120 S 6th St

Porter, OK 74454

$93,000D-

2 bd · 2.0 ba · 900 sqft · Built 2024 · Manufactured · Pending · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $648/mo
• Mortgage (P&I): −$488
• Tax + insurance: −$98
• HOA: −$0
• Vac / Maint / Mgmt: −$136
• Net cashflow: $-73/mo
• Annual: $-881/yr
• Cap rate: 5.35%
• Cash-on-cash: -3.38%
• DSCR: 0.85
• 1% rule: 0.70%
• Cash to close: $26,040

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $93k.
• At list price, monthly cash flow is $-73 ($-881/yr) — negative.
• To cash-flow at today's rent, offer at most $80k (13.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $65k (30.3% below list).
• It's been on market 41 days — a 3% lower offer ($90k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $65k (30.3% below list) — sets the bar for 1% rule.
• In year one you build about $4k of equity ($643 loan paydown + $4k appreciation (3.9% local appreciation)).
• Location reads 58/100 on livability (#417 in OK) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime F, amenities F.
• Porter Consolidated (rural): math 7% / reading 17% proficiency, ranked #243 of 270 in OK (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Porter Consolidated Es (math 7% / reading 18%, grade F, #648 of 845 statewide, top 77%, 397 students, 0% FRL); Porter Consolidated Hs (math 5% / reading 15%, grade F, #361 of 447 statewide, top 94%, 155 students, 0% FRL) — zoned schools average 0% FRL vs 53% district-wide (53 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 39 active listings in the ZIP; 581 units permitted in Wagoner County in 2024 (0 in 5+ unit buildings).
• Wagoner County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.9% appreciation + 3.0% rent growth), your $26k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 41 days. Have you received any prior offers? Is the seller open to a 30% 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 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?
• 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.