609 S Mullins Ave

Hominy, OK 74035

$65,000B

2 bd · 2.0 ba · 1,056 sqft · Built 1993 · Manufactured · Pending · 49 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $947/mo
• Mortgage (P&I): −$341
• Tax + insurance: −$108
• HOA: −$0
• Vac / Maint / Mgmt: −$199
• Net cashflow: $299/mo
• Annual: $3,589/yr
• Cap rate: 11.81%
• Cash-on-cash: 19.72%
• DSCR: 1.88
• 1% rule: 1.46%
• Cash to close: $18,200

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $65k. Condition is rated fair.
• At list price, monthly cash flow is $299 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($947 rent vs $65k).
• It's been on market 49 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• In year one you build about $541 of equity ($449 loan paydown + $92 appreciation (0.1% local appreciation)).
• Location reads 55/100 on livability (#542 in OK) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: schools F, amenities F, commute F.
• Hominy (town): math 6% / reading 10% proficiency, ranked #259 of 270 in OK (top 96%) — 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.
• Market conditions: 23 active listings in the ZIP; 89 units permitted in Osage County in 2024 (0 in 5+ unit buildings).
• Osage County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts 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 (0.1% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→17/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 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Overgrown vegetation — Hinders property value and safety
• Major: Dilapidated shed — Reduces property value and safety
• Minor: Worn carpet — Can be replaced with new carpet