813 Steele Ave

Chandler, OK 74834

$175,000C-

3 bd · 2.0 ba · 1,836 sqft · Built 1930 · SingleFamily · Pending · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,224/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$153
• HOA: −$0
• Vac / Maint / Mgmt: −$257
• Net cashflow: $-103/mo
• Annual: $-1,241/yr
• Cap rate: 5.58%
• Cash-on-cash: -2.53%
• DSCR: 0.89
• 1% rule: 0.70%
• Cash to close: $49,000

Investor read

• This is a 3-bed/2.0-bath single-family listed at $175k.
• At list price, monthly cash flow is $-103 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $157k (10.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (30.0% below list).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $122k (30.0% below list) — sets the bar for 1% rule.
• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Location reads 64/100 on livability (#171 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D, employment D, amenities F.
• Chandler (town): math 35% / reading 35% proficiency, ranked #36 of 270 in OK (top 13%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Park Road Es (math 38% / reading 36%, grade F, #132 of 845 statewide, top 19%, 313 students, 0% FRL); Chandler Jhs (math 27% / reading 27%, grade F, #72 of 345 statewide, top 22%, 160 students, 0% FRL); Chandler Hs (math 47% / reading 52%, grade D, #9 of 447 statewide, top 2%, 335 students, 0% FRL) — zoned schools average 0% FRL vs 42% district-wide (42 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 122 active listings in the ZIP; 19 units permitted in Lincoln County in 2024 (0 in 5+ unit buildings).
• 3 sale attempts since 23y 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 $53k; list at $175k implies a 230% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$30k 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→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.6% vs local median 2.8% in Chandler — 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 1930 — 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?
• 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.