516 W Martin St

El Reno, OK 73036

$159,900D

1 bd · 1.0 ba · 1,496 sqft · Built 1935 · SingleFamily · Active · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,253/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$188
• HOA: −$0
• Vac / Maint / Mgmt: −$263
• Net cashflow: $-37/mo
• Annual: $-440/yr
• Cap rate: 6.02%
• Cash-on-cash: -0.98%
• DSCR: 0.96
• 1% rule: 0.78%
• Cash to close: $44,772

Investor read

• This is a 1-bed/1.0-bath single-family listed at $160k.
• At list price, monthly cash flow is $-37 ($-440/yr) — negative.
• To cash-flow at today's rent, offer at most $153k (4.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $125k (21.6% below list).
• It's been on market 35 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $125k (21.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#95 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: health & safety C-, amenities F, commute F.
• El Reno (town): math 12% / reading 15% proficiency, ranked #232 of 270 in OK (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Hillcrest Es (325 students, 0% FRL); Etta Dale Jhs (math 7% / reading 13%, grade F, #277 of 345 statewide, top 83%, 444 students, 0% FRL); El Reno Hs (math 16% / reading 19%, grade F, #307 of 447 statewide, top 69%, 980 students, 0% FRL) — zoned schools average 0% FRL vs 68% district-wide (68 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.2%/yr); 281 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); 260 units permitted in Canadian County in 2024 (0 in 5+ unit buildings).
• Canadian County population projected at +64% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $9k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.0% vs local median 4.8% in El Reno — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 35 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
• Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.