414 S 3rd St

Byars, OK 74831

$65,900B+

3 bd · 2.0 ba · 1,164 sqft · Built 1970 · SingleFamily · Active · 201 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,090/mo
• Mortgage (P&I): −$346
• Tax + insurance: −$78
• HOA: −$0
• Vac / Maint / Mgmt: −$229
• Net cashflow: $438/mo
• Annual: $5,252/yr
• Cap rate: 14.26%
• Cash-on-cash: 28.46%
• DSCR: 2.27
• 1% rule: 1.65%
• Cash to close: $18,452

Investor read

• This is a 3-bed/2.0-bath single-family listed at $66k.
• At list price, monthly cash flow is $438 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $66k).
• It's been on market 201 days — a 12% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $58k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($456 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 54/100 on livability (#595 in OK) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B+; Watch: employment D, crime F, amenities F.
• Wayne (rural): math 11% / reading 19% proficiency, ranked #219 of 270 in OK (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Wayne Es (math 22% / reading 22%, grade F, #413 of 845 statewide, top 54%, 204 students, 0% FRL); Wayne Ms (math 2% / reading 12%, grade F, #311 of 345 statewide, top 92%, 99 students, 0% FRL); Wayne Hs (math 5% / reading 24%, grade F, #332 of 447 statewide, top 78%, 146 students, 0% FRL) — zoned schools average 0% FRL vs 59% district-wide (59 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 14 active listings in the ZIP; 334 units permitted in McClain County in 2024 (0 in 5+ unit buildings).
• McClain County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $4k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; list at $66k implies a 65% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.
• 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.

Questions for listing agent

• It's been on market 201 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1970 — 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 F-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.