1024 C St SW

Ardmore, OK 73401

$34,000B-

3 bd · 2.0 ba · 1,556 sqft · Built 1940 · SingleFamily · Pending · 87 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,412/mo
• Mortgage (P&I): −$178
• Tax + insurance: −$63
• HOA: −$0
• Vac / Maint / Mgmt: −$297
• Net cashflow: $875/mo
• Annual: $10,498/yr
• Cap rate: 37.17%
• Cash-on-cash: 110.27%
• DSCR: 5.91
• 1% rule: 4.15%
• Cash to close: $9,520

Investor read

• This is a 3-bed/2.0-bath single-family listed at $34k.
• At list price, monthly cash flow is $875 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $34k).
• It's been on market 87 days — a 6% lower offer ($32k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $32k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $235 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 58/100 on livability (#447 in OK) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Ardmore (town): math 12% / reading 15% proficiency, ranked #241 of 270 in OK (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Lincoln Es (math 18% / reading 14%, grade F, #582 of 845 statewide, top 69%, 326 students, 0% FRL); Ardmore Hs (math 12% / reading 17%, grade F, #348 of 447 statewide, top 79%, 751 students, 0% FRL) — zoned schools average 0% FRL vs 73% district-wide (73 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.4%/yr); 379 active listings in the ZIP; 73 units permitted in Carter County in 2024 (0 in 5+ unit buildings).
• Carter County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 7.4% rent growth), your $10k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 37.2% vs local median 4.6% in Ardmore — 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

• It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1940 — 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 F 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?
• 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.