104 B St

Spiro, OK 74959

$105,000D+

3 bd · 2.0 ba · 1,087 sqft · Built 1979 · SingleFamily · Active · 46 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $806/mo
• Mortgage (P&I): −$551
• Tax + insurance: −$92
• HOA: −$0
• Vac / Maint / Mgmt: −$169
• Net cashflow: $-6/mo
• Annual: $-73/yr
• Cap rate: 6.22%
• Cash-on-cash: -0.25%
• DSCR: 0.99
• 1% rule: 0.77%
• Cash to close: $29,400

Investor read

• This is a 3-bed/2.0-bath single-family listed at $105k.
• At list price, monthly cash flow is $-6 ($-73/yr) — negative.
• To cash-flow at today's rent, offer at most $104k (1.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $81k (23.2% below list).
• It's been on market 46 days — a 3% lower offer ($102k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $81k (23.2% below list) — sets the bar for 1% rule.
• In year one you build about $4k of equity ($726 loan paydown + $3k appreciation (3.0% local appreciation)).
• Location reads 61/100 on livability (#275 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: amenities F, commute F, employment F.
• Spiro (rural): math 18% / reading 21% proficiency, ranked #178 of 270 in OK (top 66%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Spiro Es (math 22% / reading 22%, grade F, #413 of 845 statewide, top 54%, 571 students, 0% FRL); Spiro Ms (math 16% / reading 18%, grade F, #193 of 345 statewide, top 60%, 202 students, 0% FRL); Spiro Hs (math 17% / reading 34%, grade F, #141 of 447 statewide, top 31%, 290 students, 0% FRL) — zoned schools average 0% FRL vs 62% district-wide (62 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 66 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 73 units permitted in Le Flore County in 2024 (0 in 5+ unit buildings).
• Le Flore County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $10k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $54k; list at $105k implies a 94% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 9, 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→20/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 46 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.