1011 Eula St

Altus, OK 73521

$124,000F

2 bd · 1.0 ba · 999 sqft · Built 1950 · SingleFamily · Active · 337 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $875/mo
• Mortgage (P&I): −$650
• Tax + insurance: −$81
• HOA: −$0
• Vac / Maint / Mgmt: −$184
• Net cashflow: $-40/mo
• Annual: $-476/yr
• Cap rate: 5.91%
• Cash-on-cash: -1.37%
• DSCR: 0.94
• 1% rule: 0.71%
• Cash to close: $34,720

Investor read

• This is a 2-bed/1.0-bath single-family listed at $124k.
• At list price, monthly cash flow is $-40 ($-476/yr) — negative.
• To cash-flow at today's rent, offer at most $117k (5.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $88k (29.4% below list).
• It's been on market 337 days — a 12% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $88k (29.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $857 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#151 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• Altus (town): math 31% / reading 28% proficiency, ranked #69 of 270 in OK (top 26%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Altus Early Childhood Center (390 students, 0% FRL); Altus Hs (math 21% / reading 26%, grade F, #218 of 447 statewide, top 49%, 921 students, 0% FRL) — zoned schools average 0% FRL vs 55% district-wide (55 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 165 active listings in the ZIP; 8 units permitted in Jackson County in 2024 (0 in 5+ unit buildings).
• Jackson County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 9y 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.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.9% vs local median 3.7% in Altus — 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

• 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?
• It's been on market 337 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
• Built in 1950 — 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?
• 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.