1001 Summit St

Henryetta, OK 74437

$132,900D

2 bd · 2.0 ba · 998 sqft · Built 1949 · SingleFamily · Active · 53 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $883/mo
• Mortgage (P&I): −$697
• Tax + insurance: −$86
• HOA: −$0
• Vac / Maint / Mgmt: −$185
• Net cashflow: $-85/mo
• Annual: $-1,026/yr
• Cap rate: 5.52%
• Cash-on-cash: -2.76%
• DSCR: 0.88
• 1% rule: 0.66%
• Cash to close: $37,212

Investor read

• This is a 2-bed/2.0-bath single-family listed at $133k.
• At list price, monthly cash flow is $-85 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $118k (11.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $88k (33.6% below list).
• It's been on market 53 days — a 3% lower offer ($129k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $88k (33.6% below list) — sets the bar for 1% rule.
• In year one you build about $14k of equity ($919 loan paydown + $13k appreciation (10.0% local appreciation)).
• Location reads 54/100 on livability (#589 in OK) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Henryetta (town): math 11% / reading 19% proficiency, ranked #228 of 270 in OK (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Henryetta Es (math 13% / reading 19%, grade F, #582 of 845 statewide, top 69%, 529 students, 0% FRL); Henryetta Ms (math 7% / reading 20%, grade F, #252 of 345 statewide, top 74%, 242 students, 0% FRL); Henryetta Hs (math 12% / reading 22%, grade F, #314 of 447 statewide, top 72%, 301 students, 0% FRL) — zoned schools average 0% FRL vs 65% district-wide (65 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 90 active listings in the ZIP; 12 units permitted in Okmulgee County in 2024 (0 in 5+ unit buildings).
• Okmulgee County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $48k; list at $133k implies a 177% gain — meaningful room to come down on a strong offer.
• By year 3, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.5% vs local median 4.0% in Henryetta — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 53 days. Have you received any prior offers? Is the seller open to a 34% concession, seller financing, or rate buy-down credit?
• Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.