208 Chronister Ave

Drumright, OK 74030

$129,000C+

3 bd · 2.0 ba · 1,423 sqft · Built 1948 · SingleFamily · Pending · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,230/mo
• Mortgage (P&I): −$676
• Tax + insurance: −$88
• HOA: −$0
• Vac / Maint / Mgmt: −$258
• Net cashflow: $207/mo
• Annual: $2,486/yr
• Cap rate: 8.22%
• Cash-on-cash: 6.88%
• DSCR: 1.31
• 1% rule: 0.95%
• Cash to close: $36,120

Investor read

• This is a 3-bed/2.0-bath single-family listed at $129k.
• At list price, monthly cash flow is $207 ($2k/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 $123k (4.7% below list).
• It's been on market 25 days — a 2% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $123k (4.7% below list) — sets the bar for 1% rule.
• In year one you build about $2k of equity ($892 loan paydown + $1k appreciation (1.1% local appreciation)).
• Location reads 66/100 on livability (#102 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-, crime B; Watch: schools F, amenities F, commute F.
• Oak Grove (rural): math 30% / reading 50% proficiency, ranked #95 of 513 in OK (top 18%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 39 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 (1.1% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~7 years — after that, you're playing with house money.
• 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.

Questions for listing agent

• Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.