Tulsa's short-term rental guests are a mix most cities would envy: concert-goers at Cain's Ballroom and the BOK Center, families visiting the Gathering Place, Route 66 road-trippers, remote workers trying the city out, and, an hour or two away, boaters on Grand Lake and Keystone. The trick is choosing which of those guests you are buying for, because the property, the rules and the insurance bill differ for each.
In short: LendingStreet finances Tulsa short-term rentals and nearby lake homes with DSCR loans that can qualify on projected short-term rental revenue on some programs instead of a long-term lease. Loans start at $150,000 with no stated maximum, purchases go up to 80% LTV and cash-out up to 75% LTV, with a 620 minimum credit score and LLC borrowers allowed. Our investor loans are business-purpose loans on non-owner-occupied property.
Inside the city, demand clusters near downtown and Midtown. The Brady Arts District, Greenwood, the East Village and the Pearl District put guests within walking distance of Cain's Ballroom, the BOK Center, ONEOK Field, the Bob Dylan Center and Greenwood Rising. Brookside, Cherry Street and Maple Ridge are close to the Gathering Place and the Philbrook Museum. The University of Tulsa draws families to Kendall-Whittier and nearby streets for football weekends and graduation.
Longer stays matter too. Hospital staff at Saint Francis, Hillcrest and Ascension St. John, crews at the American Airlines maintenance base near the airport, and people relocating through the Tulsa Remote program often book furnished homes for one to three months. Big events, such as the Tulsa State Fair at Expo Square each fall and major golf tournaments at Southern Hills, create short spikes.
Short-term rental rules in Oklahoma are set city by city and have been changing in several cities. Before you buy, confirm zoning and any registration, permit or inspection requirement with the City of Tulsa, or with Broken Arrow, Jenks, Bixby or Owasso depending on the address. Lake properties fall under county rules and sometimes a lake association or HOA, and the Grand River Dam Authority has its own rules for docks and shoreline on the lakes it manages.
Oklahoma sales tax and local lodging taxes can apply to short stays. Find out whether your booking platform collects them for your address or whether you need to register and file. Keep records of stays over 30 days separately, since they are often treated differently.
The two main Tulsa-area options earn money on different calendars:
This example is illustrative and not a quote. An investor compares a three-bedroom Midtown home near Cherry Street at $310,000 with a lake house on Grand Lake at $395,000, each bought with 25% down.
The Midtown home has a projected $40,000 in annual revenue. Estimated principal and interest on a $232,500 loan is about $1,586, and with taxes and insurance the payment is about $2,186, for a DSCR of about 1.52x. The lake house projects $52,000. Its $296,250 loan has estimated principal and interest of about $2,021 and a total payment of about $2,621, for a DSCR of about 1.65x.
Both clear 1.0x. The lake house earns more, but nearly all of it arrives in summer and its insurance runs higher, so it needs deeper reserves. Some programs adjust projections for seasonality, and how much varies by program.
| Item | Midtown home | Grand Lake house |
|---|---|---|
| Price | $310,000 | $395,000 |
| Loan (75%) | $232,500 | $296,250 |
| Projected annual revenue | $40,000 | $52,000 |
| Estimated principal and interest | $1,586 | $2,021 |
| Monthly taxes | $300 | $250 |
| Monthly insurance | $300 | $350 |
| Total payment | $2,186 | $2,621 |
| DSCR | 1.52x | 1.65x |
Insurance is the cost that surprises out-of-state investors in Oklahoma. Hail and wind are common, policies often carry a separate wind and hail deductible, and roof age has a big effect on premiums. Confirm that the policy covers short-term rental use, since some standard landlord policies do not. Get a quote before you finalize your offer, because the full premium goes into the payment we underwrite. Lake homes may also need flood coverage depending on elevation and location.
In the city, spring and fall are strong, with concerts, college football, the state fair and outdoor events, while January and February are quieter. At the lakes, summer is everything; winter bookings are thin. Keep several months of payments in reserve, especially for a lake property, and avoid stretching leverage on a projection that depends on perfect weather.
Oklahoma property taxes are moderate compared with many states. Tulsa County assesses residential property at an assessment ratio set within the range state law allows, and rentals do not get the homestead exemption. Oklahoma charges a documentary stamp tax on deeds at transfer. Use the actual tax estimate for the property, and note that lake counties such as Delaware and Mayes have their own rates.
If you already run a Tulsa-area rental with a booking history, a refinance may be able to use actual revenue. Cash-out goes up to 75% LTV once seasoning is met, and seasoning varies by program. Our STR refinance guide covers what records to pull.
Send the address, price, revenue projection or booking history and any HOA or lake association documents through the form below, or call (877) 298-1001. For lake homes, include the dock permit and septic information if you have them. Our Oklahoma short-term rental page covers Oklahoma City and Broken Bow too.
It depends on current city rules and zoning for the address. Confirm any registration or permit requirement with the City of Tulsa before you buy.
Areas near downtown and Midtown, such as the Pearl District, Brady Arts District, Brookside and Cherry Street, are popular for event and visitor demand.
Yes, if it is a 1 to 8 unit residential property used as a rental. Insurance, septic, dock and access issues can affect the loan.
On some programs, yes. The lender may adjust the projection for seasonality.
Oklahoma sales tax and local lodging taxes can apply. Check whether your platform collects them.
Hail and wind risk. Roof age and the wind and hail deductible have a large effect on the premium.
The minimum is 620.
Yes. LLC borrowers are standard, and you sign for the loan personally.
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