220 E Sullivan Rd

Mulhall, OK 73063

$150,000C-

4 bd · 2.0 ba · 2,979 sqft · Built 1900 · SingleFamily · Pending · 80 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,321/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$119
• HOA: −$0
• Vac / Maint / Mgmt: −$277
• Net cashflow: $138/mo
• Annual: $1,652/yr
• Cap rate: 7.39%
• Cash-on-cash: 3.93%
• DSCR: 1.17
• 1% rule: 0.88%
• Cash to close: $42,000

Investor read

• This is a 4-bed/2.0-bath single-family listed at $150k.
• At list price, monthly cash flow is $138 ($2k/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 $132k (12.0% below list).
• It's been on market 80 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $132k (12.0% below list) — sets the bar for 1% rule.
• In year one you build about $519 of equity ($1k loan paydown + $-518 appreciation (-0.3% local appreciation)).
• Location reads 57/100 on livability (#491 in OK) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: employment D, crime F, amenities F.
• Mulhall-Orlando (rural): math 50% / reading 50% proficiency, ranked #33 of 513 in OK (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Mulhall-Orlando Es (math 42% / reading 37%, grade F, #107 of 845 statewide, top 14%, 162 students, 0% FRL); Mulhall-Orlando Hs (math 75% / reading 24%, grade D+, #5 of 447 statewide, top 2%, 62 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: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 8 active listings in the ZIP; 102 units permitted in Logan County in 2024 (0 in 5+ unit buildings).
• Logan County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 8 sale attempts since 18y ago; this cycle's ask has dropped $20k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; list at $150k implies a 150% gain — meaningful room to come down on a strong offer.
• At projected returns (-0.3% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: moderate 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 80 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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.
• 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?
• 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.