120 S Main St

Hobart, OK 73651

$115,000B-

4 bd · 2.0 ba · 1,904 sqft · Built 1918 · SingleFamily · Active · 387 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,426/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$100
• HOA: −$0
• Vac / Maint / Mgmt: −$300
• Net cashflow: $424/mo
• Annual: $5,089/yr
• Cap rate: 10.72%
• Cash-on-cash: 15.81%
• DSCR: 1.70
• 1% rule: 1.24%
• Cash to close: $32,200

Investor read

• This is a 4-bed/2.0-bath single-family listed at $115k.
• At list price, monthly cash flow is $424 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• It's been on market 387 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• In year one you build about $12k of equity ($795 loan paydown + $12k appreciation (10.0% local appreciation)).
• 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.
• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 54 active listings in the ZIP.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $15k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $23k; list at $115k implies a 400% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 10.7% vs local median 8.7% in Hobart — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Questions for listing agent

• It's been on market 387 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1918 — 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 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?
• 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?
• 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.