28180 E 12th St

Fair Oaks, OK 74015

$69,900B-

3 bd · 3.0 ba · 1,944 sqft · Built 1998 · Manufactured · Active · 82 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,347/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$116
• HOA: −$0
• Vac / Maint / Mgmt: −$283
• Net cashflow: $581/mo
• Annual: $6,972/yr
• Cap rate: 16.27%
• Cash-on-cash: 35.62%
• DSCR: 2.59
• 1% rule: 1.93%
• Cash to close: $19,572

Investor read

• This is a 3-bed/3.0-bath manufactured listed at $70k. Condition is rated poor.
• At list price, monthly cash flow is $581 ($7k/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 82 days — a 6% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $66k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 58/100 on livability (#435 in OK) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B; Watch: crime C-, schools F, amenities F.
• Catoosa (suburban): math 15% / reading 18% proficiency, ranked #195 of 270 in OK (top 72%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 76 active listings in the ZIP; 581 units permitted in Wagoner County in 2024 (0 in 5+ unit buildings).
• Wagoner County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts; this cycle's ask has dropped $15k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→17/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 82 days. Have you received any prior offers? Is the seller open to a 6% 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: siding — Weathered and missing
• Major: trim — Missing and damaged
• Major: flooring — Dirty and worn
• Major: paint — Peeling and damaged
• Major: landscaping — Overgrown and debris