404 S Broadway Ave

Binger, OK 73009

$124,999D

3 bd · 2.0 ba · 1,148 sqft · Built 1940 · SingleFamily · Pending · 104 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $986/mo
• Mortgage (P&I): −$656
• Tax + insurance: −$104
• HOA: −$0
• Vac / Maint / Mgmt: −$207
• Net cashflow: $20/mo
• Annual: $239/yr
• Cap rate: 6.48%
• Cash-on-cash: 0.68%
• DSCR: 1.03
• 1% rule: 0.79%
• Cash to close: $35,000

Investor read

• This is a 3-bed/2.0-bath single-family listed at $125k.
• At list price, monthly cash flow is $20 ($239/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $99k (21.1% below list).
• It's been on market 104 days — a 9% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $99k (21.1% below list) — sets the bar for 1% rule.
• In year one you build about $5k of equity ($864 loan paydown + $4k appreciation (3.0% local appreciation)).
• Location reads 59/100 on livability (#386 in OK) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Binger-Oney (rural): math 25% / reading 30% proficiency, ranked #305 of 513 in OK (top 60%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Binger-Oney Es (math 22% / reading 17%, grade F, #479 of 845 statewide, top 63%, 191 students, 0% FRL); Binger-Oney Hs (math 30% / reading 50%, grade F, #25 of 447 statewide, top 8%, 99 students, 0% FRL) — zoned schools average 0% FRL vs 64% district-wide (64 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 10 active listings in the ZIP.
• Caddo County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 6y ago; this cycle's ask has dropped $13k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $69k; list at $125k implies a 81% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→19/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 104 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• Built in 1940 — 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?
• 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.