403 Fir St

Wellston, OK 74881

$110,000D+

2 bd · 1.0 ba · 720 sqft · Built 1920 · SingleFamily · Active · 60 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $823/mo
• Mortgage (P&I): −$577
• Tax + insurance: −$103
• HOA: −$0
• Vac / Maint / Mgmt: −$173
• Net cashflow: $-29/mo
• Annual: $-352/yr
• Cap rate: 5.97%
• Cash-on-cash: -1.14%
• DSCR: 0.95
• 1% rule: 0.75%
• Cash to close: $30,800

Investor read

• This is a 2-bed/1.0-bath single-family listed at $110k.
• At list price, monthly cash flow is $-29 ($-352/yr) — negative.
• To cash-flow at today's rent, offer at most $105k (4.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $82k (25.2% below list).
• It's been on market 60 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $82k (25.2% below list) — sets the bar for 1% rule.
• In year one you build about $11k of equity ($761 loan paydown + $10k appreciation (9.2% local appreciation)).
• Location reads 62/100 on livability (#248 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime B+; Watch: amenities F, commute F, health & safety D-.
• Wellston (rural): math 26% / reading 34% proficiency, ranked #59 of 270 in OK (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Wellston Es (math 32% / reading 37%, grade F, #168 of 845 statewide, top 24%, 259 students, 0% FRL); Wellston Ms (math 17% / reading 27%, grade F, #129 of 345 statewide, top 42%, 126 students, 0% FRL); Wellston Hs (math 34% / reading 34%, grade F, #48 of 447 statewide, top 14%, 129 students, 0% FRL) — zoned schools average 0% FRL vs 46% district-wide (46 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: 81 active listings in the ZIP; 19 units permitted in Lincoln County in 2024 (0 in 5+ unit buildings).
• 5 sale attempts since 20y 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 $66k; list at $110k implies a 68% gain — meaningful room to come down on a strong offer.
• At projected returns (9.2% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.0% vs local median 3.1% in Wellston — 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 60 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.