2421 E 87th St Unit 2U261 · Tulsa, OK 74137

$50,000

1 bd · 1.0 ba · 688 sqft · Condo public records · 35 Days on market

Built 1983 $151/mo HOA · 16% of rent

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Schools +3.2/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Sold at time of listing. Listed for statistical purposes only.

Key facts

• $151 HOA
• Community pool
• Built 1983

Property features AI

Finance

• Financial info: Pets allowed
• HOA & community: Homeowners association with a monthly fee of $151; HOA covers structure maintenance, sewer, trash and water; Association pool

Exterior

• Security: No safety shelter
• Utilities: Electricity available; Public water; Public sewer
• Home design: Single-story; Faces south; Slab foundation
• Construction: Built with Masonite and wood frame; Asphalt/fiberglass roof
• Exterior features: Covered patio; Patio; Rain gutters

Interior

• Kitchen: Built-in range; Built-in oven; Oven; Range; Microwave; Electric water heater
• Flooring: Carpet; Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Ceiling fan(s); Laminate counters; Aluminum window frames; Electric oven/range connections
• Laundry & utility: Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $50k.

Deal economics

• At list price, monthly cash flow is $263 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($967 rent vs $50k).
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.6% 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-.
• 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.
• Market conditions: Rents rising (+2.4%/yr); 222 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,818 units permitted in Tulsa County in 2024 (518 in 5+ unit buildings).
• This rent is only 11% of the median local income ($103k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $346 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.
• At projected returns (-3.0% appreciation + 2.4% rent growth), your $14k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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.

Risks & watch-outs

• 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 $48,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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 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: 1.93% ✓
• Cap rate: 12.60%
• Cash-on-cash: 22.54%
• DSCR: 2.00
• GRM: 4.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.43% rent growth · sell at horizon

5-year hold

• IRR: 14.7%
• Equity multiple: 1.59×
• Total profit: $8,206
• Equity at exit: $7,455

10-year hold

• IRR: 23.0%
• Equity multiple: 2.92×
• Total profit: $26,923
• Equity at exit: $4,323

Cash invested: $14,000 (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 74137

• Rents YoY: 2.4%
• Active inventory: 222
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $967 high
• Mortgage (P&I): −$262
• Tax from tax record: −$67 /mo · $801/yr
• Insurance: −$21
• HOA: −$151
• Vacancy / Maint / Mgmt: −$203
• Net cashflow: $263

Break-even live

Break-even rent $634

Max offer price $50,000

Occupancy floor 68%

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2505 E 88th St Tulsa, OK	3.0	1.0–2.0	754	$1,007	$1.34	24d	1	0.14mi
2121 E 83rd St Tulsa, OK	1.0–2.0	1.0–2.0	792	$805	$1.02	2d	26	0.42mi
9201 Riverside Pkwy Tulsa, OK	1.0–2.0	1.0–2.0	882	$935	$1.06	2d	40	0.70mi
1280 Riverwalk Ter Jenks, OK	1.0–2.0	1.0–2.0	1002	$1,279	$1.28	16d	38	0.71mi
7803 S Wheeling Ave Tulsa, OK	1.0–2.0	1.0–2.0	800	$699	$0.87	24d	10	0.92mi
2805 E 97th Ct Tulsa, OK	1.0–2.0	1.0–2.0	945	$1,100	$1.16	3d	26	1.16mi
204 S Riverfront Dr Jenks, OK	1.0–2.0	1.0–2.0	858	$929	$1.08	3d	6	1.28mi

HOA detail condo

• Monthly dues: $151 · $1,812/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-06-01
   days on market $50,000 Active 35 DOM
2. 2026-05-31
   days on market $50,000 Active 34 DOM
3. 2026-04-27
   listed $50,000 Active
4. 2022-05-27
   historical 62-char remark

   Show marketing remark (62 chars)

   Sold at time of listing. Listed for statistical purposes only.

5. 2022-05-27
   soldstatus $51,667 Closed 62-char remark

   Show marketing remark (62 chars)

   Sold at time of listing. Listed for statistical purposes only.

6. 2022-05-27
   listed $57,500 62-char remark

   Show marketing remark (62 chars)

   Sold at time of listing. Listed for statistical purposes only.

7. 1986-06-04
   soldstatus $29,000

ⓘ 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: $801 · $67/mo
• Projected year-2 tax: $801 · $67/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 (shaded) · 73% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥112°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: $11,601
• − Mortgage interest: −$2,801
• − Property taxes: −$801
• − Insurance: −$250
• − Repairs & maintenance: −$928
• − Management: −$928
• − HOA: −$1,812
• − Depreciation: −$1,455
• Taxable income: $2,627
• Est. tax owed @ 24.0%: −$630
• After-tax cash flow: $2,525/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: Jenks
• NCES district ID: 4015720
• Math proficiency: 34% ▼ -9.00%
• Reading proficiency: 35% ▼ -8.00%
• Median HH income: $66,291
• Composite: 31.5/100
• National rank: #5973
• State rank: #27 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): 28,533
• Household income: $102,798
• Rent vs Own: 31.1% rent · 68.9% own
• Severe rent burden: 751.0

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 (76%)
• Race & ethnicity: White 76% Two or more races 9% Hispanic / Latino 6% Asian 5% Black 4% Native American 3%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Slovak 5% Italian 3% Lithuanian 2%
• Foreign-born: 10% · Canada, Philippines, China
• Languages at home: 88% English-only · Spanish 4% Other Asian/Pacific 2% Other Indo-European 2%

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: ▼ -141.68%
• Current HPI: 192.2879
• Rent YoY: ▲ 2.43%
• 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

+72.4% since first listed

5 events — show timeline

• 2026-04-27 Listed $50,000 MLS Technology, Inc.
• 2022-05-27 Listing Removed — MLS Technology, Inc.
• 2022-05-27 Listed $57,500 MLS Technology, Inc.
• 2022-05-27 Sold (MLS) $51,667 MLS Technology, Inc.
• 1986-06-04 Sold (Public Records) $29,000 Public Records

Property tax history

+3.6%/yr

Latest (2025): $801 · +4.2% YoY. Source: county tax records.