6156 S Madison Pl Unit D · Tulsa, OK 74105

$78,000

2 bd · 1.5 ba · 954 sqft · Condo · 119 Days on market

Built 1968 $250/mo HOA · 22% of rent

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +20.8/30.0
• 1% rule +9.6/10.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• Livability +3.8/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Owner/Broker. Unit in excellent condition. 2 bdrms. up with full bath. 1/2 bath downstairs. Stack washer and dryer and refrigerator in unit. Carpet in bdrms. laminate floor in living & dining area. Vacant & ready.

Key facts

• Quartz counters
• Fully fenced patio
• Natural light

Tags

• MOVE IN READY
• NATURAL LIGHT
• CORNER UNIT
• FULLY FENCED PATIO
• CHARMING KITCHEN
• QUARTZ COUNTERS

Property features AI

Finance

• Financial info: Pets allowed
• HOA & community: Homeowners association with monthly fee of $250; HOA covers maintenance of structures, sewer, trash, and water; Community pool; Community features include gutters and sidewalks

Exterior

• Security: Smoke detectors; No safety shelter
• Utilities: Electricity available; Natural gas available; Public water; Public sewer
• Home design: Two-story property; Faces south; Slab foundation
• Construction: Brick and wood siding with wood frame; Asphalt/fiberglass roof; Built (year per public records)
• Exterior features: Patio; Rain gutters; Full privacy fencing

Interior

• Kitchen: Dishwasher; Oven; Range; Breakfast nook; Pantry
• Flooring: Carpet; Vinyl
• Bathrooms: One full bathroom with bathtub; One half bathroom
• Heating & cooling: Central heating (gas); Central air conditioning
• Interior features: Quartz and stone counters; Ceiling fans; Insulated windows; Vinyl windows; Insulated doors; Gas range/oven connections
• Laundry & utility: Washer hookup; Electric dryer hookup; Inside separate utility room

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $78k.

Deal economics

• At list price, monthly cash flow is $108 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $78k).
• Recommended offer: $71k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 3.9% in Tulsa — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 75/100 on livability (#13 in OK, #4,058 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools F, crime F, employment D-.
• Tulsa (urban): math 7% / reading 12% proficiency, ranked #250 of 270 in OK (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 76% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.8%/yr); 223 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 2,818 units permitted in Tulsa County in 2024 (518 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $539 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Tulsa County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 119 days — a 9% lower offer ($71k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 27y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $28k; list at $78k implies a 174% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.

Recommended offer $70,980 (9.0% below list)

Questions for the listing agent

1. It's been on market 119 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.46% ✓
• Cap rate: 7.95%
• Cash-on-cash: 5.92%
• DSCR: 1.26
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.83% rent growth · sell at horizon

5-year hold

• IRR: -7.2%
• Equity multiple: 0.73×
• Total profit: $-5,801
• Equity at exit: $11,630

10-year hold

• IRR: 2.4%
• Equity multiple: 1.17×
• Total profit: $3,686
• Equity at exit: $6,744

Cash invested: $21,840 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Oklahoma: 83 Strongly Landlord-Friendly · R+20
• County: — inherits STATE
• City: — inherits STATE

5-day notice; strongly landlord-favorable.

Methodology + full state rankings →

ZIP-level market 74105

• Rents YoY: 2.8%
• Active inventory: 223
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,135 high
• Mortgage (P&I): −$409
• Tax est. 1.5%: −$98 /mo · $1,170/yr
• Insurance: −$32
• HOA: −$250
• Vacancy / Maint / Mgmt: −$238
• Net cashflow: $108

Break-even live

Break-even rent $999

Max offer price $78,000

Occupancy floor 86%

Sensitivity live

Price	-10% $162	-5% $135	+0% $108	+5% $81	+10% $54
Rent	-10% $18	-5% $63	+0% $108	+5% $153	+10% $197
Rate	-1.0pp $147	-0.5pp $128	base $108	+0.5pp $88	+1.0pp $67

