406 N 2nd St

Ringling, OK 73456

$100,000D+

2 bd · 1.0 ba · 880 sqft · Built 1951 · SingleFamily · Pending · 162 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $849/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$60
• HOA: −$0
• Vac / Maint / Mgmt: −$178
• Net cashflow: $87/mo
• Annual: $1,046/yr
• Cap rate: 7.34%
• Cash-on-cash: 3.74%
• DSCR: 1.17
• 1% rule: 0.85%
• Cash to close: $28,000

Investor read

• This is a 2-bed/1.0-bath single-family listed at $100k.
• At list price, monthly cash flow is $87 ($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 $85k (15.1% below list).
• It's been on market 162 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $85k (15.1% below list) — sets the bar for 1% rule.
• In year one you build about $4k of equity ($691 loan paydown + $3k appreciation (3.0% local appreciation)).
• Location reads 61/100 on livability (#284 in OK) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: amenities F, commute F, employment F.
• Ringling (rural): math 15% / reading 20% proficiency, ranked #447 of 513 in OK (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Ringling Es (math 22% / reading 27%, grade F, #354 of 845 statewide, top 47%, 209 students, 0% FRL); Ringling Hs (math 30% / reading 30%, grade F, #76 of 447 statewide, top 20%, 96 students, 0% FRL) — zoned schools average 0% FRL vs 66% district-wide (66 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 11 active listings in the ZIP.
• Jefferson County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$31k 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 162 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• Built in 1951 — 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.