308 5th St

Spiro, OK 74959

$55,000B

3 bd · 2.0 ba · 1,184 sqft · Built 1989 · Manufactured · Active · 49 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $866/mo
• Mortgage (P&I): −$288
• Tax + insurance: −$41
• HOA: −$0
• Vac / Maint / Mgmt: −$182
• Net cashflow: $355/mo
• Annual: $4,255/yr
• Cap rate: 14.03%
• Cash-on-cash: 27.63%
• DSCR: 2.23
• 1% rule: 1.58%
• Cash to close: $15,400

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $55k.
• At list price, monthly cash flow is $355 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($866 rent vs $55k).
• It's been on market 49 days — a 3% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $53k (3.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($380 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 61/100 on livability (#275 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: amenities F, commute F, employment F.
• Spiro (rural): math 18% / reading 21% proficiency, ranked #178 of 270 in OK (top 66%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Spiro Es (math 22% / reading 22%, grade F, #413 of 845 statewide, top 54%, 571 students, 0% FRL); Spiro Hs (math 17% / reading 34%, grade F, #141 of 447 statewide, top 31%, 290 students, 0% FRL) — zoned schools average 0% FRL vs 62% district-wide (62 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 65 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 73 units permitted in Le Flore County in 2024 (0 in 5+ unit buildings).
• Le Flore County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk; 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

• It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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?
• 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.