904 S D And H St

Cleveland, OK 74020

$215,000C

3 bd · 1.5 ba · 1,690 sqft · Built 1969 · SingleFamily · Pending · 89 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,685/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$127
• HOA: −$0
• Vac / Maint / Mgmt: −$354
• Net cashflow: $77/mo
• Annual: $924/yr
• Cap rate: 6.72%
• Cash-on-cash: 1.53%
• DSCR: 1.07
• 1% rule: 0.78%
• Cash to close: $60,200

Investor read

• This is a 3-bed/1.5-bath single-family listed at $215k.
• At list price, monthly cash flow is $77 ($924/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 $168k (21.6% below list).
• It's been on market 89 days — a 6% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $168k (21.6% below list) — sets the bar for 1% rule.
• In year one you build about $23k of equity ($1k loan paydown + $22k appreciation (10.0% local appreciation)).
• Location reads 67/100 on livability (#93 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, employment C-, schools D-.
• Cleveland (town): math 21% / reading 19% proficiency, ranked #169 of 270 in OK (top 63%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 86 active listings in the ZIP; 3 units permitted in Pawnee County in 2024 (0 in 5+ unit buildings).
• Pawnee County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $60k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$37k 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.

Questions for listing agent

• It's been on market 89 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
• Built in 1969 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.