Real Estate Investor · San Francisco, CA · Member since 2014 · 104 posts · 21 votes
Hello folks,
I'm an OOS investor looking at a rental in the Maplewood area. The property is in the vicinity of E. Pine and N. Sheridan Rd . What's your take on this area? Is there a lot of crime? Is this the hood? Or, is this a decent C+ hood? Tenant profile in this area? Any information you can share would be appreciated.
Investor & Agent · Tulsa, OK · Member since 2016 · 1k+ posts · 1k+ votes
5y
@Edwin L.
Hey there Edwin. As an investor, I understand the question. As an agent, it gets tricky saying if an area is good or not - especially in writing on a public platform.
What I can say is that area tends to be mostly rental properties. I myself and a business associate say that when you’re east of Sheridan over there it feels like the “ + “ you added to C class could apply. The airport and a lot of industrial employment is nearby. Very strong and growing employment base nearby.
Your opportunities would be more linear.
Interestingly, the area North of i-244 has seen massive appreciation this year. I’m kind of in shock with some of the prices. If you’re looking to get something over there as a rental. I wouldn’t pay too much in this market cycle. Maybe there is greater home ownership for owner-occupants & the ease of financing is creating something like appreciation over there. But I wouldn’t foresee rents exceeding $1,000 per month by much if at all for some time.
Real Estate Investor · San Francisco, CA · Member since 2014 · 104 posts · 21 votes
5y
@Nate Sanow, the property is actually located in Dawson, about a block or two west of Sheridan north of I-244. Hope that's still a C+ area? It's fully rehabbed 3/1 about 1,000 sq ft and rented for $825 asking $60K. What numbers do you suggest to plug in for vacancy rates? Thanks again!
Investor & Agent · Tulsa, OK · Member since 2016 · 1k+ posts · 1k+ votes
5y
@Edwin L.
Honestly I’d have to drive the area... I speak in general terms but it’s so block by block in Tulsa and even in Oklahoma. There are pockets inside pockets.
Real Estate Broker · Tulsa- OKC Oklahoma · Member since 2017 · 868 posts · 801 votes
5y
I think @Nate Sanow would agree. What does "rehabbed" mean. I have seen a lot of these homes that advertise as rehabbed and are really just lipstick on a pig. Beware of this . Those numbers look good for that area but if you have 15K in maintenance and repairs on top bc of a crappy remodel it kills the deal. Good luck