4640 E 68th St Unit 184

Tulsa, OK 74136

$72,500F

1 bd · 1.0 ba · 700 sqft · Built 1970 · Condo · Active · 216 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $842/mo
• Mortgage (P&I): −$380
• Tax + insurance: −$121
• HOA: −$359
• Vac / Maint / Mgmt: −$177
• Net cashflow: $-195/mo
• Annual: $-2,337/yr
• Cap rate: 3.07%
• Cash-on-cash: -11.51%
• DSCR: 0.49
• 1% rule: 1.16%
• Cash to close: $20,300

Investor read

• This is a 1-bed/1.0-bath condo listed at $72k.
• At list price, monthly cash flow is $-195 ($-2k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($842 rent vs $72k).
• It's been on market 216 days — a 12% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $64k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $501 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• 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: crime F, employment D-.
• Jenks (suburban): math 34% / reading 35% proficiency, ranked #27 of 270 in OK (top 10%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Jenks East Es (math 29% / reading 20%, grade F, #354 of 845 statewide, top 47%, 1,443 students, 0% FRL); Jenks Ms (math 22% / reading 30%, grade F, #79 of 345 statewide, top 24%, 1,831 students, 0% FRL); Jenks Hs (math 40% / reading 49%, grade F, #15 of 447 statewide, top 4%, 3,547 students, 0% FRL) — zoned schools average 0% FRL vs 28% district-wide (28 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: HOA is 43% of rent.
• Market conditions: Rents flat; 173 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); 2,818 units permitted in Tulsa County in 2024 (518 in 5+ unit buildings).
• Tulsa County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 21y 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 $34k; list at $72k implies a 116% gain — meaningful room to come down on a strong offer.
• Cap rate 3.1% vs local median 3.8% in Tulsa — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 216 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?