11502 E 37th St · Tulsa, OK 74146

$132,000

4 bd · 1.0 ba · 1,044 sqft · SingleFamily public records · 229 Days on market

Built 1975 7,000 sqft lot

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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 +24.8/30.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Livability +3.8/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks

Fantastic investment opportunity in the Union School District! This 4-bedroom, 1-bath home has been a successful rental and is now vacant and ready for its next chapter. Offering solid bones and great potential, it’s ideal for investors or homeowners looking to add value with a few updates. The property features a functional layout, spacious bedrooms, and a large yard perfect for outdoor enjoyment. Whether you’re seeking your next flip, rental addition, or personal home to customize and make your own.

Key facts

• Large yard
• Functional layout
• 7,000 sq ft lot

Tags

• INVESTMENT OPPORTUNITY
• FUNCTIONAL LAYOUT
• LARGE YARD

Property features AI

Exterior

• Parking: Garage (utility/garage area noted)
• Security: Smoke detector(s); No safety shelter
• Utilities: Public water; Public sewer; Electricity available; Natural gas available; Cable available; Phone available
• Home design: Single-story home; Faces north; Slab foundation
• Construction: Brick and wood frame construction; Asphalt/fiberglass roof; Built (year per public records)
• Exterior features: Patio; Shed(s); Full yard fencing

Interior

• Kitchen: Oven; Range/Stove; Dishwasher
• Bedrooms: Master bedroom with private bath (first level); Two additional bedrooms (first level)
• Flooring: Carpet; Tile; Wood veneer
• Bathrooms: One full bathroom with bathtub (hall, first level); Master bath with half bath configuration (first level)
• Heating & cooling: Gas heating; Gas water heater
• Interior features: Aluminum-framed windows; Gas range connection; Smoke detector(s)
• Laundry & utility: Washer hookup; Utility room in garage (first level)

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $132k.

Deal economics

• At list price, monthly cash flow is $279 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $132k).
• Recommended offer: $116k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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-.
• Union (urban): math 20% / reading 20% proficiency, ranked #160 of 270 in OK (top 59%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents flat; 32 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 2,818 units permitted in Tulsa County in 2024 (518 in 5+ unit buildings).
• This rent runs 38% of the median local income ($47k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $913 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.

Negotiation context

• It's been on market 229 days — a 12% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 32y ago; this cycle's ask is 11378% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $48k; list at $132k implies a 178% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $116,160 (12.0% below list)

Questions for the listing agent

1. It's been on market 229 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — 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: 1.14% ✓
• Cap rate: 8.83%
• Cash-on-cash: 9.05%
• DSCR: 1.40
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.43% rent growth · sell at horizon

5-year hold

• IRR: -5.5%
• Equity multiple: 0.80×
• Total profit: $-7,397
• Equity at exit: $19,682

10-year hold

• IRR: 0.8%
• Equity multiple: 1.05×
• Total profit: $1,756
• Equity at exit: $11,413

Cash invested: $36,960 (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 74146

• Rents YoY: 0.4%
• Active inventory: 32
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,501 high
• Mortgage (P&I): −$692
• Tax from tax record: −$160 /mo · $1,915/yr
• Insurance: −$55
• HOA: −$0
• Vacancy / Maint / Mgmt: −$315
• Net cashflow: $279

Break-even live

Break-even rent $1,148

Max offer price $132,000

Occupancy floor 76%

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: $33,000
• Closing costs: $3,960
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3311 S 126th East Ave Tulsa, OK	3.0	2.0	1395	$1,650	$1.18	23d	1	0.79mi
10149 E 32nd St Tulsa, OK	3.0	1.5	1140	$1,299	$1.14	23d	1	0.94mi
2756 S 114th East Ave Tulsa, OK	3.0	2.0	1120	$1,650	$1.47	23d	1	0.97mi
13102 E 30th St Tulsa, OK	3.0	2.0	1190	$1,395	$1.17	23d	1	1.30mi
13102 E 30th St Tulsa, OK	3.0	2.0	1190	$1,395	$1.17	19d	1	1.30mi
2444 S 121st East Ave Tulsa, OK	3.0	1.5	1168	$1,395	$1.19	23d	1	1.31mi
2319 S 119th East Ave Tulsa, OK	3.0	1.0	990	$1,365	$1.38	23d	1	1.39mi
3208 S 137th East Ave Tulsa, OK	3.0	2.0	1367	$1,578	$1.15	3d	1	1.48mi

