21876 Homesteaders Pl

Edmond, OK 73012

$214,900C+

4 bd · 2.0 ba · 2,153 sqft · Built 2000 · SingleFamily · Pending · 46 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,344/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$364
• HOA: −$41
• Vac / Maint / Mgmt: −$492
• Net cashflow: $320/mo
• Annual: $3,842/yr
• Cap rate: 8.08%
• Cash-on-cash: 6.39%
• DSCR: 1.28
• 1% rule: 1.09%
• Cash to close: $60,172

Investor read

• This is a 4-bed/2.0-bath single-family listed at $215k.
• At list price, monthly cash flow is $320 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $215k).
• It's been on market 46 days — a 3% lower offer ($208k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $208k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#6 in OK, #2,383 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: health & safety C-, commute F.
• Deer Creek (rural): math 41% / reading 44% proficiency, ranked #4 of 270 in OK (top 2%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 7% free/reduced lunch — higher-income household profile.
• Zoned schools: Prairie Vale Es (math 62% / reading 52%, grade C+, #18 of 845 statewide, top 2%, 516 students, 0% FRL); Deer Creek Ms (math 35% / reading 43%, grade F, #10 of 345 statewide, top 3%, 1,179 students, 0% FRL); Deer Creek Hs (math 39% / reading 51%, grade D-, #13 of 447 statewide, top 3%, 2,036 students, 0% FRL).
• Market conditions: Rents rising (+1.2%/yr); 647 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 5,365 units permitted in Oklahoma County in 2024 (569 in 5+ unit buildings).
• Oklahoma County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 26y 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.
• Current owner paid $170k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.1% vs local median 3.4% in Edmond — 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.

Questions for listing agent

• It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.