2313 8th St

Prague, OK 74864

$153,500D

3 bd · 2.0 ba · 1,215 sqft · Built 1983 · SingleFamily · Active · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,087/mo
• Mortgage (P&I): −$805
• Tax + insurance: −$204
• HOA: −$0
• Vac / Maint / Mgmt: −$228
• Net cashflow: $-150/mo
• Annual: $-1,804/yr
• Cap rate: 5.12%
• Cash-on-cash: -4.20%
• DSCR: 0.81
• 1% rule: 0.71%
• Cash to close: $42,980

Investor read

• This is a 3-bed/2.0-bath single-family listed at $154k.
• At list price, monthly cash flow is $-150 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $127k (17.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $109k (29.2% below list).
• It's been on market 42 days — a 3% lower offer ($149k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $109k (29.2% below list) — sets the bar for 1% rule.
• In year one you build about $15k of equity ($1k loan paydown + $14k appreciation (8.9% local appreciation)).
• Location reads 63/100 on livability (#197 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime B+; Watch: housing C-, amenities F, commute F.
• Prague (rural): math 31% / reading 36% proficiency, ranked #45 of 270 in OK (top 17%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Prague Es (math 44% / reading 42%, grade F, #80 of 845 statewide, top 10%, 534 students, 0% FRL); Prague Hs (math 24% / reading 34%, grade F, #96 of 447 statewide, top 26%, 321 students, 0% FRL) — zoned schools average 0% FRL vs 49% district-wide (49 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 46 active listings in the ZIP; 19 units permitted in Lincoln County in 2024 (0 in 5+ unit buildings).
• 3 sale attempts since 7y 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.
• By year 3, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.1% vs local median 3.6% in Prague — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 42 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.