101 W Mckennon Rd

Calera, OK 74730

$119,000D

3 bd · 1.0 ba · 1,008 sqft · Built 1956 · Other · Active · 182 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $895/mo
• Mortgage (P&I): −$624
• Tax + insurance: −$155
• HOA: −$0
• Vac / Maint / Mgmt: −$188
• Net cashflow: $-72/mo
• Annual: $-868/yr
• Cap rate: 5.56%
• Cash-on-cash: -2.61%
• DSCR: 0.88
• 1% rule: 0.75%
• Cash to close: $33,320

Investor read

• This is a 3-bed/1.0-bath other listed at $119k.
• At list price, monthly cash flow is $-72 ($-868/yr) — negative.
• To cash-flow at today's rent, offer at most $106k (10.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $90k (24.8% below list).
• It's been on market 182 days — a 12% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $90k (24.8% below list) — sets the bar for 1% rule.
• In year one you build about $13k of equity ($823 loan paydown + $12k appreciation (10.0% local appreciation)).
• Location reads 59/100 on livability (#400 in OK) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime A-; Watch: amenities F, commute F, employment D-.
• Calera (town): math 20% / reading 26% proficiency, ranked #139 of 270 in OK (top 52%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Calera Es (math 21% / reading 28%, grade F, #354 of 845 statewide, top 47%, 631 students, 0% FRL); Calera Hs (math 5% / reading 5%, grade F, #430 of 447 statewide, top 99%, 216 students, 0% FRL) — zoned schools average 0% FRL vs 58% district-wide (58 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 71 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 176 units permitted in Bryan County in 2024 (80 in 5+ unit buildings).
• Bryan County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts since 7y ago; this cycle's ask has dropped $21k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.6% vs local median 2.3% in Calera — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

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 182 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• Built in 1956 — 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 D-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.