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $19,500
• Closing costs: $2,340
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
910 E 61st St Tulsa, OK	1.0	1.0	700	$926	$1.32	3d	1	0.07mi
6345 S Madison Pl Unit 1 Tulsa, OK	3.0	2.0	1080	$1,100	$1.02	3d	1	0.16mi
1110 E 60th St Tulsa, OK	1.0–2.0	1.0–2.0	794	$1,069	$1.35	3d	4	0.29mi
1329 E 64th St Tulsa, OK	1.0–2.0	1.0	624	$1,149	$1.84	2d	2	0.40mi
1337 E 61st St Tulsa, OK	1.0–2.0	1.0	700	$1,051	$1.50	3d	14	0.43mi
6642 S Peoria Ave Tulsa, OK	1.0–2.0	1.0	712	$1,100	$1.54	11d	2	0.48mi
1320 E 58th St Tulsa, OK	1.0	1.0	980	$1,200	$1.22	21d	1	0.48mi
1037 E 57th Pl #5 Tulsa, OK	1.0	1.5	1088	$1,100	$1.01	24d	1	0.49mi
5630 S Peoria Ave Unit 5630B-P Tulsa, OK	1.0	1.0	650	$925	$1.42	3d	1	0.54mi
6732 S Peoria Ave Tulsa, OK	1.0–2.0	1.0–2.0	810	$926	$1.14	2d	4	0.55mi
5628 S Peoria Ave Unit 5628A-P Tulsa, OK	2.0	2.0	950	$1,100	$1.16	3d	1	0.55mi
5624 S Peoria Ave Unit 5624C-P Tulsa, OK	2.0	1.0	850	$1,000	$1.18	3d	1	0.57mi
7901 Riverside Pkwy Tulsa, OK	2.0	2.0	950	$884	$0.93	3d	16	0.59mi
5620 S Quaker Ave Unit 5620D-Q Tulsa, OK	1.0	1.0	650	$999	$1.54	24d	1	0.63mi
5607 S Quaker Ave Unit 5607D-Q Tulsa, OK	2.0	2.0	950	$1,100	$1.16	3d	1	0.70mi
6105 S Troost Ave Tulsa, OK	2.0	2.0	1124	$1,300	$1.16	24d	1	0.74mi
6639 S Victor Ave Unit G203 Tulsa, OK	1.0	1.0	800	$850	$1.06	24d	1	0.93mi
6639 S Victor Ave Unit G208 Tulsa, OK	1.0	1.0	800	$850	$1.06	16d	1	0.94mi
1802 E 66th Pl Tulsa, OK	1.0–2.0	1.0–2.0	695	$1,100	$1.58	21d	3	0.98mi
1802 E 66th Pl Tulsa, OK	1.0–2.0	1.0–2.0	562	$995	$1.77	3d	1	0.98mi
1804 E 66th Pl Unit E108 Tulsa, OK	1.0	1.0	562	$850	$1.51	24d	1	0.99mi
6760 S Trenton Pl Tulsa, OK	1.0	1.0	700	$745	$1.06	24d	1	1.03mi
6760 S Trenton Pl Tulsa, OK	2.0	2.0	900	$900	$1.00	11d	1	1.03mi
5101 S Madison Ave Tulsa, OK	1.0–2.0	1.0	780	$1,150	$1.47	2d	2	1.07mi
5121 S Madison Ave Tulsa, OK	3.0	1.5	1048	$1,550	$1.48	12d	1	1.09mi
6630 S Zunis Ave Tulsa, OK	1.0–3.0	1.0–2.0	1000	$1,044	$1.04	2d	12	1.12mi
2218 E 59th St Tulsa, OK	1.0–2.0	1.0	787	$1,199	$1.52	3d	4	1.20mi
1818 E 71st St Tulsa, OK	2.0	1.0–2.0	700	$1,062	$1.52	2d	37	1.24mi
5151 S Utica Ave Tulsa, OK	1.0–2.0	1.0	799	$838	$1.05	2d	1	1.30mi
2409 E 59th Ct Unit 2433-4 Tulsa, OK	1.0	1.0	565	$675	$1.19	20d	1	1.31mi
6609 S Lewis Ave Tulsa, OK	1.0	1.0	600	$816	$1.36	2d	5	1.32mi
7224 S Elwood Ave Tulsa, OK	1.0–2.0	1.0–2.0	948	$1,790	$1.89	2d	6	1.35mi
737 W 71st St S Tulsa, OK	1.0–2.0	1.0	920	$1,000	$1.09	15d	12	1.41mi
737 W 71st St S Unit 102 Tulsa, OK	2.0	1.0	869	$900	$1.04	24d	1	1.41mi
737 W 71st St S Unit 108 Tulsa, OK	2.0	1.0	869	$1,000	$1.15	24d	1	1.41mi
5009 S Troost Ave Tulsa, OK	2.0	1.0	886	$1,400	$1.58	24d	1	1.43mi
1514 E 49th St Tulsa, OK	3.0	1.0	980	$1,295	$1.32	16d	1	1.47mi
4740 S Boston Ave Tulsa, OK	2.0	1.0	839	$1,475	$1.76	3d	1	1.48mi

