6224 E 28th St · Tulsa, OK 74114

$149,900

3 bd · 1.5 ba · 1,580 sqft · SingleFamily public records · 1 Days on market

Built 1955 7,560 sqft lot Est $239k · 37% under

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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 +25.3/30.0
• ARV discount +15.0/15.0
• DSCR +8.4/10.0
• 1% rule +6.1/10.0
• Rent growth +4.1/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Excellent Condition! Roof, Interior Paint, Carpet cleaned 03/05. Oven, Cooktop, H20 tank, Carpet, A/C, all new 2002. Furnace replaced 2003. Great starter close to shopping and expressways. This motivated Seller will assist with closing costs.

Key facts

• 7,560 sq ft lot
• Built 1955

Property features AI

Exterior

• Security: No safety shelter
• Utilities: Electricity available; Natural gas available; Public water; Public sewer
• Home design: Single-story; Faces north; Crawlspace foundation
• Construction: Built with wood siding and wood frame; Asphalt/fiberglass roof
• Exterior features: Full fencing; No other exterior features listed

Interior

• Kitchen: Microwave; Oven; Range; Gas water heater
• Flooring: Carpet; Tile; Vinyl
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central heating (gas); Central air conditioning
• Interior features: Laminate counters; Gas range connection; No additional interior features listed
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $343 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Cap rate 9.0% 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 fast (+6.2%/yr); 142 active listings in the ZIP; 12 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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 + 6.2% rent growth), your $42k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 25y 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 $90k; list at $150k implies a 66% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $149,900

Questions for the listing agent

1. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.11% ✓
• Cap rate: 9.04%
• Cash-on-cash: 9.80%
• DSCR: 1.44
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $238,580
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2703 S Norwood Ave	0.12mi	4/2.5 (+1)	1,708 (+8%)	0mo	$258,000	$151	72
5398 E 26th St	0.50mi	3/1.5	1,644 (+4%)	1mo	$325,000	$198	69
3027 S Joplin Ave	0.19mi	3/1.5	1,783 (+13%)	1mo	$264,000	$148	69
5406 E 25th St	0.65mi	3/2.0	1,580 (0%)	1mo	$190,000	$120	67
5342 E 25th Pl	0.65mi	3/2.0	1,549 (-2%)	2mo	$210,000	$136	63
2613 S Joplin Ave	0.28mi	3/1.5	1,803 (+14%)	2mo	$146,828	$81	62
5378 E 30th Pl	0.47mi	3/2.0	1,450 (-8%)	2mo	$173,000	$119	60
5734 E 24th Pl	0.52mi	3/1.5	1,736 (+10%)	2mo	$205,000	$118	57
5369 E 28th St	0.48mi	3/2.0	1,394 (-12%)	1mo	$235,000	$169	55
5355 E 27th Pl	0.53mi	3/2.0	1,392 (-12%)	1mo	$218,000	$157	53
7454 E 29th St	0.74mi	3/2.0	1,416 (-10%)	0mo	$265,000	$187	46
3221 S 70th East EastAvenue	0.56mi	3/2.0	1,350 (-15%)	2mo	$220,000	$163	46

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 · 6.24% rent growth · sell at horizon

5-year hold

• IRR: 1.9%
• Equity multiple: 1.07×
• Total profit: $3,129
• Equity at exit: $22,351

10-year hold

• IRR: 14.3%
• Equity multiple: 2.32×
• Total profit: $55,379
• Equity at exit: $12,961

Cash invested: $41,972 (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 74114

• Rents YoY: 6.2%
• Active inventory: 142
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,667 high
• Mortgage (P&I): −$786
• Tax from tax record: −$126 /mo · $1,507/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$350
• Net cashflow: $343

Break-even live

Break-even rent $1,233

Max offer price $149,900

Occupancy floor 74%

Sensitivity live

Price	-10% $427	-5% $385	+0% $343	+5% $300	+10% $258
Rent	-10% $211	-5% $277	+0% $343	+5% $408	+10% $474
Rate	-1.0pp $418	-0.5pp $381	base $343	+0.5pp $304	+1.0pp $264

