Muskogee County

Muskogee County posts a gross rent-to-price ratio of 8.2%, which puts it squarely in cash-flow territory for an Oklahoma market. The estimated cap rate of 5.34% at a $153,077 median purchase price is respectable for a market this affordable, and the 3.47% year-over-year price appreciation suggests the asset base is not standing still. The affordability index of 97 out of 100 tells you entry costs are about as low as they get nationally, which compresses your downside risk on the acquisition side. Where the numbers get complicated is at the financing layer: at 6.85% on a 20% down conventional structure, the monthly mortgage of $802 plus $367 in estimated expenses produces a cash-flow figure of negative $122 per month before any vacancy or capital expenditure reserve. This is not a market that pencils on day one with standard leverage; it is a market where the spread between price and rent is genuinely attractive, but rate sensitivity matters.

The negative cash-on-cash return of -4.16% at this leverage level tells you something specific about who this market suits right now. A cash buyer or a buyer with significantly more equity in the deal will compress the debt service enough to flip that number positive, because the underlying cap rate of 5.34% is the real story, and cap rate is a pre-financing metric. A value-add operator buying below median, forcing rent through renovation, or assembling small multifamily at these price points has a legitimate angle, because $153,000 median acquisition cost leaves room to manufacture equity. For a conventional 20%-down, hold-it-as-is buyer expecting immediate positive leverage, the financing math does not work at current rates, and that is worth saying plainly before you build a proforma. The appreciation score of 81 out of 100 and the 3.47% price growth suggest this is not purely a cash-flow play either; the market is pricing in some growth, which makes it a reasonable hybrid target for patient capital.

The monthly combined tax and insurance burden runs to $207 on the median asset, made up of $115 in estimated monthly property tax and $92 in insurance. Oklahoma's state-average effective property tax rate of 0.90% is flagged as normal, and it functions as one here. It is not a material headwind the way a 1.5%+ rate would be, and it is not a tailwind like the sub-0.5% rates you find in some Southern markets. That said, this is a state-average estimate per the Tax Foundation 2024 figures, and actual Muskogee County or township-level rates may differ, so verify the county assessor's data before finalizing your underwrite. The insurance component at 0.72% of value annually reflects Oklahoma's elevated wind and hail exposure, which is a real and recurring cost in this part of the state, not a rounding error.

Muskogee County's stability score of 50 out of 100 is the number that deserves the most attention in your risk assessment. In a market with a population of 66,606, concentration in any single employer or industry sector creates tenant-base fragility. The score suggests this market does not have the diversified economic base of a larger metro, and a softening of any dominant local employer would flow directly through to rental demand and vacancy. That is not a reason to avoid the market, but it is a reason to size positions accordingly and to stress-test your vacancy assumption rather than running a proforma at 5% vacancy and calling it conservative.

Against its Oklahoma neighbors, Muskogee is the most competitively positioned on price relative to rent. Comanche County prices nearly the same at $150,944 but produces a rent-to-price ratio of 8.4%, marginally better than Muskogee's 8.2%, and carries an overall score of 76 versus Muskogee's 77. The gap is small enough that either market warrants underwriting. Woodward County enters cheaper at $133,590 but carries the same overall score of 77, suggesting the rent yield there may not fully compensate for whatever drives the lower price. Pawnee County at $170,901 and McIntosh County at $195,367 both carry lower overall scores, 74 and 73 respectively, meaning you are paying more for a weaker investment profile. Muskogee makes sense over those two on a risk-adjusted basis. Choose Muskogee over its neighbors when your thesis is national ranking, where it sits in the 96th percentile nationally and third in Oklahoma, and when you are buying with enough equity to make the cap rate work without leaning on leverage.