HOA detail condo

• Monthly dues: $250 · $3,000/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-18
   days on market $78,000 Active 119 DOM
2. 2026-06-17
   days on market $78,000 Active 118 DOM
3. 2026-06-16
   days on market $78,000 Active 117 DOM
4. 2026-06-15
   days on market $78,000 Active 116 DOM
5. 2026-06-13
   days on market $78,000 Active 114 DOM
6. 2026-06-10
   days on market $78,000 Active 111 DOM
7. 2026-06-09
   days on market $78,000 Active 110 DOM
8. 2026-06-08
   days on market $78,000 Active 109 DOM
9. 2026-06-07
   days on market $78,000 Active 108 DOM
10. 2026-06-05
    days on market $78,000 Active 105 DOM
11. 2026-06-03
    days on market $78,000 Active 104 DOM
12. 2026-06-02
    days on market $78,000 Active 103 DOM
13. 2026-06-01
    days on market $78,000 Active 102 DOM
14. 2026-05-31
    days on market $78,000 Active 101 DOM
15. 2026-04-21
    price $78,000
16. 2026-03-12
    price $79,900
17. 2026-02-17
    listed $82,000 Active
18. 2017-03-03
    soldstatus $28,500 Closed 225-char remark

    Show marketing remark (225 chars)

    Owner/Broker. Unit in excellent condition. 2 bdrms. up with full bath. 1/2 bath downstairs. Stack washer and dryer and refrigerator in unit. Carpet in bdrms. laminate floor in living & dining area. Vacant & ready.

19. 2017-02-10
    status Pending 225-char remark

    Show marketing remark (225 chars)

    Owner/Broker. Unit in excellent condition. 2 bdrms. up with full bath. 1/2 bath downstairs. Stack washer and dryer and refrigerator in unit. Carpet in bdrms. laminate floor in living & dining area. Vacant & ready.

20. 2017-01-26
    price $29,500 225-char remark

    Show marketing remark (225 chars)

    Owner/Broker. Unit in excellent condition. 2 bdrms. up with full bath. 1/2 bath downstairs. Stack washer and dryer and refrigerator in unit. Carpet in bdrms. laminate floor in living & dining area. Vacant & ready.

21. 2016-11-29
    listed $34,500 Active 225-char remark

    Show marketing remark (225 chars)

    Owner/Broker. Unit in excellent condition. 2 bdrms. up with full bath. 1/2 bath downstairs. Stack washer and dryer and refrigerator in unit. Carpet in bdrms. laminate floor in living & dining area. Vacant & ready.