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5905 E 30th St Tulsa, OK	3.0	2.0	1210	$1,550	$1.28	3d	1	0.16mi
2923 S Irvington Ave Tulsa, OK	4.0	2.5	1786	$1,750	$0.98	2d	1	0.23mi
5704 E 30th Pl Tulsa, OK	3.0	1.0	1070	$1,600	$1.50	24d	1	0.44mi
5714 E 33rd Ct Tulsa, OK	2.0	2.0	1077	$1,299	$1.21	24d	1	0.55mi
3257 S Hudson Ave Unit 3257 Tulsa, OK	2.0	2.0	1350	$1,295	$0.96	3d	1	0.64mi
7610 E 21st Pl Tulsa, OK	3.0	1.5	1136	$1,695	$1.49	3d	1	1.04mi
8323 E 24th St Tulsa, OK	3.0	2.0	1300	$1,350	$1.04	3d	1	1.29mi
3519 S Sandusky Ave Tulsa, OK	3.0	2.0	1547	$1,750	$1.13	24d	1	1.34mi
3519 S Sandusky Ave Tulsa, OK	3.0	2.0	1547	$1,750	$1.13	12d	1	1.34mi
2535 S Pittsburg Ave Tulsa, OK	3.0	2.0	1213	$1,803	$1.49	2d	1	1.44mi
4130 E 22nd Pl Tulsa, OK	2.0	2.0	1255	$1,550	$1.24	3d	1	1.48mi
3701 S Richmond Ave Tulsa, OK	4.0	2.0	1252	$2,195	$1.75	12d	1	1.50mi

Listing history 2 events

1. 2026-06-17
   remarks 200-char remark
2. 2026-06-17
   listed $149,900 Active 1 DOM

ⓘ 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: $1,507 · $126/mo
• Projected year-2 tax: $1,507 · $126/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 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: $20,001
• − Mortgage interest: −$8,397
• − Property taxes: −$1,507
• − Insurance: −$750
• − Repairs & maintenance: −$1,600
• − Management: −$1,600
• − Depreciation: −$4,361
• Taxable income: $1,787
• Est. tax owed @ 24.0%: −$429
• After-tax cash flow: $3,683/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): 15,944
• Household income: $98,222
• Rent vs Own: 20.8% rent · 79.2% own
• Severe rent burden: 200.0

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 (81%)
• Race & ethnicity: White 81% Two or more races 11% Hispanic / Latino 6% Native American 4% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Slovak 4% Lithuanian 4% Italian 3%
• Foreign-born: 5% · Canada
• Languages at home: 93% English-only · Spanish 4% Other Asian/Pacific 1% French/Haitian/Cajun 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: ▼ -386.32%
• Current HPI: 237.8036
• Rent YoY: ▲ 6.24%
• 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

+149.8% since first listed

11 events — show timeline

• 2026-06-17 Listed $149,900 MLS Technology, Inc.
• 2009-12-09 Sold (Public Records) $90,500 Public Records
• 2005-04-29 Sold (Public Records) $80,000 Public Records
• 2005-04-28 Sold (MLS) $83,900 MLS Technology, Inc.
• 2005-03-29 Listing Removed — MLS Technology, Inc.
• 2005-03-14 Listed $83,900 MLS Technology, Inc.
• 2003-06-05 Listing Removed — MLS Technology, Inc.
• 2003-04-10 Listed $77,000 MLS Technology, Inc.
• 2001-11-20 Listing Removed — MLS Technology, Inc.
• 2001-07-17 Listed $81,900 MLS Technology, Inc.
• 1997-07-15 Sold (Public Records) $60,000 Public Records

Property tax history

+2.1%/yr

Latest (2025): $1,507 · +6.9% YoY. Source: county tax records.