201 S Cearlock Ave

Cheyenne, OK 73628

$38,000B+

3 bd · 2.0 ba · 1,100 sqft · Built 2016 · Other · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,008/mo
• Mortgage (P&I): −$199
• Tax + insurance: −$63
• HOA: −$0
• Vac / Maint / Mgmt: −$212
• Net cashflow: $534/mo
• Annual: $6,408/yr
• Cap rate: 23.16%
• Cash-on-cash: 60.23%
• DSCR: 3.68
• 1% rule: 2.65%
• Cash to close: $10,640

Investor read

• This is a 3-bed/2.0-bath other listed at $38k. Condition is rated fair.
• At list price, monthly cash flow is $534 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $38k).
• It's been on market 23 days — a 2% lower offer ($37k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $37k (1.5% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($263 loan paydown + $1k appreciation (3.0% local appreciation)).
• Location reads 70/100 on livability (#43 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B; Watch: schools C-, employment D, crime F.
• Cheyenne (rural): math 60% / reading 45% proficiency, ranked #24 of 513 in OK (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 6 active listings in the ZIP.
• Roger Mills County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is F 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Signs of significant weathering and potential leaks
• Major: exterior siding — Severe discoloration and wear
• Major: landscaping — Overgrown and sparse, detracting from curb appeal