22. 1999-12-01
    soldstatus $24,000 147-char remark

    Show marketing remark (147 chars)

    SELLER TO ALLOW $1,200 FOR NEW CARPET. UNIT HAS BEEN RENTED IN THE PAST FOR $400MO. GREAT RENTAL INVESTMENT. SELLER TO GIVE ONE YEAR HOME WARRANTY.

23. 1999-11-04
    historical 147-char remark

    Show marketing remark (147 chars)

    SELLER TO ALLOW $1,200 FOR NEW CARPET. UNIT HAS BEEN RENTED IN THE PAST FOR $400MO. GREAT RENTAL INVESTMENT. SELLER TO GIVE ONE YEAR HOME WARRANTY.

24. 1999-08-09
    listed $27,500 147-char remark

    Show marketing remark (147 chars)

    SELLER TO ALLOW $1,200 FOR NEW CARPET. UNIT HAS BEEN RENTED IN THE PAST FOR $400MO. GREAT RENTAL INVESTMENT. SELLER TO GIVE ONE YEAR HOME WARRANTY.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $13,622
• − Mortgage interest: −$4,369
• − Property taxes: −$1,170
• − Insurance: −$390
• − Repairs & maintenance: −$1,090
• − Management: −$1,090
• − HOA: −$3,000
• − Depreciation: −$2,269
• Taxable income: $244
• Est. tax owed @ 24.0%: −$59
• After-tax cash flow: $1,234/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Tulsa
• NCES district ID: 4030240
• Math proficiency: 7% ▼ -9.00%
• Reading proficiency: 12% ▼ -7.00%
• Median HH income: $37,895
• Composite: 8.04/100
• National rank: #9919
• State rank: #250 of 270 in OK

Livability — Tulsa

• Score: 75/100
• State rank: #13
• US rank: #4058

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime F Employment D- Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tulsa, OK
• County: Tulsa County · 640,811 people
• City population: 389,418
• Metro: Tulsa, OK
• Population (ZIP): 26,951
• Household income: $69,547
• Rent vs Own: 45.7% rent · 54.3% own
• Severe rent burden: 1214.0

Population outlook (Tulsa County) Hauer SSP2

• Today (2025): 723,846 people
• By 2030: 766,033 · +5.8%
• By 2040: 851,386 · +17.6%
• By 2050: 938,389 · +29.6%
• By 2075: 1,166,011 · +61.1%
• By 2100: 1,350,277 · +86.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Two or more races 12% Black 9% Hispanic / Latino 7% Native American 4% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 3% Italian 3% Lithuanian 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 94% English-only · Spanish 4%

Political lean MEDSL · Tulsa

• 2024 margin: R (+15.2) · D 41.3% · R 56.5% · Other 2.2%
• 2008→2024 swing: +9.2pp toward D · 2008: -24.5pp · 2024: -15.2pp
• All cycles: 2024: R+15.2 2020: R+15.6 2016: R+22.9 2012: R+27.4 2008: R+24.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -305.73%
• Current HPI: 236.6827
• Rent YoY: ▲ 2.83%
• Metro: Tulsa, OK
• State GDP YoY: ▲ 1.55%
• F500 in state: 6

Industry mix (Fortune 500 HQ in OK)

Industry	F500 HQs	Revenue
▸Energy	3	$48B

Price history

+183.6% since first listed

10 events — show timeline

• 2026-04-21 Price Changed $78,000 MLS Technology, Inc.
• 2026-03-12 Price Changed $79,900 MLS Technology, Inc.
• 2026-02-17 Listed $82,000 MLS Technology, Inc.
• 2017-03-03 Sold (MLS) $28,500 MLS Technology, Inc.
• 2017-02-10 Pending — MLS Technology, Inc.
• 2017-01-26 Price Changed $29,500 MLS Technology, Inc.
• 2016-11-29 Listed $34,500 MLS Technology, Inc.
• 1999-12-01 Sold (MLS) $24,000 MLS Technology, Inc.
• 1999-11-04 Listing Removed — MLS Technology, Inc.
• 1999-08-09 Listed $27,500 MLS Technology, Inc.