514 E Noc Dr

Tonkawa, OK 74653

$40,000B+

2 bd · 1.0 ba · 994 sqft · Built 1920 · SingleFamily · Active · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $881/mo
• Mortgage (P&I): −$210
• Tax + insurance: −$43
• HOA: −$0
• Vac / Maint / Mgmt: −$185
• Net cashflow: $443/mo
• Annual: $5,314/yr
• Cap rate: 19.58%
• Cash-on-cash: 47.44%
• DSCR: 3.11
• 1% rule: 2.20%
• Cash to close: $11,200

Investor read

• This is a 2-bed/1.0-bath single-family listed at $40k.
• At list price, monthly cash flow is $443 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($881 rent vs $40k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-1.3%/yr); year-one equity from $277 of loan paydown is wiped out by about $515 of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#99 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, schools F, amenities F.
• Tonkawa (town): math 16% / reading 22% proficiency, ranked #179 of 270 in OK (top 66%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 17 active listings in the ZIP; 11 units permitted in Kay County in 2024 (0 in 5+ unit buildings).
• Kay County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $24k; list at $40k implies a 70% gain — meaningful room to come down on a strong offer.
• At projected returns (-1.3% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: 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 1920 — 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.