622 N 10th St

Thomas, OK 73669

$82,500C

1 bd · 1.0 ba · 730 sqft · Built 1920 · SingleFamily · Active · 803 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $795/mo
• Mortgage (P&I): −$433
• Tax + insurance: −$75
• HOA: −$0
• Vac / Maint / Mgmt: −$167
• Net cashflow: $120/mo
• Annual: $1,442/yr
• Cap rate: 8.04%
• Cash-on-cash: 6.24%
• DSCR: 1.28
• 1% rule: 0.96%
• Cash to close: $23,100

Investor read

• This is a 1-bed/1.0-bath single-family listed at $82k.
• At list price, monthly cash flow is $120 ($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 $79k (3.7% below list).
• It's been on market 803 days — a 12% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $73k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($570 loan paydown + $1k appreciation (1.7% local appreciation)).
• Location reads 65/100 on livability (#142 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Thomas-Fay-Custer Unified District (rural): math 41% / reading 40% proficiency, ranked #18 of 270 in OK (top 7%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Thomas Es (math 57% / reading 42%, grade D, #42 of 845 statewide, top 5%, 260 students, 0% FRL); Thomas-Fay-Custer Unified Hs (math 30% / reading 50%, grade F, #25 of 447 statewide, top 8%, 93 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.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 14 active listings in the ZIP; 28 units permitted in Custer County in 2024 (5 in 5+ unit buildings).
• Custer County population projected at +47% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 4y 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.
• Current owner paid $62k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (1.7% appreciation + 3.0% rent growth), your $23k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 6→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 803 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1920 — 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.
• 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.