304 S Shannon St · Wayne, OK 73095

$64,900

3 bd · 1.5 ba · 1,152 sqft · SingleFamily · 140 Days on market

Built 1981 7,710 sqft lot Est $67k · at est.

---

Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +8.8/15.0
• Appreciation +7.3/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0

Listing remarks MLS

This property is conveniently located in the middle of Wayne. Hwy 77 runs through town and I-35 is only 5 minutes away making travel to OKC, and nearby Purcell and Pauls Valley really accessible. The lot consists of several shade trees making it desirable to be outdoors on a hot summer day. The property also includes two outbuildings including one storage shed and another metal building that could be used as a shop. The mobile home is 3 bedrooms which are all good sized rooms. Property is being sold As-Is.

Key facts

• 7,710 sq ft lot
• Built 1981
• Listed 139 days

Property features AI

Finance

• Other: Homestead exemption indicated; Occupied by owner
• Financial info: Sold as-is; financing options include cash and conventional; Assumable loan: No
• HOA & community: No mandatory association dues

Exterior

• Parking: Gravel parking
• Utilities: Cable available; Electricity available; Natural gas available; High-speed internet available; Public utilities
• Home design: Single-family residence; One story; West-facing; Residential property (move to site mobile home)
• Construction: Mobile construction; Composition roof; Conventional foundation; Built on a conventional foundation
• Exterior features: Covered porch; Open patio; Outbuildings; Chain-link fencing; Interior lot

Interior

• Kitchen: Free‑standing gas range/oven; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Combination flooring
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central electric heating
• Interior features: Combination flooring; One living area; One dining area; No fireplace; Not an in-law plan
• Laundry & utility: Washer and dryer included

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $406 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 61/100 on livability (#309 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Wayne (rural): math 11% / reading 19% proficiency, ranked #219 of 270 in OK (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Wayne Es (math 22% / reading 22%, grade F, #413 of 845 statewide, top 54%, 204 students, 0% FRL); Wayne Hs (math 5% / reading 24%, grade F, #332 of 447 statewide, top 78%, 146 students, 0% FRL) — zoned schools average 0% FRL vs 59% district-wide (59 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 30 active listings in the ZIP; 334 units permitted in McClain County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($449 loan paydown + $3k appreciation (4.5% local appreciation)).
• McClain County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (4.5% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 140 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $5k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $52k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• 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.

Recommended offer $57,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 140 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 1.67% ✓
• Cap rate: 13.80%
• Cash-on-cash: 26.81%
• DSCR: 2.19
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $66,816
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
506 S Scott St	0.28mi	3/2.0	1,184 (+3%)	10mo	$165,000	$139	72
407 S Fox St	0.16mi	3/1.0	1,028 (-11%)	2mo	$60,000	$58	71
315 W Meek St	0.31mi	3/1.0	1,150 (-0%)	16mo	$94,900	$83	70
200 W Barger St	0.21mi	2/1.0 (-1)	1,061 (-8%)	2mo	$40,000	$38	69
313 W Meek St	0.29mi	2/2.0 (-1)	1,230 (+7%)	8mo	$60,000	$49	62

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

4.52% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 35.5%
• Equity multiple: 3.15×
• Total profit: $39,083
• Equity at exit: $34,915

10-year hold

• IRR: 34.2%
• Equity multiple: 6.32×
• Total profit: $96,710
• Equity at exit: $58,773

Cash invested: $18,172 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Oklahoma: 83 Strongly Landlord-Friendly · R+20
• County: — inherits STATE
• City: — inherits STATE

5-day notice; strongly landlord-favorable.

Methodology + full state rankings →

ZIP-level market 73095

• Home prices YoY: 1.6%
• Active inventory: 30
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,082 medium
• Mortgage (P&I): −$340
• Tax est. 1.5%: −$81 /mo · $974/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$227
• Net cashflow: $406

Break-even live

Break-even rent $568

Max offer price $64,900

Occupancy floor 57%

Sensitivity live

Price	-10% $451	-5% $428	+0% $406	+5% $384	+10% $361
Rent	-10% $321	-5% $363	+0% $406	+5% $449	+10% $491
Rate	-1.0pp $439	-0.5pp $423	base $406	+0.5pp $389	+1.0pp $372

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $64,900 Active 140 DOM
2. 2026-06-21
   pricedays on market $64,900 Active 139 DOM
3. 2026-06-18
   days on market $69,900 Active 137 DOM
4. 2026-06-17
   days on market $69,900 Active 136 DOM
5. 2026-06-16
   days on market $69,900 Active 135 DOM
6. 2026-06-15
   days on market $69,900 Active 134 DOM
7. 2026-06-13
   days on market $69,900 Active 132 DOM
8. 2026-06-12
   days on market $69,900 Active 131 DOM
9. 2026-06-09
   days on market $69,900 Active 128 DOM
10. 2026-06-08
    days on market $69,900 Active 127 DOM
11. 2026-06-08
    days on market $69,900 Active 126 DOM
12. 2026-06-05
    days on market $69,900 Active 124 DOM
13. 2026-06-04
    days on market $69,900 Active 122 DOM
14. 2026-06-02
    days on market $69,900 Active 121 DOM
15. 2026-06-01
    days on market $69,900 Active 120 DOM
16. 2026-05-31
    days on market $69,900 Active 119 DOM
17. 2026-01-25
    listed $69,900 Active
18. 2023-12-13
    soldstatus $52,000 Closed 511-char remark

