829 Lapwing Rd · Edmond, OK 73003

$169,000

3 bd · 2.0 ba · 1,292 sqft · SingleFamily public records · 12 Days on market

Built 1982 5,998 sqft lot Est $205k · 18% under

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +22.4/30.0
• ARV discount +15.0/15.0
• DSCR +7.2/10.0
• 1% rule +5.0/10.0
• Livability +3.9/5.0
• Schools +3.6/10.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Contingency Contract. Seller is accepting back-up offers. Great home for income property or 1st time home buyer (rents have been $900-$950/mo). Replaced siding and trim around home. New carpet, dishwasher, Faux wood blinds, living room light fixture & vanity in Master bathroom. HW heater is 2 years old. Heater unit is 3 yrs old.

Key facts

• 5,998 sq ft lot
• 2 garage spots
• Built 1982

Property features AI

Finance

• Financial info: Sold/as-is, financing options: cash or conventional
• HOA & community: No mandatory association dues

Exterior

• Parking: Concrete driveway; 2-car garage
• Utilities: Cable available; Electricity available; Natural gas available; Public utilities
• Home design: Single-family residence; One level; East-facing
• Construction: Brick and frame construction; Composition roof (replaced 2023); Slab foundation
• Exterior features: Open patio; Wood fencing; Interior lot

Interior

• Kitchen: Free-standing electric range/oven
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Interior features: Open patio; Inside utility; Masonry fireplace
• Laundry & utility: Inside utility

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $169k.

Deal economics

• At list price, monthly cash flow is $282 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $169k (0.2% below list).
• Recommended offer: $169k (0.2% below list) — sets the bar for 1% rule.
• Cap rate 8.3% vs local median 3.4% in Edmond — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 78/100 on livability (#6 in OK, #2,383 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: health & safety C-, commute F.
• Edmond (suburban): math 38% / reading 40% proficiency, ranked #11 of 270 in OK (top 4%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ida Freeman Es (math 17% / reading 17%, grade F, #540 of 845 statewide, top 68%, 464 students, 0% FRL); Central Ms (math 40% / reading 42%, grade F, #5 of 345 statewide, top 1%, 980 students, 0% FRL); North Hs (math 47% / reading 57%, grade D+, #1 of 447 statewide, top 0%, 2,555 students, 0% FRL) — zoned schools average 0% FRL vs 22% district-wide (22 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+3.9%/yr); 220 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 5,365 units permitted in Oklahoma County in 2024 (569 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Oklahoma County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 23y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $114k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $168,586 (0.2% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
3. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
4. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
5. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.00% ✗
• Cap rate: 8.29%
• Cash-on-cash: 7.15%
• DSCR: 1.32
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $205,428
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
728 Teal Pl	0.12mi	3/2.0	1,340 (+4%)	7mo	$205,000	$153	82
513 Willow Ridge Pl	0.42mi	3/2.0	1,296 (+0%)	2mo	$225,000	$174	78
713 Lapwing Rd	0.14mi	2/2.0 (-1)	1,216 (-6%)	2mo	$192,500	$158	77
805 Mallard Ave	0.13mi	3/2.0	1,456 (+13%)	4mo	$215,000	$148	70
532 Holly Hill Rd	0.61mi	3/2.0	1,340 (+4%)	0mo	$205,000	$153	65
2109 Castle Rock	0.58mi	3/2.0	1,385 (+7%)	2mo	$175,000	$126	60
1102 Dustin Dr	0.50mi	3/2.0	1,436 (+11%)	3mo	$225,000	$157	56
1609 Apian Way	0.66mi	3/2.0	1,215 (-6%)	4mo	$205,000	$169	56
705 Holly Hill Rd	0.49mi	3/2.0	1,153 (-11%)	7mo	$185,000	$160	53
301 Bluegrass Ln	0.66mi	3/2.0	1,387 (+7%)	8mo	$220,000	$159	50
724 Red Oak Ter	0.49mi	3/2.0	1,106 (-14%)	8mo	$179,450	$162	47
1617 Apian Way	0.68mi	3/2.0	1,102 (-15%)	6mo	$188,750	$171	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.86% rent growth · sell at horizon

