We use density functional theory to calculate the structure, band-gap and magnetic properties of oxygen-deficient SrTi\(_{1-x-y}\)Fe\(_x\)Co\(_y\)O\(_{3-\delta}\) with x = y = 0.125 and \({\delta}\) = (0,0.125,0.25). The valence and the high or low spin-states of the Co and Fe ions, as well as the lattice distortion and the band-gap, depend on the oxygen deficiency, the locations of the vacancies, and on the direction of the Fe-Co axis. A charge redistribution that resembles a self-regulatory response lies behind the valence spin-state changes. Ferromagnetism dominates, and both the magnetization and the band gap are greatest at \({\delta}\) = 0.125. This qualitatively mimics the previously reported magnetization measured for SrTiFeO\(_{3-\delta}\), which was maximum at an intermediate deposition pressure of oxygen.