415 S Washington St

Arnett, OK 73832

$120,000C

2 bd · 1.0 ba · 1,551 sqft · Built 1961 · SingleFamily · Active · 233 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,045/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$86
• HOA: −$0
• Vac / Maint / Mgmt: −$219
• Net cashflow: $110/mo
• Annual: $1,316/yr
• Cap rate: 7.39%
• Cash-on-cash: 3.92%
• DSCR: 1.17
• 1% rule: 0.87%
• Cash to close: $33,600

Investor read

• This is a 2-bed/1.0-bath single-family listed at $120k.
• At list price, monthly cash flow is $110 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $104k (12.9% below list).
• It's been on market 233 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $104k (12.9% below list) — sets the bar for 1% rule.
• In year one you build about $10k of equity ($830 loan paydown + $9k appreciation (7.4% local appreciation)).
• Location reads 60/100 on livability (#359 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, health & safety C-, crime F.
• Arnett (rural): math 40% / reading 35% proficiency, ranked #118 of 513 in OK (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 2 active listings in the ZIP.
• Ellis County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 6y 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.
• Current owner paid $30k; list at $120k implies a 300% gain — meaningful room to come down on a strong offer.
• At projected returns (7.4% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→19/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 233 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• Built in 1961 — 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.
• 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.
• 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.