617 E Gregory Ave

Apache, OK 73006

$98,900B

3 bd · 2.0 ba · 1,848 sqft · Built 2001 · Manufactured · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,204/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$80
• HOA: −$0
• Vac / Maint / Mgmt: −$253
• Net cashflow: $353/mo
• Annual: $4,232/yr
• Cap rate: 10.57%
• Cash-on-cash: 15.28%
• DSCR: 1.68
• 1% rule: 1.22%
• Cash to close: $27,692

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $99k.
• At list price, monthly cash flow is $353 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• It's been on market 20 days — a 2% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $97k (1.5% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($684 loan paydown + $3k appreciation (2.8% local appreciation)).
• Location reads 69/100 on livability (#55 in OK) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment D-.
• Boone-Apache (rural): math 18% / reading 20% proficiency, ranked #184 of 270 in OK (top 68%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Apache Es (math 27% / reading 12%, grade F, #479 of 845 statewide, top 63%, 235 students, 0% FRL); Apache Ms (math 8% / reading 22%, grade F, #226 of 345 statewide, top 67%, 124 students, 0% FRL); Apache Hs (math 24% / reading 34%, grade F, #96 of 447 statewide, top 26%, 158 students, 0% FRL) — zoned schools average 0% FRL vs 64% district-wide (64 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 18 active listings in the ZIP.
• Caddo County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $12k; list at $99k implies a 691% gain — meaningful room to come down on a strong offer.
• At projected returns (2.8% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$34k 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.

Questions for listing agent

• 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?
• 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.