117 S Mather Ave

Manitou, OK 73555

$20,000D+

3 bd · 2.0 ba · 980 sqft · Built 1980 · Manufactured · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $985/mo
• Mortgage (P&I): −$105
• Tax + insurance: −$14
• HOA: −$0
• Vac / Maint / Mgmt: −$207
• Net cashflow: $659/mo
• Annual: $7,907/yr
• Cap rate: 45.83%
• Cash-on-cash: 141.19%
• DSCR: 7.28
• 1% rule: 4.93%
• Cash to close: $5,600

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $20k.
• At list price, monthly cash flow is $659 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($985 rent vs $20k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $738 of equity ($138 loan paydown + $600 appreciation (3.0% local appreciation)).
• Location reads 51/100 on livability (#648 in OK) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: amenities F, commute F, employment F.
• Tipton (rural): math 15% / reading 15% proficiency, ranked #471 of 513 in OK (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Tipton Es (math 8% / reading 17%, grade F, #652 of 845 statewide, top 79%, 149 students, 0% FRL); Tipton Hs (math 24% / reading 24%, grade F, #150 of 447 statewide, top 48%, 75 students, 0% FRL) — zoned schools average 0% FRL vs 68% district-wide (68 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 2 active listings in the ZIP.
• Tillman County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $6k; list at $20k implies a 233% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.
• 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.

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?
• 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.
• 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.