204 N Asp St

Ripley, OK 74062

$25,000B+

1 bd · 1.0 ba · 828 sqft · Built 1900 · SingleFamily · Pending · 74 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $835/mo
• Mortgage (P&I): −$131
• Tax + insurance: −$42
• HOA: −$0
• Vac / Maint / Mgmt: −$175
• Net cashflow: $487/mo
• Annual: $5,843/yr
• Cap rate: 29.66%
• Cash-on-cash: 83.47%
• DSCR: 4.71
• 1% rule: 3.34%
• Cash to close: $7,000

Investor read

• This is a 1-bed/1.0-bath single-family listed at $25k. Condition is rated poor.
• At list price, monthly cash flow is $487 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($835 rent vs $25k).
• It's been on market 74 days — a 6% lower offer ($24k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $24k (6.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($173 loan paydown + $2k appreciation (8.9% local appreciation)).
• Location reads 63/100 on livability (#234 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities F.
• Ripley (rural): math 18% / reading 23% proficiency, ranked #159 of 270 in OK (top 59%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 9 active listings in the ZIP; 182 units permitted in Payne County in 2024 (12 in 5+ unit buildings).
• Payne County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (8.9% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: moderate 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 74 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Significant damage visible
• Major: siding — Weathered and peeling
• Major: landscaping — Overgrown and unkempt