62000 E 315th Loop #23

Grove, OK 74344

$127,000D

2 bd · 2.0 ba · 1,024 sqft · Built 2011 · Manufactured · Active · 135 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,242/mo
• Mortgage (P&I): −$666
• Tax + insurance: −$278
• HOA: −$34
• Vac / Maint / Mgmt: −$261
• Net cashflow: $3/mo
• Annual: $35/yr
• Cap rate: 6.95%
• Cash-on-cash: 2.34%
• DSCR: 1.10
• 1% rule: 0.98%
• Cash to close: $35,560

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $127k. Condition is rated fair.
• At list price, monthly cash flow is $3 ($35/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $124k (2.2% below list).
• It's been on market 135 days — a 12% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $112k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $878 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#361 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: employment D+, crime D, amenities F.
• Grove (town): math 26% / reading 31% proficiency, ranked #77 of 270 in OK (top 28%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Grove Lower Es (math 37% / reading 37%, grade F, #132 of 845 statewide, top 19%, 848 students, 0% FRL); Grove Upper Es (math 23% / reading 33%, grade F, #64 of 345 statewide, top 19%, 507 students, 0% FRL); Grove Hs (math 17% / reading 27%, grade F, #222 of 447 statewide, top 52%, 782 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: flood insurance adds $66/mo.
• Market conditions: 118 active listings in the ZIP; 51 units permitted in Delaware County in 2024 (0 in 5+ unit buildings).
• Delaware County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Climate carrying-cost: major flood risk; major wildfire risk; extreme-heat days projected 7→22/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 135 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 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?

Repairs flagged (vision-AI assessment)

• Minor: Landscaping — Overgrown areas need trimming.
• Minor: Exterior paint — Light wear on siding suggests touch-up needed.