1513 Leahy Ave

Pawhuska, OK 74056

$152,000F

3 bd · 2.0 ba · 1,404 sqft · Built 1935 · SingleFamily · Pending · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,153/mo
• Mortgage (P&I): −$797
• Tax + insurance: −$167
• HOA: −$0
• Vac / Maint / Mgmt: −$242
• Net cashflow: $-54/mo
• Annual: $-646/yr
• Cap rate: 5.87%
• Cash-on-cash: -1.52%
• DSCR: 0.93
• 1% rule: 0.76%
• Cash to close: $42,560

Investor read

• This is a 3-bed/2.0-bath single-family listed at $152k.
• At list price, monthly cash flow is $-54 ($-646/yr) — negative.
• To cash-flow at today's rent, offer at most $142k (6.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $115k (24.2% below list).
• It's been on market 62 days — a 6% lower offer ($143k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $115k (24.2% below list) — sets the bar for 1% rule.
• In year one you build about $10k of equity ($1k loan paydown + $9k appreciation (5.7% local appreciation)).
• Location reads 70/100 on livability (#37 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, schools F, amenities F.
• Pawhuska (town): math 9% / reading 13% proficiency, ranked #248 of 270 in OK (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 33 active listings in the ZIP; 89 units permitted in Osage County in 2024 (0 in 5+ unit buildings).
• Osage County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 5 sale attempts since 6y 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 $121k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (5.7% appreciation + 3.0% rent growth), your $43k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→19/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?
• It's been on market 62 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
• Built in 1935 — 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 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 D 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?