9017 Barnes Dr Jones, OK 73049

This exceptional Jones, OK investment opportunity presents three fully renovated single-family homes situated on a 2.28-acre lot in the desirable Jones School District. The portfolio includes a spacious 3-bedroom, 2-bathroom main residence (9017 Barnes Dr) with recent upgrades including a new roof, updated kitchen and bathrooms, new appliances, and enhanced insulation, projected to rent for $1,500-$2,000 monthly. Two additional homes, 9021 and 9019 Barnes Dr, each currently rent for $600 per month, offering immediate cash flow and potential for increased rental income. The properties boast a combined 2,743 square feet of living space, two parking spaces per unit, and two underground storm shelters. The current NOI is $28,466, with a pro-forma NOI of $43,000, reflecting a 7.69% cap rate and a pro-forma cap rate of 11.62%. Built in 1935 and extensively renovated in 2024, this Class B property offers significant upside potential given the current 30% occupancy (projected to reach full occupancy by September 17, 2024) and below-market rental rates compared to the area median of $1,650 per month. The asking price is $370,000, representing a price per unit of $123,333.33 and a price per square foot of $134.89. This portfolio presents a compelling opportunity for investors seeking strong returns in a high-demand market. The APN is R198853600.