Deal or No Deal Triplex in Bethany, OK
oklahoma city, OK · Member since 2025 · 31 posts · 16 votes
Deal or No Deal Triplex in Bethany, OK
Most Popular Reply
Member since 2026 · 97 posts · 57 votes
7moThe location sounds solid with the college proximity and A+ school district. Those two factors usually mean stable tenant demand.
Let me run some quick numbers based on what you shared:
If you get all 3 units to $725-750 range (which seems reasonable for the area), you're looking at roughly $2,175-2,250 gross monthly rent. At $205k purchase with 20% down, you're financing around $164k. Depending on rate, your PITI is probably in the $1,300-1,400 range for a triplex.
That leaves maybe $800-900 gross before vacancy, maintenance, and CapEx. On paper that works, but the $75k in upgrades changes the math significantly. Mini split conversions with electrical upgrades can run $15-20k+ for 3 units depending on what the panel situation looks like. Make sure you get real bids before committing.
The 20-year tenant is interesting. They might be paying way under market or have some informal arrangement. I'd want to know that rent amount before making an offer since it could swing your cash flow projection either direction.
Few things I'd verify: Are the units separately metered for electric? If you're paying utilities that eats into margins fast on 400 sqft units. Also check with Bethany on any rental permits or inspection requirements.
Honestly for your second property and being 5 miles from home, the operational simplicity of a triplex near a college is hard to beat. The numbers look workable if your upgrade costs stay reasonable.
9 Replies
- Real Estate Agent · Kansas City · Member since 2018 · 4k+ posts · 3k+ votes7mo
What would be the market rents for each unit once you did the repairs/upgrades? Doesn't seem bad with the price and having 3 units. From photos it definitely has outdated cosmetics. It's rentable (from the photos) but could be updated. I would get bids, do inspections to verify rehab assumption. Would you refi once it was rehabbed?
- oklahoma city, OK · Member since 2025 · 31 posts · 16 votes7mo
Looks like close by small apartments are about $700-$775. Also I'd do 20% down. I would hold off on refi. Slow expansion.
- Member since 2026 · 97 posts · 57 votes7mo
The location sounds solid with the college proximity and A+ school district. Those two factors usually mean stable tenant demand.
Let me run some quick numbers based on what you shared:
If you get all 3 units to $725-750 range (which seems reasonable for the area), you're looking at roughly $2,175-2,250 gross monthly rent. At $205k purchase with 20% down, you're financing around $164k. Depending on rate, your PITI is probably in the $1,300-1,400 range for a triplex.
That leaves maybe $800-900 gross before vacancy, maintenance, and CapEx. On paper that works, but the $75k in upgrades changes the math significantly. Mini split conversions with electrical upgrades can run $15-20k+ for 3 units depending on what the panel situation looks like. Make sure you get real bids before committing.
The 20-year tenant is interesting. They might be paying way under market or have some informal arrangement. I'd want to know that rent amount before making an offer since it could swing your cash flow projection either direction.
Few things I'd verify: Are the units separately metered for electric? If you're paying utilities that eats into margins fast on 400 sqft units. Also check with Bethany on any rental permits or inspection requirements.
Honestly for your second property and being 5 miles from home, the operational simplicity of a triplex near a college is hard to beat. The numbers look workable if your upgrade costs stay reasonable.
- oklahoma city, OK · Member since 2025 · 31 posts · 16 votes7mo
Quote from @Alex Morales:
The location sounds solid with the college proximity and A+ school district. Those two factors usually mean stable tenant demand.
Let me run some quick numbers based on what you shared:
If you get all 3 units to $725-750 range (which seems reasonable for the area), you're looking at roughly $2,175-2,250 gross monthly rent. At $205k purchase with 20% down, you're financing around $164k. Depending on rate, your PITI is probably in the $1,300-1,400 range for a triplex.
That leaves maybe $800-900 gross before vacancy, maintenance, and CapEx. On paper that works, but the $75k in upgrades changes the math significantly. Mini split conversions with electrical upgrades can run $15-20k+ for 3 units depending on what the panel situation looks like. Make sure you get real bids before committing.
The 20-year tenant is interesting. They might be paying way under market or have some informal arrangement. I'd want to know that rent amount before making an offer since it could swing your cash flow projection either direction.
