202 N Elm Ave

Union City, OK 73090

$131,100C

2 bd · 1.0 ba · 1,302 sqft · Built 1940 · SingleFamily · Active · 115 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,064/mo
• Mortgage (P&I): −$688
• Tax + insurance: −$251
• HOA: −$0
• Vac / Maint / Mgmt: −$223
• Net cashflow: $-98/mo
• Annual: $-1,177/yr
• Cap rate: 6.54%
• Cash-on-cash: 0.89%
• DSCR: 1.04
• 1% rule: 0.81%
• Cash to close: $36,708

Investor read

• This is a 2-bed/1.0-bath single-family listed at $131k.
• At list price, monthly cash flow is $-98 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $114k (13.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $106k (18.9% below list).
• It's been on market 115 days — a 9% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $106k (18.9% below list) — sets the bar for 1% rule.
• In year one you build about $13k of equity ($906 loan paydown + $12k appreciation (9.5% local appreciation)).
• Location reads 66/100 on livability (#104 in OK) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Union City (rural): math 25% / reading 25% proficiency, ranked #306 of 513 in OK (top 60%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Union City Es (math 27% / reading 22%, grade F, #354 of 845 statewide, top 47%, 206 students, 0% FRL); Union City Hs (math 15% / reading 15%, grade F, #323 of 447 statewide, top 74%, 96 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.
• Watch-outs: flood insurance adds $125/mo; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 11 active listings in the ZIP; 260 units permitted in Canadian County in 2024 (0 in 5+ unit buildings).
• Canadian County population projected at +64% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 4y ago; this cycle's ask has dropped $19k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $80k; list at $131k implies a 64% gain — meaningful room to come down on a strong offer.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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?
• It's been on market 115 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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.