115 Holly St

Perry, OK 73077

$135,000C-

3 bd · 2.0 ba · 2,240 sqft · Built 2000 · Manufactured · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,242/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$82
• HOA: −$0
• Vac / Maint / Mgmt: −$261
• Net cashflow: $191/mo
• Annual: $2,288/yr
• Cap rate: 7.99%
• Cash-on-cash: 6.05%
• DSCR: 1.27
• 1% rule: 0.92%
• Cash to close: $37,800

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $135k.
• At list price, monthly cash flow is $191 ($2k/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 $124k (8.0% below list).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $124k (8.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#78 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: employment C-, amenities F, commute F.
• Perry (rural): math 22% / reading 29% proficiency, ranked #102 of 270 in OK (top 38%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Perry Es (math 28% / reading 34%, grade F, #244 of 845 statewide, top 29%, 552 students, 0% FRL); Perry Hs (math 22% / reading 32%, grade F, #125 of 447 statewide, top 31%, 298 students, 0% FRL) — zoned schools average 0% FRL vs 44% district-wide (44 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 40 active listings in the ZIP; 4 units permitted in Noble County in 2024 (0 in 5+ unit buildings).
• Noble County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $20k; list at $135k implies a 575% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major 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

• 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.