910183 S 3380 Rd

Warwick, OK 74834

$189,000D

4 bd · 2.0 ba · 2,240 sqft · Built 1991 · Manufactured · Active · 284 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,350/mo
• Mortgage (P&I): −$991
• Tax + insurance: −$197
• HOA: −$0
• Vac / Maint / Mgmt: −$284
• Net cashflow: $-121/mo
• Annual: $-1,454/yr
• Cap rate: 5.52%
• Cash-on-cash: -2.75%
• DSCR: 0.88
• 1% rule: 0.71%
• Cash to close: $52,920

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $189k.
• At list price, monthly cash flow is $-121 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $168k (11.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $135k (28.6% below list).
• It's been on market 284 days — a 12% lower offer ($166k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $135k (28.6% below list) — sets the bar for 1% rule.
• In year one you build about $20k of equity ($1k loan paydown + $19k appreciation (10.0% local appreciation)).
• Location reads 49/100 on livability (#686 in OK) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: amenities F, commute F, employment F.
• Wellston (rural): math 26% / reading 34% proficiency, ranked #59 of 270 in OK (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Wellston Es (math 32% / reading 37%, grade F, #168 of 845 statewide, top 24%, 259 students, 0% FRL); Wellston Ms (math 17% / reading 27%, grade F, #129 of 345 statewide, top 42%, 126 students, 0% FRL); Wellston Hs (math 34% / reading 34%, grade F, #48 of 447 statewide, top 14%, 129 students, 0% FRL) — zoned schools average 0% FRL vs 46% district-wide (46 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 122 active listings in the ZIP; 19 units permitted in Lincoln County in 2024 (0 in 5+ unit buildings).
• Current owner paid $161k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$32k 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→18/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 284 days. Have you received any prior offers? Is the seller open to a 29% 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 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.
• 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.