5-year hold

• IRR: -4.5%
• Equity multiple: 0.83×
• Total profit: $-8,011
• Equity at exit: $25,198

10-year hold

• IRR: 6.1%
• Equity multiple: 1.47×
• Total profit: $22,090
• Equity at exit: $14,612

Cash invested: $47,320 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Oklahoma: 83 Strongly Landlord-Friendly · R+20
• County: — inherits STATE
• City: — inherits STATE

5-day notice; strongly landlord-favorable.

Methodology + full state rankings →

ZIP-level market 73003

• Home prices YoY: -31.2%
• Rents YoY: 3.9%
• Active inventory: 220
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,686 high
• Mortgage (P&I): −$886
• Tax from tax record: −$93 /mo · $1,120/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$354
• Net cashflow: $282

Break-even live

Break-even rent $1,329

Max offer price $169,000

Occupancy floor 78%

Sensitivity live

Price	-10% $377	-5% $330	+0% $282	+5% $234	+10% $186
Rent	-10% $149	-5% $215	+0% $282	+5% $348	+10% $415
Rate	-1.0pp $367	-0.5pp $325	base $282	+0.5pp $238	+1.0pp $193

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $42,250
• Closing costs: $5,070
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
733 Lapwing Rd Edmond, OK	2.0	2.0	1216	$1,450	$1.19	25d	1	0.08mi
725 Lapwing Rd Edmond, OK	3.0	2.0	1825	$1,810	$0.99	25d	1	0.10mi
1015 Swan Lake Ct Edmond, OK	2.0	2.0	1200	$1,295	$1.08	25d	1	0.27mi
1015 Swan Lake Ct Edmond, OK	2.0	2.0	1200	$1,295	$1.08	5d	1	0.27mi
317 Dooley Creek Ln Edmond, OK	3.0	2.0	1295	$1,595	$1.23	16d	1	0.35mi
313 Dooley Creek Ln Edmond, OK	3.0	2.0	1295	$1,595	$1.23	25d	1	0.37mi
800 Blake Ct Edmond, OK	3.0	2.0	1742	$1,825	$1.05	3d	1	0.46mi
1129 Carpe Diem Ct Edmond, OK	3.0	2.0	1250	$1,595	$1.28	5d	1	0.50mi
25 Creek View Dr Edmond, OK	1.0–2.0	1.0–2.0	872	$1,336	$1.53	5d	1	0.52mi
1801 Brittany Ln Edmond, OK	4.0	2.0	1711	$2,000	$1.17	3d	1	0.54mi
620 Winding Ln Edmond, OK	3.0	2.0	1133	$1,550	$1.37	3d	1	0.55mi
1024 Carpe Diem Ct Edmond, OK	3.0	2.0	1700	$1,895	$1.11	4d	1	0.56mi
714 W Hurd St Edmond, OK	2.0	1.0	1000	$1,150	$1.15	25d	1	0.68mi
1804 Victoria Pl Edmond, OK	3.0	2.0	1725	$1,990	$1.15	25d	1	0.70mi
513 Sunnyside Pl Edmond, OK	3.0	1.5	1130	$1,350	$1.19	5d	1	0.76mi
413 Meadow Lake Dr Edmond, OK	4.0	2.0	1369	$1,500	$1.10	3d	1	0.76mi
2100 Pebble Creek Blvd Edmond, OK	4.0	2.0	1805	$1,650	$0.91	3d	1	0.77mi
320 Cedar Crest Dr Edmond, OK	3.0	1.5	1051	$1,295	$1.23	3d	1	0.83mi
1913 Lois Lynn Ln Edmond, OK	3.0	2.0	1761	$1,850	$1.05	25d	1	0.83mi
645 W 2nd St Edmond, OK	3.0	2.0	1660	$1,975	$1.19	16d	1	0.85mi
612 W 2nd St Unit 100 Edmond, OK	3.0	2.5	1414	$1,895	$1.34	22d	1	0.91mi
242 Barrett Pl Edmond, OK	2.0	1.0	1029	$1,150	$1.12	22d	1	0.92mi
1303 Fretz Ave Edmond, OK	2.0	2.0	1007	$1,295	$1.29	5d	1	0.94mi
16 N Walnut St Edmond, OK	3.0	2.5	1650	$2,395	$1.45	16d	1	0.95mi
231 Barrett Pl Edmond, OK	3.0	2.0	1175	$1,295	$1.10	25d	1	0.96mi
1719 Craig Blvd Edmond, OK	4.0	2.0	1747	$1,750	$1.00	4d	1	0.96mi
15 S Walnut St Edmond, OK	2.0	1.0	1162	$1,400	$1.20	25d	1	0.97mi
1201 Covell Village Dr Edmond, OK	2.0	2.0	1090	$1,641	$1.51	13d	1	1.02mi
1201 Covell Village Dr Edmond, OK	3.0	2.0	1265	$1,872	$1.48	16d	1	1.02mi
211 Ashley Dr Edmond, OK	3.0	2.0	1250	$1,440	$1.15	25d	1	1.02mi
2021 Cedar Meadow Ln Edmond, OK	3.0	2.0	1800	$1,898	$1.05	25d	1	1.02mi
425 Chalk Hill Ct Edmond, OK	3.0	2.0	1243	$1,550	$1.25	16d	1	1.02mi
437 Chalk Hill Ct Edmond, OK	3.0	2.0	1216	$1,595	$1.31	25d	1	1.02mi
1117 Sequoyah Pl Unit C Edmond, OK	3.0	2.5	1554	$1,675	$1.08	16d	1	1.02mi
1117 Sequoyah Pl Unit C Edmond, OK	3.0	2.5	1554	$1,675	$1.08	25d	1	1.02mi
1225 Sequoyah Pl Edmond, OK	2.0	1.5	1183	$1,350	$1.14	16d	1	1.04mi
200 Ashley Dr Edmond, OK	3.0	2.0	1225	$1,375	$1.12	25d	1	1.04mi
128 Ashley Dr Edmond, OK	3.0	2.0	1250	$1,455	$1.16	25d	1	1.05mi
412 Chalk Hill Ct Edmond, OK	3.0	2.0	1216	$1,565	$1.29	16d	1	1.06mi
436 Chalk Hill Ct Edmond, OK	3.0	2.0	1274	$2,850	$2.24	22d	1	1.06mi

