3812 E 28th St · Tulsa, OK 74114

$140,000

4 bd · 2.0 ba · 1,842 sqft · SingleFamily public records · 142 Days on market

Built 1950 7,470 sqft lot

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• Rent growth +4.1/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0
• Appreciation +0.0/10.0

Listing remarks

Solid block construction 4 bedroom, 1.5 bath home located in a prime Midtown Tulsa area with quick access to Highway 51 and US-64. Situated on a corner lot, this property offers strong upside potential. Functional layout includes an enclosed front foyer leading into an open living, dining, and kitchen area, plus a separate east-side den/add-on. Large windows bring in natural light throughout. Roof is approximately 10 years old. Main HVAC system (2000) is not operational. Secondary HVAC unit serving the den/add-on is reported to be functioning. Backyard includes a large storage shed; small shed excluded from sale. Property is being sold AS-IS, with seller making no repairs or improvements. B

Key facts

• Storage shed
• Corner lot
• Oversized windows

Tags

• CORNER LOT
• SOLID CINDERBLOCK CONSTRUCTION
• TWO SPACIOUS LIVING AREAS
• OVERSIZED WINDOWS
• STORAGE SHED
• RARE ARCHITECTURAL FIND

Property features AI

Exterior

• Parking: Concrete driveway
• Security: No safety shelter
• Utilities: Public water; Public sewer; Electricity available; Natural gas available; Cable available; Phone available
• Home design: Single-story; Faces north; Slab foundation; Block construction
• Construction: Block construction; Slab foundation; Built according to public records
• Exterior features: Concrete driveway; Corner lot; Chain link fence (full); Shed(s)

Interior

• Kitchen: Laminate counters; Electric range connection
• Bedrooms: Bonus room (additional room)
• Flooring: Carpet; Tile
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central heating (gas, multiple units); Central air conditioning (two units)
• Interior features: Accessible entrance; Ceiling fan(s); Laminate counters; Aluminum-framed windows; Electric range connection
• Laundry & utility: Washer hookup; Electric dryer hookup; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $554 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.0% 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 fast (+6.2%/yr); 142 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,818 units permitted in Tulsa County in 2024 (518 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 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.
• At projected returns (-3.0% appreciation + 6.2% rent growth), your $39k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 142 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $85k; list at $140k implies a 65% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• 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 $123,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 142 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 1950 — 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: 1.33% ✓
• Cap rate: 11.04%
• Cash-on-cash: 16.94%
• DSCR: 1.75
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $300,246
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4222 E 26th St	0.33mi	3/2.0 (-1)	1,817 (-1%)	2mo	$399,800	$220	75
3722 E 27th Pl	0.09mi	3/2.5 (-1)	1,590 (-14%)	3mo	$197,500	$124	64
4921 E 26th St	0.73mi	4/2.0	1,817 (-1%)	2mo	$346,100	$190	62
4916 E 27th Pl	0.68mi	4/2.0	1,741 (-6%)	3mo	$231,500	$133	57
2204 S Oswego Pl	0.66mi	3/2.5 (-1)	1,774 (-4%)	1mo	$225,000	$127	55
4103 E 23rd St	0.58mi	3/2.0 (-1)	1,699 (-8%)	0mo	$277,500	$163	55
4125 E 22nd St	0.71mi	4/2.0	1,722 (-6%)	7mo	$276,000	$160	50
3518 S New Haven Ave	0.65mi	3/3.0 (-1)	1,772 (-4%)	9mo	$275,000	$155	47
2333 S Florence Ave	0.65mi	3/2.0 (-1)	1,712 (-7%)	8mo	$346,000	$202	46
2163 S Sandusky Ave	0.70mi	3/1.5 (-1)	1,682 (-9%)	3mo	$275,000	$163	43
2607 S Florence Dr	0.47mi	3/2.0 (-1)	1,584 (-14%)	10mo	$307,000	$194	42
3536 S Marion Ave	0.70mi	3/2.5 (-1)	2,012 (+9%)	4mo	$300,000	$149	41

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 · 6.24% rent growth · sell at horizon

5-year hold

• IRR: 11.7%
• Equity multiple: 1.48×
• Total profit: $18,825
• Equity at exit: $20,874

10-year hold

• IRR: 23.0%
• Equity multiple: 3.28×
• Total profit: $89,233
• Equity at exit: $12,105

Cash invested: $39,200 (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 74114

• Rents YoY: 6.2%
• Active inventory: 142
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,860 high
• Mortgage (P&I): −$734
• Tax from tax record: −$123 /mo · $1,480/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$391
• Net cashflow: $554

