17244 Lake Hwy

Phillips, OK 74538

$60,000B

3 bd · 1.0 ba · 1,200 sqft · Built 1960 · SingleFamily · Active · 110 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,072/mo
• Mortgage (P&I): −$315
• Tax + insurance: −$100
• HOA: −$0
• Vac / Maint / Mgmt: −$225
• Net cashflow: $432/mo
• Annual: $5,189/yr
• Cap rate: 14.94%
• Cash-on-cash: 30.89%
• DSCR: 2.37
• 1% rule: 1.79%
• Cash to close: $16,800

Investor read

• This is a 3-bed/1.0-bath single-family listed at $60k. Condition is rated fair.
• At list price, monthly cash flow is $432 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• It's been on market 110 days — a 9% lower offer ($55k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $55k (9.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($415 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 41/100 on livability (#722 in OK) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: schools F, amenities F, commute F.
• Coalgate (rural): math 20% / reading 30% proficiency, ranked #126 of 270 in OK (top 47%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 29 active listings in the ZIP; 8 units permitted in Coal County in 2024 (0 in 5+ unit buildings).
• Coal County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→20/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 110 days. Have you received any prior offers? Is the seller open to a 9% 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?
• Built in 1960 — 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.

Repairs flagged (vision-AI assessment)

• Major: Rusty metal roof on barns — Significant rust and potential water damage.
• Major: Rusty metal siding on barns — Significant rust and potential need for repainting or replacement.
• Minor: Overgrown grass and weeds in the yard — Aesthetic issue that can be addressed with trimming and mowing.
• Major: Rusty and worn fencing — Structural integrity compromised, needs repair or replacement.