34 Hickory

Wickliffe, OK 74365

$32,500B

3 bd · 2.0 ba · 1,844 sqft · Built 1995 · Manufactured · Pending · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,208/mo
• Mortgage (P&I): −$170
• Tax + insurance: −$78
• HOA: −$0
• Vac / Maint / Mgmt: −$254
• Net cashflow: $706/mo
• Annual: $8,469/yr
• Cap rate: 32.35%
• Cash-on-cash: 93.06%
• DSCR: 5.14
• 1% rule: 3.72%
• Cash to close: $9,100

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $32k.
• At list price, monthly cash flow is $706 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $32k).
• It's been on market 21 days — a 2% lower offer ($32k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $32k (1.5% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($225 loan paydown + $2k appreciation (5.5% local appreciation)).
• Location reads 63/100 on livability (#201 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Salina (rural): math 21% / reading 20% proficiency, ranked #173 of 270 in OK (top 64%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 23 active listings in the ZIP; 23 units permitted in Mayes County in 2024 (0 in 5+ unit buildings).
• Mayes County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $14k (30%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (5.5% appreciation + 3.0% rent growth), your $9k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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.