915 Asp

Sparks, OK 74869

$125,000C

3 bd · 2.0 ba · 1,568 sqft · Built 1985 · Manufactured · Active · 93 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,176/mo
• Mortgage (P&I): −$656
• Tax + insurance: −$112
• HOA: −$0
• Vac / Maint / Mgmt: −$247
• Net cashflow: $161/mo
• Annual: $1,936/yr
• Cap rate: 7.84%
• Cash-on-cash: 5.53%
• DSCR: 1.25
• 1% rule: 0.94%
• Cash to close: $35,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $125k.
• At list price, monthly cash flow is $161 ($2k/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 $118k (6.0% below list).
• It's been on market 93 days — a 9% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $114k (9.0% below list) — sets the bar for market timing.
• In year one you build about $13k of equity ($864 loan paydown + $12k appreciation (10.0% local appreciation)).
• Location reads 60/100 on livability (#355 in OK) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+; Watch: housing C-, amenities F, commute F.
• Meeker (rural): math 19% / reading 28% proficiency, ranked #123 of 270 in OK (top 46%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Meeker Es (math 22% / reading 27%, grade F, #354 of 845 statewide, top 47%, 342 students, 0% FRL); Meeker Hs (math 22% / reading 27%, grade F, #150 of 447 statewide, top 48%, 209 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.
• Market conditions: 10 active listings in the ZIP; 19 units permitted in Lincoln County in 2024 (0 in 5+ unit buildings).
• 3 sale attempts since 6y ago; this cycle's ask has dropped $20k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $88k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$34k 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→18/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 93 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• 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 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.