616 N 5th St

Okeene, OK 73763

$38,000A

2 bd · 1.0 ba · 996 sqft · Built 1954 · SingleFamily · Active · 116 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $889/mo
• Mortgage (P&I): −$199
• Tax + insurance: −$29
• HOA: −$0
• Vac / Maint / Mgmt: −$187
• Net cashflow: $474/mo
• Annual: $5,691/yr
• Cap rate: 21.27%
• Cash-on-cash: 53.49%
• DSCR: 3.38
• 1% rule: 2.34%
• Cash to close: $10,640

Investor read

• This is a 2-bed/1.0-bath single-family listed at $38k.
• At list price, monthly cash flow is $474 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($889 rent vs $38k).
• It's been on market 116 days — a 9% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $35k (9.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($263 loan paydown + $4k appreciation (10.0% local appreciation)).
• Location reads 73/100 on livability (#19 in OK) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• Okeene (rural): math 30% / reading 30% proficiency, ranked #256 of 513 in OK (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Okeene Es (math 17% / reading 22%, grade F, #479 of 845 statewide, top 63%, 176 students, 0% FRL); Okeene Jr-Sr Hs (Jr) (math 15% / reading 15%, grade F, #220 of 345 statewide, top 65%, 46 students, 0% FRL); Okeene Jr-Sr Hs (Sr) (math 10% / reading 10%, grade F, #361 of 447 statewide, top 94%, 106 students, 0% FRL) — zoned schools average 0% FRL vs 42% district-wide (42 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 15% at this address vs 30% district-wide (-15 pts) — the specific schools serving this property underperform the Okeene average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 9 active listings in the ZIP; 3 units permitted in Blaine County in 2024 (0 in 5+ unit buildings).
• Blaine County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 18y ago; this cycle's ask has dropped $10k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→17/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 116 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1954 — 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?
• 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.