3605 Mount Pleasant Dr

Midwest City, OK 73110

$165,000D+

3 bd · 2.0 ba · 1,446 sqft · Built 1957 · SingleFamily · Pending · 149 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,351/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$224
• HOA: −$0
• Vac / Maint / Mgmt: −$284
• Net cashflow: $-21/mo
• Annual: $-257/yr
• Cap rate: 6.14%
• Cash-on-cash: -0.56%
• DSCR: 0.98
• 1% rule: 0.82%
• Cash to close: $46,200

Investor read

• This is a 3-bed/2.0-bath single-family listed at $165k.
• At list price, monthly cash flow is $-21 ($-257/yr) — negative.
• To cash-flow at today's rent, offer at most $161k (2.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $135k (18.1% below list).
• It's been on market 149 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $135k (18.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#30 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: crime D+, employment D, amenities F.
• Midwest City-Del City (suburban): math 10% / reading 17% proficiency, ranked #231 of 270 in OK (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Ridgecrest Es (math 12% / reading 12%, grade F, #667 of 845 statewide, top 82%, 271 students, 0% FRL); Midwest City Ms (math 5% / reading 14%, grade F, #299 of 345 statewide, top 88%, 1,046 students, 0% FRL); Midwest City Hs (math 7% / reading 17%, grade F, #359 of 447 statewide, top 80%, 1,368 students, 0% FRL) — zoned schools average 0% FRL vs 57% district-wide (57 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.0%/yr); 175 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 5,365 units permitted in Oklahoma County in 2024 (569 in 5+ unit buildings).
• Oklahoma County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 27y ago; this cycle's ask has dropped $25k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 32% of the median local income ($51k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 149 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• Built in 1957 — 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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?