1224 Church St

Waynoka, OK 73860

$69,000B

3 bd · 2.0 ba · 1,152 sqft · Built 1925 · SingleFamily · Active · 22 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,049/mo
• Mortgage (P&I): −$362
• Tax + insurance: −$61
• HOA: −$0
• Vac / Maint / Mgmt: −$220
• Net cashflow: $406/mo
• Annual: $4,871/yr
• Cap rate: 13.35%
• Cash-on-cash: 25.21%
• DSCR: 2.12
• 1% rule: 1.52%
• Cash to close: $19,320

Investor read

• This is a 3-bed/2.0-bath single-family listed at $69k.
• At list price, monthly cash flow is $406 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $69k).
• It's been on market 22 days — a 2% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $68k (1.5% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($477 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 63/100 on livability (#230 in OK) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+; Watch: employment D+, amenities F, commute F.
• Waynoka (rural): math 40% / reading 40% proficiency, ranked #100 of 513 in OK (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Waynoka Es (math 27% / reading 37%, grade F, #213 of 845 statewide, top 28%, 158 students, 0% FRL); Waynoka Hs (math 24% / reading 24%, grade F, #150 of 447 statewide, top 48%, 65 students, 0% FRL) — zoned schools average 0% FRL vs 33% district-wide (33 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 13 active listings in the ZIP.
• Woods County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 6y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $57k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~3 years — after that, you're playing with house money.
• 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

• Built in 1925 — 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?
• 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.