607 School St

Elmore City, OK 73433

$45,000B

2 bd · 1.0 ba · 1,094 sqft · Built 1952 · SingleFamily · Active · 153 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $958/mo
• Mortgage (P&I): −$236
• Tax + insurance: −$28
• HOA: −$0
• Vac / Maint / Mgmt: −$201
• Net cashflow: $493/mo
• Annual: $5,915/yr
• Cap rate: 19.44%
• Cash-on-cash: 46.94%
• DSCR: 3.09
• 1% rule: 2.13%
• Cash to close: $12,600

Investor read

• This is a 2-bed/1.0-bath single-family listed at $45k.
• At list price, monthly cash flow is $493 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($958 rent vs $45k).
• It's been on market 153 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($311 loan paydown + $1k appreciation (3.0% local appreciation)).
• Location reads 58/100 on livability (#434 in OK) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: employment D, crime F, amenities F.
• Elmore City-Pernell (rural): math 12% / reading 20% proficiency, ranked #210 of 270 in OK (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Elmore City-Pernell Es (math 17% / reading 22%, grade F, #479 of 845 statewide, top 63%, 224 students, 0% FRL); Elmore City Jhs (math 8% / reading 12%, grade F, #288 of 345 statewide, top 86%, 107 students, 0% FRL); Elmore City-Pernell Hs (math 15% / reading 34%, grade F, #145 of 447 statewide, top 33%, 176 students, 0% FRL) — zoned schools average 0% FRL vs 49% district-wide (49 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 51 active listings in the ZIP; 1 units permitted in Garvin County in 2024 (0 in 5+ unit buildings).
• Garvin County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts; this cycle's ask has dropped $15k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 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

• It's been on market 153 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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 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.