5 HOME RENTAL PROPERTY ON 3.39 ACRES
LOCATION: Central Eastern Oklahoma in LeFlore County and about 1.5 miles South from the town of Heavener bordering on U. S. Highway No. 59. The city of Poteau is about 16 miles. Ft. smith, Ark is about 45 miles. Dallas is about 4.5 hrs. Oklahoma City is about 3 hrs. Tulsa is about 1.45 hrs. This property is nestled at the base of a small wooded hill and extends up the hill at a gentle slope to the North. Across the highway in the valley below is the Poteau River. Beyond the river is the Kiamichi Mountain range extending many miles. The property address is 20776 Old Hwy 59, Heavener, Ok 74937.
ROAD ACCESS: This property fronts for about 498 feet along Old U. S. Highway No. 59 which is a paved 2-lane county highway. Just to the West is new U. S. Highway No. 59. Access to this property is afforded by either the old or new highways.
SERVICES: Electric, phone, LP gas delivery,...
SERVICES: Electric, phone, LP gas delivery, rural water, trash pickup, school bus and mail routes.
LAND: 3.39 acres of land which is gently sloping and which is kept well mowed. The property is dotted with shade trees. Some of the tenants have gardens and there is plenty of room for this activity if the tenants desire to plant gardens.
RENTAL STRUCTURES:
No. 1: Furnished one bedroom cabin with bath and kitchen rents for $425 per mo.
No. 2: Furnished one bedroom cabin with bath and kitchen rents for $400 per mo.
No. 3: Furnished concrete block home has 2 bedrooms, bath & kitchen rents for $425 per mo.
No. 4: Furnished three bedroom, 2 bath mobile home rents for $500 per mo.
No. 5: furnished two bedroom, 2 bath mobile home rents for $500 per mo.
Total monthly income from rents = $2,250 per month.
EXPENSES:
Taxes run about .$ 1,500 per year.
Water runs about. 1,000 per year.
Mowing runs about. 600 per year.
Upkeep/repairs run about 1,000 per year.
Insurance runs about 2,192 per year.
Total yearly expenses run about..$6,292 per year.
INCOME CALCULATION:
Monthly income 100% occupancy = $2,250 x 12 months.. $27,000.
Expenses... 6,292
Net income$20,702
PRICE: $155,000.
TERMS: The owner is willing to finance $100,000 for 240 months at 6% interest. The payments will be $717 per month.
COMMENTS
Investment opportunity offered by this low-cost rental property located in rural Oklahoma. This is a very scenic area of rolling and heavily wooded mountains with many streams and lakes. The 1.5 million acre Ouachita National Forest is nearby for hiking, camping, fishing, hunting or horse-back riding. This property is currently rented and producing income. There is plenty of room to place additional units on the property if desired to increase income. One option would be to live in one of the units and rent out the other 4 homes to supplement your retirement income. Also, by doing repairs and upkeep yourself, expenses can be greatly reduced.
Jim Mixon (918)647-7945
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