1415 Cherokee Ln

Blanchard, OK 73010

$238,500D+

3 bd · 2.0 ba · 1,585 sqft · Built 1998 · SingleFamily · Pending · 61 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,842/mo
• Mortgage (P&I): −$1,251
• Tax + insurance: −$306
• HOA: −$0
• Vac / Maint / Mgmt: −$387
• Net cashflow: $-102/mo
• Annual: $-1,222/yr
• Cap rate: 5.78%
• Cash-on-cash: -1.83%
• DSCR: 0.92
• 1% rule: 0.77%
• Cash to close: $66,780

Investor read

• This is a 3-bed/2.0-bath single-family listed at $238k.
• At list price, monthly cash flow is $-102 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $221k (7.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $184k (22.8% below list).
• It's been on market 61 days — a 6% lower offer ($224k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $184k (22.8% below list) — sets the bar for 1% rule.
• In year one you build about $5k of equity ($2k loan paydown + $3k appreciation (1.4% local appreciation)).
• Location reads 69/100 on livability (#47 in OK) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Blanchard (rural): math 39% / reading 41% proficiency, ranked #13 of 270 in OK (top 5%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Blanchard Es (558 students, 0% FRL); Blanchard Ms (math 26% / reading 44%, grade F, #23 of 345 statewide, top 6%, 477 students, 0% FRL); Blanchard Hs (math 27% / reading 42%, grade F, #48 of 447 statewide, top 14%, 724 students, 0% FRL) — zoned schools average 0% FRL vs 38% district-wide (38 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 516 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 334 units permitted in McClain County in 2024 (0 in 5+ unit buildings).
• McClain County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 7 sale attempts since 27y 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 $168k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 7, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.8% vs local median 2.6% in Blanchard — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 61 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.