423 Loy St

Meeker, OK 74855

$148,000D

3 bd · 2.0 ba · 1,178 sqft · Built 1910 · SingleFamily · Active · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,136/mo
• Mortgage (P&I): −$776
• Tax + insurance: −$170
• HOA: −$0
• Vac / Maint / Mgmt: −$239
• Net cashflow: $-49/mo
• Annual: $-587/yr
• Cap rate: 5.90%
• Cash-on-cash: -1.42%
• DSCR: 0.94
• 1% rule: 0.77%
• Cash to close: $41,440

Investor read

• This is a 3-bed/2.0-bath single-family listed at $148k.
• At list price, monthly cash flow is $-49 ($-587/yr) — negative.
• To cash-flow at today's rent, offer at most $139k (5.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $114k (23.2% below list).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $114k (23.2% below list) — sets the bar for 1% rule.
• In year one you build about $13k of equity ($1k loan paydown + $12k appreciation (8.0% local appreciation)).
• Location reads 63/100 on livability (#210 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-, crime B+; Watch: amenities F, commute F, employment D-.
• Meeker (rural): math 19% / reading 28% proficiency, ranked #123 of 270 in OK (top 46%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Meeker Es (math 22% / reading 27%, grade F, #354 of 845 statewide, top 47%, 342 students, 0% FRL); Meeker Ms (math 12% / reading 27%, grade F, #167 of 345 statewide, top 51%, 162 students, 0% FRL); Meeker Hs (math 22% / reading 27%, grade F, #150 of 447 statewide, top 48%, 209 students, 0% FRL) — zoned schools average 0% FRL vs 51% district-wide (51 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 55 active listings in the ZIP; 19 units permitted in Lincoln County in 2024 (0 in 5+ unit buildings).
• 4 sale attempts since 3y ago; this cycle's ask has dropped $27k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (8.0% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~4 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.
• Climate carrying-cost: 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 5.9% vs local median 3.2% in Meeker — 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?
• Built in 1910 — 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?
• 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.
• 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.