RentalCalcs Editorial · oklahoma-2026-10-19-v1 · Reviewed 2026-10-19

Oklahoma: evidence to offer worksheet

Free property worksheet. Entries remain in this browser page and are not submitted or saved. Print or save your completed worksheet before closing. The worked example is hypothetical, not a property quote or market forecast.

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1. Match the evidence

The combined range is a starting screen. Its 100-basis-point width is not evidence that Tulsa trades exactly one percentage point above Oklahoma City, or that age alone determines yield. Northmarq’s regional sales count covers more deals than an identified cap-reporting sample. Obtain a comparable’s actual close price and consistent NOI before using it to justify an offer.

2. Complete the local document checks

Oklahoma City: fewer active projects, but track permitted supply

Collect competitor openings and permits separately. Obtain recent signed leases, concession schedules and a monthly reconciliation of billed versus collected rent.

Southwest OKC: absorption does not prove a neighborhood cap

Request the trailing monthly occupancy bridge, reasons for move-outs, bad-debt history and renovation invoices. Separate the cost to make a unit rentable from recurring repairs.

Tulsa: distinguish local rent growth from reversion potential

Match unit size and condition, check actual new-lease collections, and quote insurance with the roof age and loss history disclosed. Obtain comparable Tulsa sale NOI rather than assigning the combined range mechanically.

Norman and smaller cities: do not substitute price per unit for yield

Obtain leases by expiration month, guarantor terms where relevant, turn costs, vendor availability and local closed-sale income. Keep unsupported secondary-market yields blank.

3. Reconcile the buyer budget

Worked example · annual dollars except acquisition amounts
ItemExample
Purchase price$2,000,000
Scheduled annual rent$302,400
Other recurring income$6,000
Collection / concession / vacancy loss-$24,000
Effective income$284,400
taxes$28,000
insurance$34,000
utilities$16,000
maintenance$40,000
management$22,000
administration$10,400
Recurring expense total$150,400
NOI before debt and reserve$134,000
Annual debt service$93,398
Annual replacement reserve$12,000
Cash after debt and reserve$28,602
Down payment + closing + initial work$1,000,000

Loan $1,200,000 at an assumed 6.75% for 30 years, monthly amortization. Going-in cap 6.70%; DSCR 1.43× before reserve, 1.31× after reserve; cash-on-cash 2.86%. Cash basis excludes an initial reserve deposit; add any lender-required deposit. No loan quote is implied.

4. Test the exit and invalidate the thesis

Value = annual NOI ÷ (cap percent ÷ 100). Keep cumulative NOI change separate from annual rent growth. A simple value comparison excludes debt payoff, sale costs, income tax and interim cash flows.

Identify the actual lease-up competitors

List completed, active and permitted projects separately for the subject’s unit mix. Set the lease calendar against when each can compete.

Rebuild the buyer’s recurring NOI

Replace the seller tax basis, insurance assumptions and unpaid owner labor. Carry the roof deductible and initial work in separate cash lines.

Test rent gains against the expense reset

Compare constant NOI, lower collections and higher buyer expenses at both the selected entry and a wider exit yield. Confirm loan proceeds from a real quote.

Evidence ledger