622 N Lake Ave

Davenport, OK 74026

$59,000B+

3 bd · 1.0 ba · 1,280 sqft · Built 1951 · SingleFamily · Pending · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,171/mo
• Mortgage (P&I): −$309
• Tax + insurance: −$98
• HOA: −$0
• Vac / Maint / Mgmt: −$246
• Net cashflow: $517/mo
• Annual: $6,207/yr
• Cap rate: 16.81%
• Cash-on-cash: 37.57%
• DSCR: 2.67
• 1% rule: 1.98%
• Cash to close: $16,520

Investor read

• This is a 3-bed/1.0-bath single-family listed at $59k. Condition is rated poor.
• At list price, monthly cash flow is $517 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $59k).
• It's been on market 20 days — a 2% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $58k (1.5% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($408 loan paydown + $6k appreciation (10.0% local appreciation)).
• Location reads 61/100 on livability (#294 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Davenport (rural): math 25% / reading 25% proficiency, ranked #335 of 513 in OK (top 65%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Davenport Es (math 22% / reading 32%, grade F, #311 of 845 statewide, top 40%, 276 students, 0% FRL); Davenport Hs (math 15% / reading 10%, grade F, #354 of 447 statewide, top 79%, 99 students, 0% FRL) — zoned schools average 0% FRL vs 51% district-wide (51 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 4 active listings in the ZIP; 19 units permitted in Lincoln County in 2024 (0 in 5+ unit buildings).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1951 — 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Exposed wiring — Safety hazard
• Major: Structural damage — Structural integrity compromised