1215 S Quincy Ave Tulsa, OK 74120
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About this home
*Back on the market due to no fault of the seller or property.* Quadplex that’s really 4 + 2! Amazing opportunity to own 6 doors on a residential lot in Tulsa’s newest neighborhood, the quickly up-and-coming Neon Quarter (formerly Forest Orchard). Cute colonial-style 4-plex with beautiful wood floors, 10’ ceilings, with a bonus 2-unit ADU in the back that would make perfect Airbnb’s. Main building has two 1/1 apartments on the main floor and a 2/1 and 1/1 on the second. Catch a neighborhood on a huge upswing with new condos being built at 1140 S Quincy and ground being broken for 4 more at 1244 S Quincy. Onyx apartments at 1314 S Quincy were fully repositioned. Imagine getting in on Cherry Street before Cherry Street became a thing. Near Cherry Street, 11th Street (Route 66), Maple Ridge, the Gathering Place and amazing restaurants like LoFi and Ava June. Close to downtown, The Pearl District, TU, and more. Perfect for investors or potentially the ultimate house-hack. Tenants pay electric and gas. All are on month-to-month leases. Rear 2-unit ADU comes with engineering report for renovations. 95% demo’d on the inside. It’s a unique opportunity (read investment unicorn) because Tulsa no longer allows more than one unit in an ADU (building is considered non-conforming and allowed by Tulsa city code). 1437 S Peoria 4-plex recently sold for 550k, and that was a complete gut reno. This building comes with 2 more doors! Seller to close with T-Town Title. Listing agent has ownership interest in T-town Title Public is able to choose their own title company.
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FAQs
Roam is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
To qualify, you must meet the current FHA, VA, or USDA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 580, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50% max under FHA guidelines. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
An assumable mortgage is a type of home loan that allows a homebuyer to take over the existing mortgage terms from the seller, with no cost to the seller. Many government-backed loans, such as FHA and VA loans, are eligible for assumption, and millions of these mortgages are available.
When interest rates on mortgages are high, assuming a mortgage with a rate as low as 2% allows buyers to save up to thousands monthly compared to buying a home with a traditional mortgage at today’s average rates of 7%. A low-rate assumable mortgage could be the key to finding your dream home at an affordable price.
Roam has compiled available listings with low-rate assumable mortgages for you to browse. To get started, enter the city, state, zip code, or school district you’re interested in purchasing in. Utilize the search filters to narrow down your search. Click “Save search” to save your search preferences and activate listing notifications—we’ll email you as soon as new listings match your criteria.
Once you’ve found your dream home and ready to make an offer, schedule a call with a Roam Advisor directly from the listing. Your Roam Advisor will guide you through each step of the process, while also working directly with your agent, the servicer, and the seller to ensure you close on time.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
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