2215 E 67th St #1511

Tulsa, OK 74136

$48,000D+

1 bd · 1.0 ba · 738 sqft · Built 1977 · Condo · Active · 157 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $798/mo
• Mortgage (P&I): −$252
• Tax + insurance: −$80
• HOA: −$265
• Vac / Maint / Mgmt: −$168
• Net cashflow: $34/mo
• Annual: $403/yr
• Cap rate: 7.13%
• Cash-on-cash: 3.00%
• DSCR: 1.13
• 1% rule: 1.66%
• Cash to close: $13,440

Investor read

• This is a 1-bed/1.0-bath condo listed at $48k.
• At list price, monthly cash flow is $34 ($403/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($798 rent vs $48k).
• It's been on market 157 days — a 12% lower offer ($42k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $42k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $332 of loan paydown is wiped out by about $1k 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: 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.
• Watch-outs: HOA is 33% of rent.
• Market conditions: Rents flat; 172 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals leasing fast (median 4d 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.
• 11 sale attempts since 17y ago; this cycle's ask has dropped $5k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• 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.
• Cap rate 7.1% 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.

Questions for listing agent

• It's been on market 157 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1977 — 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?
• 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?