206 N Vine Ave

Cleveland, OK 74020

$74,500B+

3 bd · 2.0 ba · 1,788 sqft · Built 1930 · SingleFamily · Active · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,695/mo
• Mortgage (P&I): −$391
• Tax + insurance: −$78
• HOA: −$0
• Vac / Maint / Mgmt: −$356
• Net cashflow: $870/mo
• Annual: $10,440/yr
• Cap rate: 20.31%
• Cash-on-cash: 50.05%
• DSCR: 3.23
• 1% rule: 2.28%
• Cash to close: $20,860

Investor read

• This is a 3-bed/2.0-bath single-family listed at $74k.
• At list price, monthly cash flow is $870 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $74k).
• It's been on market 62 days — a 6% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $70k (6.0% below list) — sets the bar for market timing.
• In year one you build about $8k of equity ($515 loan paydown + $7k 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-, amenities F.
• 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.
• Zoned schools: Cleveland Primary Es (411 students, 0% FRL); Cleveland Ms (math 17% / reading 14%, grade F, #215 of 345 statewide, top 63%, 410 students, 0% FRL); Cleveland Hs (math 17% / reading 27%, grade F, #222 of 447 statewide, top 52%, 483 students, 0% FRL) — zoned schools average 0% FRL vs 56% district-wide (56 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 90 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.
• 4 sale attempts since 13y ago; this cycle's ask has dropped $13k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 20.3% vs local median 6.6% in Cleveland — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1930 — 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.