107 E Corporate Dr

Ames, OK 73718

$139,900C-

3 bd · 2.0 ba · 1,800 sqft · Built 2011 · Manufactured · Active · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,210/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$107
• HOA: −$0
• Vac / Maint / Mgmt: −$254
• Net cashflow: $114/mo
• Annual: $1,373/yr
• Cap rate: 7.27%
• Cash-on-cash: 3.50%
• DSCR: 1.16
• 1% rule: 0.86%
• Cash to close: $39,172

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $140k.
• At list price, monthly cash flow is $114 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $121k (13.5% below list).
• It's been on market 35 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $121k (13.5% below list) — sets the bar for 1% rule.
• In year one you build about $9k of equity ($967 loan paydown + $8k appreciation (5.6% local appreciation)).
• Location reads 56/100 on livability (#525 in OK) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, employment B; Watch: crime F, amenities F, commute F.
• Cimarron (rural): math 15% / reading 20% proficiency, ranked #421 of 513 in OK (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Cimarron Es (math 17% / reading 12%, grade F, #604 of 845 statewide, top 76%, 134 students, 0% FRL); Cimarron Hs (math 24% / reading 24%, grade F, #150 of 447 statewide, top 48%, 39 students, 0% FRL) — zoned schools average 0% FRL vs 44% district-wide (44 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 3 active listings in the ZIP; 2 units permitted in Major County in 2024 (0 in 5+ unit buildings).
• Major County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $45k; list at $140k implies a 211% gain — meaningful room to come down on a strong offer.
• At projected returns (5.6% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 35 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
• 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.
• 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.