Few things I'd verify: Are the units separately metered for electric? If you're paying utilities that eats into margins fast on 400 sqft units. Also check with Bethany on any rental permits or inspection requirements.
Honestly for your second property and being 5 miles from home, the operational simplicity of a triplex near a college is hard to beat. The numbers look workable if your upgrade costs stay reasonable.
I have learned that the 20 yr tenant pays $600 and the seller pays for the utilities about $250/month. After looking at the pics, it looks like they have their own electric meters.
- 7moJ CastroBusiness MemberLender · Florida · Member since 2025 · 684 posts · 246 votes
Quote from @Brandi Smith:
My first rental property will be paid off by November of this year, and I originally planned to purchase next property within the year afterwards. I came across a Triplex 5 miles from my home, 2 blocks from a good college, and basically across the street from an A+ popular highly sought out school district.
The units are small ( about 400 sqft) but lot is 5600 sq ft. House next to it is brand new and very pretty.
4610 N Asbury Ave, Bethany, OK 73008. Selling Price $205k. Feel free to check it out.
Top Unit – $725/month, Bottom Unit – $650/month, other unknown but occupied by a tenant of 20 years..
I'd want to change out the window units to mini splits (probably newer electrical lines), repaint outside and maybe add an outdoor living space. I am unsure if they have individual meters for utilities. I would probably get a loan or HELOC on home for about $75k to cover upgrades and holding time.
What do you think?
Hey @Brandi Smith, welcome to BP!
This could be a solid opportunity — the location drivers alone (near a college and an A+ school district) are strong demand indicators. But before moving forward, here are a few things I’d take a close look at.Quick numbers first:
Based on the rents you shared:- $725
- $650
- Estimated third unit ~$650
That’s roughly $2,025/month or about $24,300/year gross.
At a $205K purchase price, the gross return looks attractive — but the real story is in the expenses.Key things to verify:
1. Utilities (very important)
If the units are not separately metered, your operating costs could eat into cash flow quickly — especially with mini-splits.2. Electrical capacity
Mini-splits are a great upgrade, but older properties often need panel or wiring upgrades. Get an electrician’s estimate early so this doesn’t blow up your rehab budget.3. The 20-year tenant
Find out:- Current rent vs. market rent
- Lease status
- Any deferred maintenance or expectations
Long-term stability is great, but you want to know the upside potential.
4. Rent upside
Small units near a college often perform well, especially after cosmetic upgrades. Check comparable rents for updated units — there may be value-add here.5. All-in cost
Make sure your numbers work based on:
Purchase + Renovations + Holding + Financing
Then run realistic expenses (taxes, insurance, vacancy, maintenance, CapEx).Financing thought:
Using a HELOC for the $75K can work, but be mindful of variable rates and carrying costs. Many investors improve the property, increase rents, and then refinance into a long-term DSCR loan to pull some capital back out.The location and neighborhood improvement (new construction next door) are big positives. If utilities are separated, electrical upgrades are manageable, and there’s clear rent upside, this could turn into a strong cash-flowing asset with long-term appreciation.
Before you move forward, run your deal through a financing scenario to see your true cash flow and exit options.
If you need help structuring the numbers or exploring investor-friendly financing?
Let’s review your deal and help you turn this opportunity into your next cash-flowing asset. - Member since 2025 · 104 posts · 37 votes7mo
Love that your looking to grow your Portfolio! If you ever want to chat, just let me know!
- Member since 2020 · 2 posts · 0 votes7mo
It looks like a good deal so far. I ran it through this tool I found online called Kash-Flo (www.kash-flo.com) and it said it was a good deal (link below).
https://kash-flo.com/?propertyUrl=https%3A%2F%2Fwww.redfin.c...
I say go for it!
- 7moBen ScottPro MemberProperty Manager · Oklahoma City, OK · Member since 2019 · 577 posts · 351 votes
Great area for sure. In my experience, properties with one bed units (the 20-year tenant notwithstanding) experience more vacancies than larger MFH or single family homes. I'd make sure to calculate conservative vacancies numbers in your analysis.
Join the conversationCreate a free account to reply, vote on answers and follow this thread.