321 N Seminole Ave

Bartlesville, OK 74003

$49,000A

3 bd · 2.0 ba · 1,168 sqft · Built 1940 · SingleFamily · Pending · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,258/mo
• Mortgage (P&I): −$257
• Tax + insurance: −$539
• HOA: −$0
• Vac / Maint / Mgmt: −$264
• Net cashflow: $197/mo
• Annual: $2,369/yr
• Cap rate: 21.57%
• Cash-on-cash: 54.58%
• DSCR: 3.43
• 1% rule: 2.57%
• Cash to close: $13,720

Investor read

• This is a 3-bed/2.0-bath single-family listed at $49k.
• At list price, monthly cash flow is $197 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $49k).
• It's been on market 17 days — a 2% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $48k (1.5% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($339 loan paydown + $5k appreciation (10.0% local appreciation)).
• Location reads 64/100 on livability (#175 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, schools D+, crime D+.
• Bartlesville (town): math 30% / reading 29% proficiency, ranked #59 of 270 in OK (top 22%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: flood insurance adds $427/mo; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 137 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 46 units permitted in Washington County in 2024 (0 in 5+ unit buildings).
• Washington County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 12y ago; this cycle's ask has dropped $50k (51%) 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 $14k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); major wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 21.6% vs local median 4.7% in Bartlesville — 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.
• This rent runs 32% of the median local income ($47k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.