Break-even live

Break-even rent $1,159

Max offer price $140,000

Occupancy floor 65%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3147 S Louisville Ave Tulsa, OK	3.0	1.0	1350	$1,395	$1.03	24d	1	0.34mi
3322 E 23rd St Tulsa, OK	3.0	1.0	1552	$1,700	$1.10	3d	1	0.62mi
3519 S Sandusky Ave Tulsa, OK	3.0	2.0	1547	$1,750	$1.13	12d	1	0.69mi
3519 S Sandusky Ave Tulsa, OK	3.0	2.0	1547	$1,750	$1.13	24d	1	0.69mi
3701 S Richmond Ave Tulsa, OK	4.0	2.0	1252	$2,195	$1.75	12d	1	0.90mi
3915 E 38th St Tulsa, OK	3.0	2.0	1336	$1,200	$0.90	10d	1	0.95mi
2923 S Irvington Ave Tulsa, OK	4.0	2.5	1786	$1,750	$0.98	2d	1	1.36mi
2533 E 19th St Tulsa, OK	3.0	2.0	1748	$2,250	$1.29	21d	1	1.47mi

Listing history 26 events

1. 2026-06-18
   days on market $140,000 Active 142 DOM
2. 2026-06-17
   days on market $140,000 Active 141 DOM
3. 2026-06-16
   days on market $140,000 Active 140 DOM
4. 2026-06-15
   days on market $140,000 Active 139 DOM
5. 2026-06-13
   days on market $140,000 Active 137 DOM
6. 2026-06-10
   days on market $140,000 Active 134 DOM
7. 2026-06-09
   days on market $140,000 Active 133 DOM
8. 2026-06-08
   days on market $140,000 Active 132 DOM
9. 2026-06-07
   days on market $140,000 Active 131 DOM
10. 2026-06-05
    days on market $140,000 Active 128 DOM
11. 2026-06-03
    days on market $140,000 Active 127 DOM
12. 2026-06-02
    days on market $140,000 Active 126 DOM
13. 2026-06-01
    days on market $140,000 Active 125 DOM
14. 2026-05-31
    days on market $140,000 Active 124 DOM
15. 2026-04-26
    status Active
16. 2026-04-20
    status Pending
17. 2026-04-02
    price $140,000
18. 2026-02-14
    status Active
19. 2026-02-13
    status Pending
20. 2026-01-20
    listed $149,900 Active
21. 2025-10-28
    status Pending
22. 2025-10-28
    historical
23. 2025-10-15
    price $130,000
24. 2025-07-09
    price $175,000
25. 2025-06-20
    listed $188,000 Active
26. 2003-06-19
    soldstatus $85,000

ⓘ 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: $1,480 · $123/mo
• Projected year-2 tax: $1,480 · $123/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 6/10 Major 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: $22,320
• − Mortgage interest: −$7,842
• − Property taxes: −$1,480
• − Insurance: −$700
• − Repairs & maintenance: −$1,786
• − Management: −$1,786
• − Depreciation: −$4,073
• Taxable income: $4,654
• Est. tax owed @ 24.0%: −$1,117
• After-tax cash flow: $5,526/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): 15,944
• Household income: $98,222
• Rent vs Own: 20.8% rent · 79.2% own
• Severe rent burden: 200.0

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: Predominantly White (81%)
• Race & ethnicity: White 81% Two or more races 11% Hispanic / Latino 6% Native American 4% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Slovak 4% Lithuanian 4% Italian 3%
• Foreign-born: 5% · Canada
• Languages at home: 93% English-only · Spanish 4% Other Asian/Pacific 1% French/Haitian/Cajun 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: ▼ -386.32%
• Current HPI: 237.8036
• Rent YoY: ▲ 6.24%
• 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

+64.7% since first listed

12 events — show timeline

• 2026-04-26 Relisted — MLS Technology, Inc.
• 2026-04-20 Pending — MLS Technology, Inc.
• 2026-04-02 Price Changed $140,000 MLS Technology, Inc.
• 2026-02-14 Relisted — MLS Technology, Inc.
• 2026-02-13 Pending — MLS Technology, Inc.
• 2026-01-20 Listed $149,900 MLS Technology, Inc.
• 2025-10-28 Pending — MLS Technology, Inc.
• 2025-10-28 Listing Removed — MLS Technology, Inc.
• 2025-10-15 Price Changed $130,000 MLS Technology, Inc.
• 2025-07-09 Price Changed $175,000 MLS Technology, Inc.
• 2025-06-20 Listed $188,000 MLS Technology, Inc.
• 2003-06-19 Sold (Public Records) $85,000 Public Records

Property tax history

+2.7%/yr

Latest (2025): $1,480 · +8.7% YoY. Source: county tax records.