203 E Washington

Crescent, OK 73028

$70,000B

4 bd · 2.0 ba · 2,568 sqft · Built 1940 · SingleFamily · Active · 94 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,469/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$117
• HOA: −$0
• Vac / Maint / Mgmt: −$308
• Net cashflow: $677/mo
• Annual: $8,118/yr
• Cap rate: 17.89%
• Cash-on-cash: 41.42%
• DSCR: 2.84
• 1% rule: 2.10%
• Cash to close: $19,600

Investor read

• This is a 4-bed/2.0-bath single-family listed at $70k.
• At list price, monthly cash flow is $677 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• It's been on market 94 days — a 9% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $64k (9.0% below list) — sets the bar for market timing.
• In year one you build about $466 of equity ($484 loan paydown + $-18 appreciation (-0.0% local appreciation)).
• Location reads 62/100 on livability (#257 in OK) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Crescent (rural): math 22% / reading 25% proficiency, ranked #132 of 270 in OK (top 49%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Crescent Es (math 32% / reading 27%, grade F, #255 of 845 statewide, top 35%, 308 students, 0% FRL); Crescent Hs (math 15% / reading 34%, grade F, #145 of 447 statewide, top 33%, 192 students, 0% FRL) — zoned schools average 0% FRL vs 47% district-wide (47 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 52 active listings in the ZIP; 102 units permitted in Logan County in 2024 (0 in 5+ unit buildings).
• Logan County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 10y 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 (-0.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 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.

Questions for listing agent

• It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1940 — 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 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.