117 S 5th St

Noble, OK 73068

$124,900D-

2 bd · 1.0 ba · 728 sqft · Built 1940 · SingleFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $977/mo
• Mortgage (P&I): −$655
• Tax + insurance: −$126
• HOA: −$0
• Vac / Maint / Mgmt: −$205
• Net cashflow: $-10/mo
• Annual: $-114/yr
• Cap rate: 6.20%
• Cash-on-cash: -0.33%
• DSCR: 0.99
• 1% rule: 0.78%
• Cash to close: $34,972

Investor read

• This is a 2-bed/1.0-bath single-family listed at $125k.
• At list price, monthly cash flow is $-10 ($-114/yr) — negative.
• To cash-flow at today's rent, offer at most $123k (1.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $98k (21.8% below list).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $98k (21.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#107 in OK) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Noble (suburban): math 23% / reading 25% proficiency, ranked #108 of 270 in OK (top 40%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: John K Hubbard Es (math 27% / reading 27%, grade F, #311 of 845 statewide, top 40%, 646 students, 0% FRL); Curtis Inge Ms (math 18% / reading 20%, grade F, #178 of 345 statewide, top 52%, 712 students, 0% FRL); Noble Hs (math 17% / reading 27%, grade F, #222 of 447 statewide, top 52%, 883 students, 0% FRL) — zoned schools average 0% FRL vs 53% district-wide (53 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 215 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 592 units permitted in Cleveland County in 2024 (12 in 5+ unit buildings).
• Cleveland County population projected at +40% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $17k; list at $125k implies a 635% gain — meaningful room to come down on a strong offer.
• 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.
• Cap rate 6.2% vs local median 3.7% in Noble — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• This rent is only 16% of the median local income ($74k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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?
• Built in 1940 — 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?
• 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.