4922 E 38th Pl · Tulsa, OK 74135

$199,900

3 bd · 2.5 ba · 2,398 sqft · SingleFamily public records · 1 Days on market

Built 1959 8,280 sqft lot Est $305k · 34% 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 +25.2/30.0
• ARV discount +15.0/15.0
• DSCR +8.3/10.0
• 1% rule +6.4/10.0
• Livability +3.8/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0
• Appreciation +0.0/10.0

Listing remarks

Sold at time of listing - For statistical purposes only

Key facts

• 8,280 sq ft lot
• 2 garage spots
• Built 1959

Property features AI

Exterior

• Parking: Attached garage; Two garage spaces
• Security: Smoke detectors; No safety shelter
• Utilities: Electricity available; Natural gas available; Public water; Public sewer
• Home design: Two-story home; Northwest facing; Slab foundation
• Construction: Wood frame construction; Asphalt/fiberglass roof; Built per public records
• Exterior features: Mature trees on the lot; Smoke detectors

Interior

• Kitchen: Gas range connection; Electric oven connection
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Central heating (gas); Central air conditioning
• Interior features: Ceiling fans; Electric oven connection; Gas range connection; Gas water heater; One fireplace with mantel
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $446 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• 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 (+2.5%/yr); 113 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); 2,818 units permitted in Tulsa County in 2024 (518 in 5+ unit buildings).
• This rent runs 44% of the median local income ($63k/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 $1k of loan paydown is wiped out by about $6k 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

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• 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 $199,900

Questions for the listing agent

1. Built in 1959 — 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: 1.14% ✓
• Cap rate: 8.97%
• Cash-on-cash: 9.55%
• DSCR: 1.43
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $304,546
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3930 S Darlington Ave	0.20mi	3/2.5	2,274 (-5%)	6mo	$200,000	$88	76
5431 E 39th St	0.34mi	3/2.5	2,284 (-5%)	2mo	$189,500	$83	75
3755 S Braden Ave	0.12mi	4/3.0 (+1)	2,645 (+10%)	0mo	$320,000	$121	70
3604 S Urbana Ave	0.36mi	4/3.0 (+1)	2,403 (+0%)	7mo	$405,000	$169	70
3707 S Canton Ave	0.28mi	3/2.0	2,275 (-5%)	10mo	$250,000	$110	68
3701 S Canton Ave	0.29mi	3/2.5	2,142 (-11%)	5mo	$413,000	$193	64
3756 S Braden Ave	0.10mi	4/3.5 (+1)	2,726 (+14%)	4mo	$346,350	$127	60
4619 E 37th Pl	0.20mi	3/2.0	2,064 (-14%)	8mo	$329,500	$160	59
5336 E 36th St	0.37mi	3/2.5	2,067 (-14%)	4mo	$193,000	$93	56
4225 S Oswego Ave	0.70mi	3/2.0	2,257 (-6%)	7mo	$390,000	$173	50
3624 S Pittsburg Ave	0.62mi	2/2.0 (-1)	2,184 (-9%)	2mo	$181,000	$83	47
4122 S New Haven Pl	0.68mi	4/3.5 (+1)	2,617 (+9%)	12mo	$589,000	$225	34

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 · 2.5% rent growth · sell at horizon

5-year hold

• IRR: -2.4%
• Equity multiple: 0.91×
• Total profit: $-5,137
• Equity at exit: $29,806

10-year hold

• IRR: 6.7%
• Equity multiple: 1.49×
• Total profit: $27,508
• Equity at exit: $17,284

Cash invested: $55,972 (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 74135

• Rents YoY: 2.5%
• Active inventory: 113
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,281 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$225 /mo · $2,697/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$479
• Net cashflow: $446

Break-even live

Break-even rent $1,717

Max offer price $199,900

Occupancy floor 75%

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3802 S Allegheny Ave Tulsa, OK	4.0	3.0	2794	$2,700	$0.97	10d	1	0.06mi
2923 S Irvington Ave Tulsa, OK	4.0	2.5	1786	$1,750	$0.98	1d	1	1.08mi
3526 E 48th Pl Tulsa, OK	3.0	2.0	1850	$1,690	$0.91	2d	1	1.41mi
6828 E 47th St Tulsa, OK	3.0	2.0	1880	$1,795	$0.95	23d	1	1.41mi
4016 E 51st Pl Tulsa, OK	4.0	2.0	1800	$2,795	$1.55	21d	1	1.45mi

Listing history 2 events

1. 2026-06-17
   remarks 55-char remark
2. 2026-06-17
   listed $199,900 Pending 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: $2,697 · $225/mo
• Projected year-2 tax: $2,697 · $225/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 (unshaded) · 69% 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: $27,371
• − Mortgage interest: −$11,198
• − Property taxes: −$2,697
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,190
• − Management: −$2,190
• − Depreciation: −$5,815
• Taxable income: $2,282
• Est. tax owed @ 24.0%: −$548
• After-tax cash flow: $4,799/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): 20,138
• Household income: $62,694
• Rent vs Own: 51.5% rent · 48.5% own
• Severe rent burden: 1348.0

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 0.55)
• Race & ethnicity: White 66% Two or more races 14% Hispanic / Latino 9% Black 7% Native American 5% Asian 3%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Lithuanian 3% Slovak 3% Italian 2%
• Foreign-born: 7% · Canada
• Languages at home: 91% English-only · Spanish 5% Other Asian/Pacific 1% Arabic 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: ▼ -222.51%
• Current HPI: 251.5917
• Rent YoY: ▲ 2.50%
• 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

2 events — show timeline

• 2026-06-17 Pending — MLS Technology, Inc.
• 2026-06-17 Listed $199,900 MLS Technology, Inc.

Property tax history

+2.5%/yr

Latest (2025): $2,697 · +6.7% YoY. Source: county tax records.