I live in California and am considering buying an investment property in Tulsa. While a simple search on Zillow/Realtor shows several properties in Jenks, Bixby and Owasso (those three areas came up as safe with good schools) that meet my cash flow criteria, I'm hoping to get local investors' take on the rental market outlook and if there are any specific areas to avoid. Any info you could share is much appreciated!
Hey Pavan! Id love to help ya out! Im born and raised here in Tulsa, live in Broken Arrow and have siblings who live in Bixby and Owasso! Jenks, Bixby, and Owasso are all great places to look into. They are growing fast and are generally safe places with the better school systems. Im pretty new to the investment community so I haven't gotten much of a chance to analyze any properties so I couldnt give you the average rent or anything, but as far as being a local, youre definitely in the right areas! If there's any questions that you have about the areas, or need someone to go lo ok k at a house and take pictures or anything, please feel free to message me at anytime! Best of luck!
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The suburbs of Tulsa are nice, if they meet your cashflow critera that's great.
Appreciation is slow but steady in those areas, nothing like California.
I agree with Mitchell you are looking in the right areas.
All, I really appreciate the info! @Mitchell Mora , I'll definitely take you up on the offer.
On a related note, what are the typical property management costs in Tulsa? I'd also love to get a few references to good property managers.
I am a Property manager, investor and broker in Tulsa. I would be glad to help. Let me know what I can do.
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Claremore is a great suburb market as well because they have RSU there. I just sold 3 units in claremore that needed about 30k in work for 85k and my client plans to rent it all for $1800 per month. I would be careful of the 61st and peoria area in tulsa and north of pine st tends to have a bit more skeptisim as well from my investor friends. That being said I know people that have rentals up there and do well but they have a hands on management approach. I really like around downtown tulsa because that is where I believe the path of progress is and it tends to have good Cap rates.
@Pavan A. , It's good to here Owasso is peaking some interests! I live in Owasso and am familiar with the rent rates for the different neighborhoods. I have 4 of my 5 kids enrolled in the Owasso Public School System. If you need boots on the ground in Owasso, I'll be your guy! Look forward to hearing from you.
Those are good places as far as schools and quality of life. However, the property taxes and insurance costs are higher. They also do not offer as high a return on investment (in my opinion).
You might consider Sapulpa, Glenpool or Sand Springs
, They are working class areas and are more affordable for most renters.
My Jenks house is 1950 SQ FT cost $210K and rent is $1500.00
My Glenpool house is 1235 SQ FT cost is $115K and rent is $995.00
They are 4 miles apart.
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