604 Del Norte Ave

Wister, OK 74966

$1F

3 bd · 2.0 ba · 1,755 sqft · Built 1965 · SingleFamily · Active · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,200/mo
• Mortgage (P&I): −$1,344
• Tax + insurance: −$427
• HOA: −$0
• Vac / Maint / Mgmt: −$252
• Net cashflow: $-823/mo
• Annual: $-9,873/yr
• Cap rate: 2.44%
• Cash-on-cash: -13.76%
• DSCR: 0.39
• 1% rule: 0.47%
• Cash to close: $71,744

Investor read

• This is a 3-bed/2.0-bath single-family listed at $1.
• At list price, monthly cash flow is $-823 ($-10k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $1).
• It's been on market 24 days — a 2% lower offer ($0) is reasonable based on typical stale-listing flexibility.
• In year one you build about $21k of equity ($2k loan paydown + $19k appreciation (7.5% local appreciation)).
• Location reads 61/100 on livability (#320 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: amenities F, commute F, employment F.
• Wister (rural): math 12% / reading 15% proficiency, ranked #240 of 270 in OK (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Wister Es (math 12% / reading 12%, grade F, #667 of 845 statewide, top 82%, 335 students, 0% FRL); Wister Hs (math 5% / reading 24%, grade F, #332 of 447 statewide, top 78%, 167 students, 0% FRL) — zoned schools average 0% FRL vs 66% district-wide (66 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: property tax is 384345.0% of price.
• Market conditions: 53 active listings in the ZIP; 73 units permitted in Le Flore County in 2024 (0 in 5+ unit buildings).
• Le Flore County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• By year 2, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→21/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?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.