123 Falconhead Dr

Burneyville, OK 73430

$39,000D-

1 bd · 1.0 ba · 676 sqft · Built 1974 · Condo · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $794/mo
• Mortgage (P&I): −$205
• Tax + insurance: −$37
• HOA: −$498
• Vac / Maint / Mgmt: −$167
• Net cashflow: $-112/mo
• Annual: $-1,346/yr
• Cap rate: 2.84%
• Cash-on-cash: -12.33%
• DSCR: 0.45
• 1% rule: 2.04%
• Cash to close: $10,920

Investor read

• This is a 1-bed/1.0-bath condo listed at $39k.
• At list price, monthly cash flow is $-112 ($-1k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($794 rent vs $39k).
• It's been on market 38 days — a 3% lower offer ($38k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $38k (3.0% below list) — sets the bar for market timing.
• In year one you build about $407 of equity ($270 loan paydown + $137 appreciation (0.3% local appreciation)).
• Location reads 68/100 on livability (#66 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A-; Watch: crime D+, schools D-, amenities F.
• Turner (rural): math 15% / reading 25% proficiency, ranked #395 of 513 in OK (top 77%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: HOA is 63% of rent.
• Market conditions: 87 active listings in the ZIP.
• Love County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 10y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $17k; list at $39k implies a 131% gain — meaningful room to come down on a strong offer.
• Cap rate 2.8% vs local median 1.6% in Burneyville — 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 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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 D 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?