1511 E Broadway Ave

Enid, OK 73701

$61,500B+

3 bd · 1.0 ba · 1,968 sqft · Built 1920 · SingleFamily · Active · 268 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,102/mo
• Mortgage (P&I): −$323
• Tax + insurance: −$120
• HOA: −$0
• Vac / Maint / Mgmt: −$231
• Net cashflow: $428/mo
• Annual: $5,138/yr
• Cap rate: 14.65%
• Cash-on-cash: 29.83%
• DSCR: 2.33
• 1% rule: 1.79%
• Cash to close: $17,220

Investor read

• This is a 3-bed/1.0-bath single-family listed at $62k.
• At list price, monthly cash flow is $428 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $62k).
• It's been on market 268 days — a 12% lower offer ($54k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $54k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $425 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#212 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, crime F, amenities F.
• Enid (town): math 19% / reading 22% proficiency, ranked #168 of 270 in OK (top 62%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Garfield Es (math 15% / reading 14%, grade F, #604 of 845 statewide, top 76%, 570 students, 0% FRL); Enid Hs (math 14% / reading 26%, grade F, #236 of 447 statewide, top 61%, 2,252 students, 0% FRL) — zoned schools average 0% FRL vs 64% district-wide (64 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: Rents rising (+3.2%/yr); 84 active listings in the ZIP; 19 units permitted in Garfield County in 2024 (0 in 5+ unit buildings).
• Garfield County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 15y ago; this cycle's ask has dropped $4k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $23k; list at $62k implies a 167% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.2% rent growth), your $17k cash investment doubles in ~5 years — after that, you're playing with house money.
• 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 14.6% vs local median 5.0% in Enid — 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 268 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1920 — 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 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?
• 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.