604 Indiana Ave

Optima, OK 73942

$185,000D

5 bd · 2.0 ba · 2,072 sqft · Built 1998 · Manufactured · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,430/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$164
• HOA: −$0
• Vac / Maint / Mgmt: −$300
• Net cashflow: $-4/mo
• Annual: $-46/yr
• Cap rate: 6.27%
• Cash-on-cash: -0.09%
• DSCR: 1.00
• 1% rule: 0.77%
• Cash to close: $51,800

Investor read

• This is a 5-bed/2.0-bath manufactured listed at $185k.
• At list price, monthly cash flow is $-4 ($-46/yr) — negative.
• To cash-flow at today's rent, offer at most $184k (0.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $143k (22.7% below list).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $143k (22.7% 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 $6k of value loss. Plan a longer hold.
• Location reads 58/100 on livability (#421 in OK) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D, schools F.
• Market conditions: 44 active listings in the ZIP; 4 units permitted in Texas County in 2024 (0 in 5+ unit buildings).
• Texas County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $90k; list at $185k implies a 106% 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.

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?
• 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?
• Crime grade is F 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.
• 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.