110 Witteville Rd

Poteau, OK 74953

$8,640,000F

None bd · None ba · 57,600 sqft · Built 2025 · MultiFamily · Active · 263 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,311/mo
• Mortgage (P&I): −$45,309
• Tax + insurance: −$14,400
• HOA: −$0
• Vac / Maint / Mgmt: −$485
• Net cashflow: $-57,883/mo
• Annual: $-694,601/yr
• Cap rate: -1.75%
• Cash-on-cash: -28.71%
• DSCR: -0.28
• 1% rule: 0.03%
• Cash to close: $2,419,200

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $8.64M.
• At list price, monthly cash flow is $-58k ($-695k/yr) — negative. Per door: $-29k/mo.
• To cash-flow at today's rent, offer at most $264k (96.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $231k (97.3% below list).
• It's been on market 263 days — a 12% lower offer ($7.60M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $231k (97.3% below list) — sets the bar for 1% rule.
• In year one you build about $425k of equity ($60k loan paydown + $365k appreciation (4.2% local appreciation)).
• Location reads 57/100 on livability (#485 in OK) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime D+, amenities F, commute F.
• Poteau (town): math 30% / reading 29% proficiency, ranked #68 of 270 in OK (top 25%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Poteau Upper Es (math 45% / reading 36%, grade F, #98 of 845 statewide, top 12%, 471 students, 0% FRL); Poteau Hs (math 22% / reading 32%, grade F, #125 of 447 statewide, top 31%, 636 students, 0% FRL) — zoned schools average 0% FRL vs 54% district-wide (54 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 140 active listings in the ZIP; 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.
• By year 2, paydown + projected appreciation supports a ~$683k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate -1.7% vs local median 3.8% in Poteau — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 263 days. Have you received any prior offers? Is the seller open to a 97% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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?
• 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?