    Show marketing remark (511 chars)

    This property is conveniently located in the middle of Wayne. Hwy 77 runs through town and I-35 is only 5 minutes away making travel to OKC, and nearby Purcell and Pauls Valley really accessible. The lot consists of several shade trees making it desirable to be outdoors on a hot summer day. The property also includes two outbuildings including one storage shed and another metal building that could be used as a shop. The mobile home is 3 bedrooms which are all good sized rooms. Property is being sold As-Is.

19. 2023-11-05
    status Pending 511-char remark

    Show marketing remark (511 chars)

    This property is conveniently located in the middle of Wayne. Hwy 77 runs through town and I-35 is only 5 minutes away making travel to OKC, and nearby Purcell and Pauls Valley really accessible. The lot consists of several shade trees making it desirable to be outdoors on a hot summer day. The property also includes two outbuildings including one storage shed and another metal building that could be used as a shop. The mobile home is 3 bedrooms which are all good sized rooms. Property is being sold As-Is.

20. 2023-10-02
    price $59,900 511-char remark

    Show marketing remark (511 chars)

    This property is conveniently located in the middle of Wayne. Hwy 77 runs through town and I-35 is only 5 minutes away making travel to OKC, and nearby Purcell and Pauls Valley really accessible. The lot consists of several shade trees making it desirable to be outdoors on a hot summer day. The property also includes two outbuildings including one storage shed and another metal building that could be used as a shop. The mobile home is 3 bedrooms which are all good sized rooms. Property is being sold As-Is.

21. 2023-08-25
    listed $65,000 Active 511-char remark

    Show marketing remark (511 chars)

    This property is conveniently located in the middle of Wayne. Hwy 77 runs through town and I-35 is only 5 minutes away making travel to OKC, and nearby Purcell and Pauls Valley really accessible. The lot consists of several shade trees making it desirable to be outdoors on a hot summer day. The property also includes two outbuildings including one storage shed and another metal building that could be used as a shop. The mobile home is 3 bedrooms which are all good sized rooms. Property is being sold As-Is.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 6/10 Major 7 d/yr ≥108°F today · 18 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 7% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,980
• − Mortgage interest: −$3,635
• − Property taxes: −$974
• − Insurance: −$324
• − Repairs & maintenance: −$1,038
• − Management: −$1,038
• − Depreciation: −$1,888
• Taxable income: $4,082
• Est. tax owed @ 24.0%: −$980
• After-tax cash flow: $3,892/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Wayne
• NCES district ID: 4032010
• Math proficiency: 11% ▼ -17.00%
• Reading proficiency: 19% ▼ -8.00%
• Median HH income: $44,370
• Composite: 13.2/100
• National rank: #9554
• State rank: #219 of 270 in OK

Livability — Wayne

• Score: 61/100
• State rank: #309
• US rank: #17891

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment C+ Housing A+ Health & safety D- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wayne, OK
• Population (ZIP): 2,003

Population outlook (McClain County) Hauer SSP2

• Today (2025): 46,053 people
• By 2030: 50,081 · +8.7%
• By 2040: 58,231 · +26.4%
• By 2050: 66,276 · +43.9%
• By 2075: 86,558 · +88.0%
• By 2100: 100,421 · +118.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Native American 15% Hispanic / Latino 10% Two or more races 9% Black 2%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Lithuanian 2% Slovak 1% Italian 1%
• Foreign-born: 1% · Canada
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · McClain

• 2024 margin: Solid R (+60.6) · D 18.8% · R 79.5% · Other 1.7%
• 2008→2024 swing: -8.8pp toward R · 2008: -51.8pp · 2024: -60.6pp
• All cycles: 2024: R+60.6 2020: R+60.9 2016: R+60.9 2012: R+55.4 2008: R+51.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.52%
• Current HPI: 283.6558
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.55%
• F500 in state: 6

Industry mix (Fortune 500 HQ in OK)

Industry	F500 HQs	Revenue
▸Energy	3	$48B

Price history

+7.5% since first listed

5 events — show timeline

• 2026-01-25 Listed $69,900 MLSOK
• 2023-12-13 Sold (MLS) $52,000 MLSOK
• 2023-11-05 Pending — MLSOK
• 2023-10-02 Price Changed $59,900 MLSOK
• 2023-08-25 Listed $65,000 MLSOK