307 E 46th St

Tulsa, OK 74105

$185,000B-

3 bd · 2.5 ba · 1,806 sqft · Built 1946 · SingleFamily · Active · 148 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,256/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$276
• HOA: −$0
• Vac / Maint / Mgmt: −$474
• Net cashflow: $536/mo
• Annual: $6,433/yr
• Cap rate: 9.77%
• Cash-on-cash: 12.42%
• DSCR: 1.55
• 1% rule: 1.22%
• Cash to close: $51,800

Investor read

• This is a 3-bed/2.5-bath single-family listed at $185k.
• At list price, monthly cash flow is $536 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• It's been on market 148 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $163k (12.0% below list) — sets the bar for market timing.
• 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.
• 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: 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.
• Zoned schools: Project Accept Traice Es (math 10% / reading 10%, grade F, #695 of 845 statewide, top 84%, 558 students, 0% FRL); Edison Preparatory Ms (math 19% / reading 28%, grade F, #113 of 345 statewide, top 34%, 822 students, 0% FRL); Booker T. Washington Hs (math 41% / reading 61%, grade D+, #2 of 447 statewide, top 0%, 1,280 students, 0% FRL) — zoned schools average 0% FRL vs 76% district-wide (76 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 28% at this address vs 10% district-wide (+19 pts) — the actual schools serving this property are materially stronger than the Tulsa average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.8%/yr); 226 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 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.
• 3 sale attempts since 35y ago; this cycle's ask has dropped $40k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $45k; list at $185k implies a 311% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 2.8% rent growth), your $52k cash investment doubles in ~10 years — after that, you're playing with house money.
• 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.

Questions for listing agent

• It's been on market 148 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.
• 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.