21925 Homesteaders Rd

Edmond, OK 73012

$259,900F

3 bd · 2.0 ba · 1,433 sqft · Built 2003 · SingleFamily · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,099/mo
• Mortgage (P&I): −$1,363
• Tax + insurance: −$290
• HOA: −$42
• Vac / Maint / Mgmt: −$441
• Net cashflow: $-36/mo
• Annual: $-437/yr
• Cap rate: 6.12%
• Cash-on-cash: -0.60%
• DSCR: 0.97
• 1% rule: 0.81%
• Cash to close: $72,772

Investor read

• This is a 3-bed/2.0-bath single-family listed at $260k.
• At list price, monthly cash flow is $-36 ($-437/yr) — negative.
• To cash-flow at today's rent, offer at most $253k (2.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $210k (19.2% below list).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $210k (19.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#6 in OK, #2,383 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: health & safety C-, commute F.
• Deer Creek (rural): math 41% / reading 44% proficiency, ranked #4 of 270 in OK (top 2%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 7% free/reduced lunch — higher-income household profile.
• Zoned schools: Prairie Vale Es (math 62% / reading 52%, grade C+, #18 of 845 statewide, top 2%, 516 students, 0% FRL); Deer Creek Hs (math 39% / reading 51%, grade D-, #13 of 447 statewide, top 3%, 2,036 students, 0% FRL).
• Market conditions: Rents rising (+1.2%/yr); 645 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 5,365 units permitted in Oklahoma County in 2024 (569 in 5+ unit buildings).
• Oklahoma County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 18y 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.
• Current owner paid $148k; list at $260k implies a 75% gain — meaningful room to come down on a strong offer.
• 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 6.1% vs local median 3.4% in Edmond — 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

• 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.
• 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.