16 S Indianola St

Pryor Creek, OK 74361

$155,000D

3 bd · 2.0 ba · 1,184 sqft · Built 1960 · SingleFamily · Active · 74 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,341/mo
• Mortgage (P&I): −$813
• Tax + insurance: −$158
• HOA: −$0
• Vac / Maint / Mgmt: −$282
• Net cashflow: $89/mo
• Annual: $1,063/yr
• Cap rate: 6.98%
• Cash-on-cash: 2.45%
• DSCR: 1.11
• 1% rule: 0.87%
• Cash to close: $43,400

Investor read

• This is a 3-bed/2.0-bath single-family listed at $155k.
• At list price, monthly cash flow is $89 ($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 $134k (13.5% below list).
• It's been on market 74 days — a 6% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $134k (13.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#51 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D-, amenities F, commute F.
• Pryor (town): math 24% / reading 21% proficiency, ranked #143 of 270 in OK (top 53%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Jefferson Es (math 27% / reading 27%, grade F, #311 of 845 statewide, top 40%, 281 students, 0% FRL); Pryor Ms (math 19% / reading 21%, grade F, #158 of 345 statewide, top 47%, 650 students, 0% FRL); Pryor Hs (math 27% / reading 32%, grade F, #96 of 447 statewide, top 26%, 800 students, 0% FRL) — zoned schools average 0% FRL vs 51% district-wide (51 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 162 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); 23 units permitted in Mayes County in 2024 (0 in 5+ unit buildings).
• Mayes County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $42k; list at $155k implies a 265% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.0% vs local median 3.8% in Pryor Creek — 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.

Questions for listing agent

• It's been on market 74 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• Built in 1960 — 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D 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?
• 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.