20918 E 35th St S

Broken Arrow, OK 74014

$179,900C+

3 bd · 2.0 ba · 1,536 sqft · Built 1980 · SingleFamily · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,834/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$143
• HOA: −$0
• Vac / Maint / Mgmt: −$385
• Net cashflow: $362/mo
• Annual: $4,348/yr
• Cap rate: 8.71%
• Cash-on-cash: 8.63%
• DSCR: 1.38
• 1% rule: 1.02%
• Cash to close: $50,372

Investor read

• This is a 3-bed/2.0-bath single-family listed at $180k.
• At list price, monthly cash flow is $362 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#7 in OK, #2,691 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities F.
• Broken Arrow (suburban): math 23% / reading 28% proficiency, ranked #79 of 270 in OK (top 29%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Country Lane Intermediate Es (math 31% / reading 32%, grade F, #241 of 845 statewide, top 29%, 747 students, 0% FRL); Centennial Ms (math 19% / reading 26%, grade F, #122 of 345 statewide, top 37%, 1,121 students, 0% FRL); Broken Arrow Hs (math 22% / reading 36%, grade F, #120 of 447 statewide, top 27%, 4,589 students, 0% FRL) — zoned schools average 0% FRL vs 33% district-wide (33 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+2.1%/yr); 655 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 581 units permitted in Wagoner County in 2024 (0 in 5+ unit buildings).
• Wagoner County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $42k; list at $180k implies a 328% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.7% vs local median 4.0% in Broken Arrow — 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

• 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?
• 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.