519 S Oak Ave

Erick, OK 73645

$184,900D-

4 bd · 2.0 ba · 2,040 sqft · Built 1980 · SingleFamily · Active · 327 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,287/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$123
• HOA: −$0
• Vac / Maint / Mgmt: −$270
• Net cashflow: $-75/mo
• Annual: $-904/yr
• Cap rate: 5.80%
• Cash-on-cash: -1.75%
• DSCR: 0.92
• 1% rule: 0.70%
• Cash to close: $51,772

Investor read

• This is a 4-bed/2.0-bath single-family listed at $185k.
• At list price, monthly cash flow is $-75 ($-904/yr) — negative.
• To cash-flow at today's rent, offer at most $172k (7.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $129k (30.4% below list).
• It's been on market 327 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $129k (30.4% below list) — sets the bar for 1% rule.
• In year one you build about $10k of equity ($1k loan paydown + $8k appreciation (4.6% local appreciation)).
• Location reads 63/100 on livability (#218 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime B+, housing B+; Watch: amenities F, commute F, employment F.
• Erick (rural): math 50% / reading 60% proficiency, ranked #19 of 513 in OK (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Erick Es (math 52% / reading 57%, grade C, #23 of 845 statewide, top 3%, 152 students, 0% FRL); Erick Hs (math 24% / reading 24%, grade F, #150 of 447 statewide, top 48%, 57 students, 0% FRL) — zoned schools average 0% FRL vs 44% district-wide (44 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 40% at this address vs 55% district-wide (-16 pts) — the specific schools serving this property underperform the Erick average; the district grade overstates school quality for this exact location.
• Market conditions: 19 active listings in the ZIP; 16 units permitted in Beckham County in 2024 (0 in 5+ unit buildings).
• Beckham County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (4.6% appreciation + 3.0% rent growth), your $52k cash investment doubles in ~5 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: 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

• 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 327 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
• 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.
• 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.
• 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.