1311 N Dakota Ave

Mangum, OK 73554

$42,500B+

2 bd · 1.0 ba · 800 sqft · Built 1983 · SingleFamily · Active · 80 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $823/mo
• Mortgage (P&I): −$223
• Tax + insurance: −$29
• HOA: −$0
• Vac / Maint / Mgmt: −$173
• Net cashflow: $399/mo
• Annual: $4,787/yr
• Cap rate: 17.56%
• Cash-on-cash: 40.23%
• DSCR: 2.79
• 1% rule: 1.94%
• Cash to close: $11,900

Investor read

• This is a 2-bed/1.0-bath single-family listed at $42k.
• At list price, monthly cash flow is $399 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($823 rent vs $42k).
• It's been on market 80 days — a 6% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $40k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-2.5%/yr); year-one equity from $294 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#144 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: amenities F, commute F, employment F.
• Mangum (town): math 27% / reading 28% proficiency, ranked #89 of 270 in OK (top 33%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Edison Es (math 47% / reading 32%, grade F, #107 of 845 statewide, top 14%, 239 students, 0% FRL); Mangum Hs (math 15% / reading 24%, grade F, #274 of 447 statewide, top 66%, 175 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.
• Market conditions: 45 active listings in the ZIP.
• Greer County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-2.5% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 17.6% vs local median 7.8% in Mangum — 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 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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.
• 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.