223 S Oak St

Apache, OK 73006

$47,999B

2 bd · 1.0 ba · 1,419 sqft · Built 1925 · SingleFamily · Active · 98 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,056/mo
• Mortgage (P&I): −$252
• Tax + insurance: −$57
• HOA: −$0
• Vac / Maint / Mgmt: −$222
• Net cashflow: $526/mo
• Annual: $6,308/yr
• Cap rate: 19.43%
• Cash-on-cash: 46.93%
• DSCR: 3.09
• 1% rule: 2.20%
• Cash to close: $13,440

Investor read

• This is a 2-bed/1.0-bath single-family listed at $48k.
• At list price, monthly cash flow is $526 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $48k).
• It's been on market 98 days — a 9% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $44k (9.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($332 loan paydown + $1k appreciation (2.8% local appreciation)).
• Location reads 69/100 on livability (#55 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-.
• Boone-Apache (rural): math 18% / reading 20% proficiency, ranked #184 of 270 in OK (top 68%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Apache Es (math 27% / reading 12%, grade F, #479 of 845 statewide, top 63%, 235 students, 0% FRL); Apache Ms (math 8% / reading 22%, grade F, #226 of 345 statewide, top 67%, 124 students, 0% FRL); Apache Hs (math 24% / reading 34%, grade F, #96 of 447 statewide, top 26%, 158 students, 0% FRL) — zoned schools average 0% FRL vs 64% district-wide (64 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 18 active listings in the ZIP.
• Caddo County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 9y 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.
• At projected returns (2.8% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: severe 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

• It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1925 — 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.