2836 E Admiral Blvd

Tulsa, OK 74110

$165,500C-

3 bd · 1.0 ba · 1,286 sqft · Built 1942 · SingleFamily · Active · 221 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,363/mo
• Mortgage (P&I): −$868
• Tax + insurance: −$292
• HOA: −$0
• Vac / Maint / Mgmt: −$286
• Net cashflow: $-82/mo
• Annual: $-987/yr
• Cap rate: 6.18%
• Cash-on-cash: -0.41%
• DSCR: 0.98
• 1% rule: 0.82%
• Cash to close: $46,340

Investor read

• This is a 3-bed/1.0-bath single-family listed at $166k.
• At list price, monthly cash flow is $-82 ($-987/yr) — negative.
• To cash-flow at today's rent, offer at most $151k (8.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $136k (17.6% below list).
• It's been on market 221 days — a 12% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $136k (17.6% below list) — sets the bar for 1% rule.
• In year one you build about $16k of equity ($1k loan paydown + $14k appreciation (8.7% local appreciation)).
• 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: Kendall-Whittier Es (math 2% / reading 3%, grade F, #802 of 845 statewide, top 100%, 818 students, 0% FRL); Monroe Demonstration Ms (math 0% / reading 2%, grade F, #344 of 345 statewide, top 100%, 688 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.
• Watch-outs: flood insurance adds $66/mo; built in 1942 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.8%/yr); 58 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 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.
• 9 sale attempts since 17y 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 $142k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (8.7% appreciation + 1.8% rent growth), your $46k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 221 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?