Listing history 34 events

1. 2026-06-18
   days on market $132,000 Active 229 DOM
2. 2026-06-17
   days on market $132,000 Active 228 DOM
3. 2026-06-16
   days on market $132,000 Active 227 DOM
4. 2026-06-15
   days on market $132,000 Active 226 DOM
5. 2026-06-13
   days on market $132,000 Active 224 DOM
6. 2026-06-13
   pricedays on market $132,000 Active 223 DOM
7. 2026-06-10
   days on market $153,000 Active 221 DOM
8. 2026-06-09
   days on market $153,000 Active 220 DOM
9. 2026-06-08
   days on market $153,000 Active 219 DOM
10. 2026-06-07
    days on market $153,000 Active 218 DOM
11. 2026-06-05
    days on market $153,000 Active 215 DOM
12. 2026-06-03
    days on market $153,000 Active 214 DOM
13. 2026-06-02
    days on market $153,000 Active 213 DOM
14. 2026-06-01
    days on market $153,000 Active 212 DOM
15. 2026-05-31
    days on market $153,000 Active 211 DOM
16. 2026-05-06
    historical $1,150
17. 2026-03-24
    price $153,000
18. 2026-03-09
    listed $1,150
19. 2025-11-01
    listed $160,000 Active
20. 2015-11-24
    historical
21. 2015-10-26
    price $65,000
22. 2015-10-01
    price $76,000
23. 2015-09-02
    price $80,000
24. 2015-08-13
    listed $87,000 Active
25. 2011-08-27
    historical
26. 2011-02-28
    listed $78,300
27. 2005-01-20
    historical
28. 2004-10-20
    listed $79,900
29. 2004-09-03
    soldstatus $47,500
30. 2004-08-27
    soldstatus $47,500
31. 2004-08-05
    historical
32. 2004-03-24
    listed $53,900
33. 1995-05-08
    soldstatus $50,000
34. 1994-10-26
    listed $51,500

ⓘ 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: $1,915 · $160/mo
• Projected year-2 tax: $1,915 · $160/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: $18,009
• − Mortgage interest: −$7,394
• − Property taxes: −$1,915
• − Insurance: −$660
• − Repairs & maintenance: −$1,441
• − Management: −$1,441
• − Depreciation: −$3,840
• Taxable income: $1,319
• Est. tax owed @ 24.0%: −$317
• After-tax cash flow: $3,029/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: Union
• NCES district ID: 4030600
• Math proficiency: 20% ▼ -9.00%
• Reading proficiency: 20% ▼ -9.00%
• Median HH income: $52,744
• Composite: 18.18/100
• National rank: #8962
• State rank: #160 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): 16,507
• Household income: $46,865
• Rent vs Own: 61.6% rent · 38.4% own
• Severe rent burden: 755.0

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 0.65)
• Race & ethnicity: Hispanic / Latino 53% Two or more races 28% White 24% Black 13% Native American 4% Asian 3%
• Hispanic origin (detail): Mexican 40%
• Common ancestry: Lithuanian 1% Slovak 1%
• Foreign-born: 29% · Canada, Vietnam, Philippines
• Languages at home: 47% English-only · Spanish 49% Other Asian/Pacific 1% Vietnamese 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: ▼ -140.33%
• Current HPI: 214.8226
• Rent YoY: ▲ 0.43%
• 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

-97.8% since first listed

19 events — show timeline

• 2026-05-06 Rental Removed $1,150 APPFOLIO
• 2026-03-24 Price Changed $153,000 MLS Technology, Inc.
• 2026-03-09 Listed for Rent $1,150 APPFOLIO
• 2025-11-01 Listed $160,000 MLS Technology, Inc.
• 2015-11-24 Listing Removed — MLS Technology, Inc.
• 2015-10-26 Price Changed $65,000 MLS Technology, Inc.
• 2015-10-01 Price Changed $76,000 MLS Technology, Inc.
• 2015-09-02 Price Changed $80,000 MLS Technology, Inc.
• 2015-08-13 Listed $87,000 MLS Technology, Inc.
• 2011-08-27 Listing Removed — MLS Technology, Inc.
• 2011-02-28 Listed $78,300 MLS Technology, Inc.
• 2005-01-20 Listing Removed — MLS Technology, Inc.
• 2004-10-20 Listed $79,900 MLS Technology, Inc.
• 2004-09-03 Sold (Public Records) $47,500 Public Records
• 2004-08-27 Sold (MLS) $47,500 MLS Technology, Inc.
• 2004-08-05 Listing Removed — MLS Technology, Inc.
• 2004-03-24 Listed $53,900 MLS Technology, Inc.
• 1995-05-08 Sold (Public Records) $50,000 Public Records
• 1994-10-26 Listed $51,500 MLS Technology, Inc.

Property tax history

+6.2%/yr

Latest (2025): $1,915 · +9.4% YoY. Source: county tax records.