550 N Main St

Jennings, OK 74038

$169,700D

2 bd · 2.0 ba · 1,505 sqft · Built 1976 · SingleFamily · Active · 131 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,122/mo
• Mortgage (P&I): −$890
• Tax + insurance: −$127
• HOA: −$0
• Vac / Maint / Mgmt: −$236
• Net cashflow: $-131/mo
• Annual: $-1,571/yr
• Cap rate: 5.37%
• Cash-on-cash: -3.31%
• DSCR: 0.85
• 1% rule: 0.66%
• Cash to close: $47,516

Investor read

• This is a 2-bed/2.0-bath single-family listed at $170k.
• At list price, monthly cash flow is $-131 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $147k (13.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $112k (33.9% below list).
• It's been on market 131 days — a 12% lower offer ($149k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $112k (33.9% below list) — sets the bar for 1% rule.
• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (3.0% local appreciation)).
• Location reads 64/100 on livability (#182 in OK) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment D-.
• Jennings (rural): math 20% / reading 35% proficiency, ranked #312 of 513 in OK (top 61%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Jennings Public School (math 12% / reading 22%, grade F, #540 of 845 statewide, top 68%, 247 students, 0% FRL) — zoned schools average 0% FRL vs 74% district-wide (74 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 26 active listings in the ZIP; 3 units permitted in Pawnee County in 2024 (0 in 5+ unit buildings).
• Pawnee County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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 131 days. Have you received any prior offers? Is the seller open to a 34% concession, seller financing, or rate buy-down credit?
• Built in 1976 — 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?
• 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.