Listing history 12 events

1. 2026-05-21
   price $169,000
2. 2026-05-21
   status Active
3. 2026-05-10
   status Pending
4. 2026-05-06
   listed $175,000 Active
5. 2015-01-23
   soldstatus $114,000
6. 2015-01-22
   soldstatus $114,000 334-char remark

   Show marketing remark (334 chars)

   Contingency Contract. Seller is accepting back-up offers. Great home for income property or 1st time home buyer (rents have been $900-$950/mo). Replaced siding and trim around home. New carpet, dishwasher, Faux wood blinds, living room light fixture & vanity in Master bathroom. HW heater is 2 years old. Heater unit is 3 yrs old.

7. 2014-11-21
   listed $117,500 334-char remark

   Show marketing remark (334 chars)

   Contingency Contract. Seller is accepting back-up offers. Great home for income property or 1st time home buyer (rents have been $900-$950/mo). Replaced siding and trim around home. New carpet, dishwasher, Faux wood blinds, living room light fixture & vanity in Master bathroom. HW heater is 2 years old. Heater unit is 3 yrs old.

8. 2003-06-04
   soldstatus $75,500
9. 2003-05-28
   soldstatus $75,500 287-char remark

   Show marketing remark (287 chars)

   Call Kathleen @ 748-2434 for showings. Need notice as much as possible to show--like day before. New carpet & new kitchen appliances. High ceiling in Living area. Seller will not close before June 1,2003.Conv or cash only. Old grill on back patio is to be left in 'as is' condition.

