61113 E 310 Rd

Grove, OK 74344

$185,000C

2 bd · 3.0 ba · 1,384 sqft · Built 1977 · Manufactured · Active · 122 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,000/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$150
• HOA: −$0
• Vac / Maint / Mgmt: −$420
• Net cashflow: $460/mo
• Annual: $5,520/yr
• Cap rate: 9.28%
• Cash-on-cash: 10.66%
• DSCR: 1.47
• 1% rule: 1.08%
• Cash to close: $51,800

Investor read

• This is a 2-bed/3.0-bath manufactured listed at $185k.
• At list price, monthly cash flow is $460 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• It's been on market 122 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $163k (12.0% 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 60/100 on livability (#361 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: employment D+, crime D, schools D-.
• Grove (town): math 26% / reading 31% proficiency, ranked #77 of 270 in OK (top 28%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 118 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 51 units permitted in Delaware County in 2024 (0 in 5+ unit buildings).
• Delaware County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts 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.
• Climate carrying-cost: extreme-heat days projected 7→21/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 122 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1977 — 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?
• 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.