A few days ago I mentioned that a 10% cap rate is possible on Oklahoma homes. If you go into lower price rangesthe rent compresses, and the pool of renters is very large. We currently have over 30 properties that would meet this criteria. I am going yo feature three properties to illustrate the value to investors. I should mention that these properties are managed by a couple that go personally to each property to pick up the rent checks, and there fee is 10% of the monthly rent but with a cap of $50. So if the price goes over $50,000 there is no more charge. Pretty nifty! Check out these 3 homes listed below.
809 Meadowgreen Dr. Midwest City, OK
This brick home is listed at $57,900, is 1045SF (mol) has 3 bedrooms, 2 baths, and a 2 car garage. The home was built in 1968, and it is close to Tinker Air Force, one of the major employers in Oklahoma City. The current tenant has been in the house for 7 years and wants to stay. The great thing about that is vacancy can really mess up so having a dedicated renter is an advantage. The rent is $650 permonth, the home has a great back yard, and it has had a low amount of maintenance.
6907 NW 34th Bethany, OK
This is a terrifically update home. Built in 1950, the home has beautiful hardwood floors, stainless steel appliances, and granite counter tops. The courthouse has it at 720SF, and the exterior has been completely overhauled. Bethany is a wonderful areas on the West side of Oklahoma City, and it is currently rented at $695 per month.
3224 Dianne Dr. Oklahoma City, OK
Currently being remodeled, this 1063SF (mol) will be finished late January 2009. The area is highly desired by renters and is expected to rent for $800 per month. It has central heat and air and will have a kitchen with new cabinets, granite tops, and new appliances. The home will have refinished hard wood floors, and the interior redone. The home is currently listed at $86,000 and is expected to have a rental contract before the home is finished. Local financing is n all properties.
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