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Investing in new construction in Tulsa, OK
We are real-estate investors from CA & trying to pick an OOS market with Tulsa (stable economy and future outlook, modest appreciation & reasonable cash-flow).
We heard from family/friends about new construction duplexes around the Tulsa metro targeting investors. We are long-term investors (10+ years) and plan to use the properties for cash-flow when we retire in 15+ years. We hope to have paid-off 5-10 small multi-family properties in the Tulsa area by retirement age that should supplement our 401K's and Social-Security income.
Area: West Tulsa (blue-collar neighborhood)
Property Price: $360K
Average rents: $3000-$3200 (duplex)
Has anyone heard/worked with Marc Ruiz in Tulsa? Are these numbers reasonable for Tulsa (0.9 for rent-to-price ratio and B class neighborhoods focussing on affordable housing) and the duplex should cash-flow about ~$200/door with 25-30% down.
For other investors in Tulsa, not targeting value-add (BRRRR, ...) - would you consider this a reasonable deal (don't need a home-run)?
Hey Sam, I'm an agent in Tulsa. Depending on the condition of the property, $1500-$1600/month per unit on a duplex is reasonable. West Tulsa can be a tricky area of town, and isn't seen as a top area for renters just yet(specifically across the river). You may look at areas of Tulsa county that are growing and have new construction like Owasso or near the Rose District in Broken Arrow. Feel free to send me a message if you're looking for more detailed info. Good luck with the search!
It depends on the size of each unit. I have only been able to get $1.00/sqft. and $1.20/sqft for a nice house in a good area (Rose District, etc.)
Quote from @Dakota Adney:
It depends on the size of each unit. I have only been able to get $1.00/sqft. and $1.20/sqft for a nice house in a good area (Rose District, etc.)
That is roughly the same for my rental, I agree.
Hey Sam, I'm an OOS investor from SoCal and I own a couple properties in Tulsa. I feel like the advice given is spot on. West Tulsa should be evaluated on a street by street basis. If you're not totally satisfied with your realtor out there though, I can recommend the guy I partnered with. He's a total rockstar and I feel he's always been spot on with rental comps.