300 N 2nd

Cleo Springs, OK 73729

$60,000B+

2 bd · 2.0 ba · 1,120 sqft · Built 2019 · Manufactured · Active · 253 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,008/mo
• Mortgage (P&I): −$315
• Tax + insurance: −$74
• HOA: −$0
• Vac / Maint / Mgmt: −$212
• Net cashflow: $408/mo
• Annual: $4,896/yr
• Cap rate: 14.45%
• Cash-on-cash: 29.15%
• DSCR: 2.30
• 1% rule: 1.68%
• Cash to close: $16,800

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $60k.
• At list price, monthly cash flow is $408 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• It's been on market 253 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($415 loan paydown + $2k appreciation (3.1% local appreciation)).
• Location reads 58/100 on livability (#410 in OK) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: schools D+, employment D, crime F.
• Aline-Cleo (rural): math 35% / reading 30% proficiency, ranked #194 of 513 in OK (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 2 active listings in the ZIP; 2 units permitted in Major County in 2024 (0 in 5+ unit buildings).
• Major County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts; this cycle's ask has dropped $25k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (3.1% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~3 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 253 days. Have you received any prior offers? Is the seller open to a 12% 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.
• 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?
• 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.