111 S Chickasaw Ave

Bartlesville, OK 74003

$127,000C+

4 bd · 1.0 ba · 1,146 sqft · Built 1920 · SingleFamily · Active · 171 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,282/mo
• Mortgage (P&I): −$666
• Tax + insurance: −$179
• HOA: −$0
• Vac / Maint / Mgmt: −$269
• Net cashflow: $168/mo
• Annual: $2,016/yr
• Cap rate: 7.88%
• Cash-on-cash: 5.67%
• DSCR: 1.25
• 1% rule: 1.01%
• Cash to close: $35,560

Investor read

• This is a 4-bed/1.0-bath single-family listed at $127k.
• At list price, monthly cash flow is $168 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $127k).
• It's been on market 171 days — a 12% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $112k (12.0% below list) — sets the bar for market timing.
• In year one you build about $14k of equity ($878 loan paydown + $13k appreciation (10.0% local appreciation)).
• Location reads 64/100 on livability (#175 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, crime D+, amenities F.
• Bartlesville (town): math 30% / reading 29% proficiency, ranked #59 of 270 in OK (top 22%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Richard Kane Es (math 22% / reading 17%, grade F, #479 of 845 statewide, top 63%, 514 students, 0% FRL); Central Ms (math 29% / reading 29%, grade F, #55 of 345 statewide, top 16%, 671 students, 0% FRL); Bartlesville Hs (math 38% / reading 45%, grade F, #23 of 447 statewide, top 5%, 1,642 students, 0% FRL) — zoned schools average 0% FRL vs 43% district-wide (43 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 137 active listings in the ZIP; 46 units permitted in Washington County in 2024 (0 in 5+ unit buildings).
• Washington County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 9y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.9% vs local median 4.7% in Bartlesville — 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 171 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1920 — 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?
• Crime grade is D 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.