $69,900 Active 274 DOM
4. 2026-06-15
   days on market $69,900 Active 273 DOM
5. 2026-06-13
   days on market $69,900 Active 271 DOM
6. 2026-06-12
   days on market $69,900 Active 270 DOM
7. 2026-06-09
   days on market $69,900 Active 267 DOM
8. 2026-06-08
   days on market $69,900 Active 266 DOM
9. 2026-06-08
   days on market $69,900 Active 265 DOM
10. 2026-06-07
    days on market $69,900 Active 264 DOM
11. 2026-06-04
    days on market $69,900 Active 261 DOM
12. 2026-06-02
    days on market $69,900 Active 260 DOM
13. 2026-06-01
    days on market $69,900 Active 259 DOM
14. 2026-05-31
    days on market $69,900 Active 258 DOM
15. 2025-11-18
    price $69,900
16. 2025-09-15
    listed $79,900 Active
17. 2025-07-18
    historical
18. 2025-02-18
    listed $95,000 Active
19. 2003-07-18
    soldstatus $85,000

ⓘ 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: $291 · $24/mo
• Projected year-2 tax: $629 · $52/mo
• Expected delta: +$338/yr (+$28/mo · 116.2%)

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥108°F today · 20 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,516
• − Mortgage interest: −$3,915
• − Property taxes: −$291
• − Insurance: −$350
• − Repairs & maintenance: −$841
• − Management: −$841
• − Depreciation: −$2,033
• Taxable income: $2,244
• Est. tax owed @ 24.0%: −$539
• After-tax cash flow: $2,730/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: Altus
• NCES district ID: 4002850
• Math proficiency: 31% ▼ -9.00%
• Reading proficiency: 28% ▼ -10.00%
• Median HH income: $40,607
• Composite: 24.91/100
• National rank: #7574
• State rank: #69 of 270 in OK

Livability — Altus

• Score: 65/100
• State rank: #151
• US rank: #13386

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Altus, OK
• City population: 20,574
• Population (ZIP): 20,352

Population outlook (Jackson County) Hauer SSP2

• Today (2025): 24,084 people
• By 2030: 23,476 · -2.5%
• By 2040: 22,731 · -5.6%
• By 2050: 22,586 · -6.2%
• By 2075: 25,413 · +5.5%
• By 2100: 31,069 · +29.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 60% Hispanic / Latino 26% Two or more races 12% Black 7% Native American 2% Asian 2%
• Hispanic origin (detail): Mexican 21% Puerto Rican 1%
• Common ancestry: Slovak 2% Lithuanian 1% Iranian 1%
• Foreign-born: 6% · Canada
• Languages at home: 83% English-only · Spanish 15% Tagalog/Filipino 1% German/W. Germanic 1%

Political lean MEDSL · Jackson

• 2024 margin: Solid R (+58.3) · D 19.9% · R 78.2% · Other 1.9%
• 2008→2024 swing: -8.7pp toward R · 2008: -49.6pp · 2024: -58.3pp
• All cycles: 2024: R+58.3 2020: R+57.7 2016: R+57.6 2012: R+50.7 2008: R+49.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -40.26%
• Current HPI: 178.7106
• 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

-17.8% since first listed

5 events — show timeline

• 2025-11-18 Price Changed $69,900 MLSOK
• 2025-09-15 Listed $79,900 MLSOK
• 2025-07-18 Listing Removed — MLSOK
• 2025-02-18 Listed $95,000 MLSOK
• 2003-07-18 Sold (Public Records) $85,000 Public Records

Property tax history

+3.2%/yr

Latest (2025): $291 · +4.7% YoY. Source: county tax records.