1231 S Gary Pl · Tulsa, OK 74104

$259,000

5 bd · 2.0 ba · 2,090 sqft · SingleFamily public records · 71 Days on market

Built 1925 7,000 sqft lot Est $445k · 42% under ↓ 4% since listing

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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 +15.9/30.0
• ARV discount +15.0/15.0
• DSCR +4.9/10.0
• Rent growth +4.0/5.0
• Livability +3.8/5.0
• 1% rule +3.3/10.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0
• Appreciation +0.0/10.0

Listing remarks

This charming cottage style home is perfectly located within walking distance of the University of Tulsa and adjacent to Gary Park. Step inside and fall in love with the vaulted living room ceiling, cozy fireplace, and abundant natural light that create a warm, inviting atmosphere. Entertain with ease in the formal dining room, or relax and unwind in the spacious family room--perfect for hobbies, movie nights, or quiet evenings at home. The kitchen features updated cabinets and pantry, designed to please the cook of the household. The flexible floor plan includes two bedrooms and a full bath downstairs, with three additional bedrooms and a bath upstairs--ideal for a growing family or guest

Key facts

• Formal dining room
• Cozy fireplace
• Spacious family room

Tags

• ADJACENT TO GARY PARK
• VAULTED LIVING ROOM CEILING
• COZY FIREPLACE
• ABUNDANT NATURAL LIGHT
• FORMAL DINING ROOM
• SPACIOUS FAMILY ROOM

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $259k.

Deal economics

• At list price, monthly cash flow is $125 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $215k (17.0% below list).
• Recommended offer: $215k (17.0% below list) — sets the bar for 1% rule.
• Cap rate 6.9% 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 fast (+5.8%/yr); 82 active listings in the ZIP; 2,818 units permitted in Tulsa County in 2024 (518 in 5+ unit buildings).
• At $2,149/mo this rent would consume 47% of the median local household income ($55k/yr) (locally 700% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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 71 days — a 6% lower offer ($243k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $214,929 (17.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.83% ✗
• Cap rate: 6.87%
• Cash-on-cash: 2.07%
• DSCR: 1.09
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $445,170
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1231 S Gary Pl	0.00mi	5/2.0	2,090 (0%)	1mo	$220,000	$105	99
1212 S Gary Pl	0.06mi	4/2.5 (-1)	2,245 (+7%)	6mo	$545,900	$243	73
1343 S Florence Ave	0.24mi	4/2.0 (-1)	1,936 (-7%)	8mo	$365,000	$189	65
1136 S Evanston Ave	0.38mi	4/2.5 (-1)	2,151 (+3%)	9mo	$355,000	$165	63
1715 S Evanston Ave	0.67mi	4/3.0 (-1)	2,120 (+1%)	7mo	$485,000	$229	52
2620 E 13th Pl	0.67mi	4/2.0 (-1)	2,015 (-4%)	9mo	$315,000	$156	50
1607 S Delaware Pl	0.58mi	5/2.0	2,251 (+8%)	12mo	$325,000	$144	50
1731 S Gary Ave	0.63mi	4/3.0 (-1)	2,267 (+8%)	3mo	$480,000	$212	45
1719 S College Ave	0.65mi	4/2.0 (-1)	2,274 (+9%)	12mo	$490,000	$215	40
1732 S Florence Ave	0.67mi	4/2.0 (-1)	1,911 (-9%)	13mo	$479,999	$251	39
1721 S Florence Ave	0.63mi	4/2.5 (-1)	2,332 (+12%)	11mo	$525,000	$225	36
2619 E 14th Pl	0.69mi	4/2.0 (-1)	1,844 (-12%)	10mo	$392,000	$213	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 5.8% rent growth · sell at horizon

5-year hold

• IRR: -10.3%
• Equity multiple: 0.62×
• Total profit: $-27,860
• Equity at exit: $38,618

10-year hold

• IRR: 2.2%
• Equity multiple: 1.17×
• Total profit: $12,665
• Equity at exit: $22,394

Cash invested: $72,520 (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 74104

• Rents YoY: 5.8%
• Active inventory: 82
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $2,149 medium
• Mortgage (P&I): −$1,358
• Tax from tax record: −$106 /mo · $1,277/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$451
• Net cashflow: $125

Break-even live

Break-even rent $1,991

Max offer price $259,000

Occupancy floor 89%

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: $64,750
• Closing costs: $7,770
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-04-21
   status Pending
2. 2026-03-30
   price $259,000
3. 2026-02-09
   listed $269,000 Active

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

Tax reassessment forecast OK · Resets to sale price

• Current annual tax: $1,277 · $106/mo
• Projected year-2 tax: $2,331 · $194/mo
• Expected delta: +$1,054/yr (+$88/mo · 82.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 56% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥110°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,791
• − Mortgage interest: −$14,508
• − Property taxes: −$1,277
• − Insurance: −$1,295
• − Repairs & maintenance: −$2,063
• − Management: −$2,063
• − Depreciation: −$7,535
• Taxable loss: −$2,950
• Est. tax savings @ 24.0%: +$708
• After-tax cash flow: $2,213/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): 12,806
• Household income: $54,691
• Rent vs Own: 51.7% rent · 48.3% own
• Severe rent burden: 700.0

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: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 64% Hispanic / Latino 14% Two or more races 12% Black 7% Native American 5% Asian 4%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Lithuanian 2% Slovak 2% Italian 2%
• Foreign-born: 12% · Canada, China, South Korea
• Languages at home: 81% English-only · Spanish 12% Arabic 2% Other Asian/Pacific 1%

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: ▼ -322.78%
• Current HPI: 306.7856
• Rent YoY: ▲ 5.80%
• 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

-3.7% since first listed

3 events — show timeline

• 2026-04-21 Pending — MLS Technology, Inc.
• 2026-03-30 Price Changed $259,000 MLS Technology, Inc.
• 2026-02-09 Listed $269,000 MLS Technology, Inc.

Property tax history

+0.4%/yr

Latest (2025): $1,277 · +3.5% YoY. Source: county tax records.