211 N Market St

New Cordell, OK 73632

$26,500B

2 bd · 1.0 ba · 976 sqft · Built 1926 · SingleFamily · Pending · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $866/mo
• Mortgage (P&I): −$139
• Tax + insurance: −$24
• HOA: −$0
• Vac / Maint / Mgmt: −$182
• Net cashflow: $521/mo
• Annual: $6,257/yr
• Cap rate: 29.90%
• Cash-on-cash: 84.32%
• DSCR: 4.75
• 1% rule: 3.27%
• Cash to close: $7,420

Investor read

• This is a 2-bed/1.0-bath single-family listed at $26k.
• At list price, monthly cash flow is $521 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($866 rent vs $26k).
• It's been on market 19 days — a 2% lower offer ($26k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $26k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $183 of loan paydown is wiped out by about $795 of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#335 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: employment D+, amenities F, commute F.
• Cordell (town): math 37% / reading 33% proficiency, ranked #33 of 270 in OK (top 12%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cordell Es (math 42% / reading 37%, grade F, #107 of 845 statewide, top 14%, 358 students, 0% FRL); Cordell Hs (math 24% / reading 44%, grade F, #48 of 447 statewide, top 14%, 104 students, 0% FRL) — zoned schools average 0% FRL vs 52% district-wide (52 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 38 active listings in the ZIP; 1 units permitted in Washita County in 2024 (0 in 5+ unit buildings).
• Washita County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $8k; list at $26k implies a 231% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~2 years — after that, you're playing with house money.
• 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.
• Cap rate 29.9% vs local median 6.6% in New Cordell — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• Built in 1926 — 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 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.