10. 2003-04-04
    historical 287-char remark

    Show marketing remark (287 chars)

    Call Kathleen @ 748-2434 for showings. Need notice as much as possible to show--like day before. New carpet & new kitchen appliances. High ceiling in Living area. Seller will not close before June 1,2003.Conv or cash only. Old grill on back patio is to be left in 'as is' condition.

11. 2003-04-01
    listed $78,900 287-char remark

    Show marketing remark (287 chars)

    Call Kathleen @ 748-2434 for showings. Need notice as much as possible to show--like day before. New carpet & new kitchen appliances. High ceiling in Living area. Seller will not close before June 1,2003.Conv or cash only. Old grill on back patio is to be left in 'as is' condition.

12. 1986-12-01
    soldstatus $40,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OK · Resets to sale price

• Current annual tax: $1,120 · $93/mo
• Projected year-2 tax: $1,521 · $127/mo
• Expected delta: +$401/yr (+$33/mo · 35.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥108°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,230
• − Mortgage interest: −$9,467
• − Property taxes: −$1,120
• − Insurance: −$845
• − Repairs & maintenance: −$1,618
• − Management: −$1,618
• − Depreciation: −$4,916
• Taxable income: $646
• Est. tax owed @ 24.0%: −$155
• After-tax cash flow: $3,227/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Edmond
• NCES district ID: 4010590
• Math proficiency: 38% ▼ -12.00%
• Reading proficiency: 40% ▼ -12.00%
• Median HH income: $73,212
• Composite: 35.88/100
• National rank: #4814
• State rank: #11 of 270 in OK

Livability — Edmond

• Score: 78/100
• State rank: #6
• US rank: #2383

Category grades

Amenities C Commute F Cost of living B+ Crime A- Employment A+ Housing A+ Health & safety C- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Edmond, OK
• County: Oklahoma County · 771,644 people
• City population: 177,083
• Metro: Oklahoma City, OK
• Population (ZIP): 23,236
• Household income: $78,149
• Rent vs Own: 42.1% rent · 57.9% own
• Severe rent burden: 988.0

Population outlook (Oklahoma County) Hauer SSP2

• Today (2025): 911,875 people
• By 2030: 982,413 · +7.7%
• By 2040: 1,130,468 · +24.0%
• By 2050: 1,288,422 · +41.3%
• By 2075: 1,711,482 · +87.7%
• By 2100: 2,088,448 · +129.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Two or more races 13% Black 9% Hispanic / Latino 9% Asian 3%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 2% Slovak 2% Lithuanian 1%
• Foreign-born: 8% · Canada, China
• Languages at home: 90% English-only · Spanish 5% Other Indo-European 2% Chinese 1%

Political lean MEDSL · Oklahoma

• 2024 margin: Toss-up / Even · D 48.0% · R 49.7% · Other 2.3%
• 2008→2024 swing: +15.1pp toward D · 2008: -16.8pp · 2024: -1.7pp
• All cycles: 2024: R+1.7 2020: R+1.1 2016: R+10.5 2012: R+16.7 2008: R+16.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -104.15%
• Current HPI: 229.3899
• Rent YoY: ▲ 3.86%
• Metro: Oklahoma City, OK
• State GDP YoY: ▲ 1.55%
• F500 in state: 6

Industry mix (Fortune 500 HQ in OK)

Industry	F500 HQs	Revenue
▸Energy	3	$48B

Price history

+322.5% since first listed

12 events — show timeline

• 2026-05-21 Price Changed $169,000 MLSOK
• 2026-05-21 Relisted — MLSOK
• 2026-05-10 Pending — MLSOK
• 2026-05-06 Listed $175,000 MLSOK
• 2015-01-23 Sold (Public Records) $114,000 Public Records
• 2015-01-22 Sold (MLS) $114,000 MLSOK
• 2014-11-21 Listed $117,500 MLSOK
• 2003-06-04 Sold (Public Records) $75,500 Public Records
• 2003-05-28 Sold (MLS) $75,500 MLSOK
• 2003-04-04 Listing Removed — MLSOK
• 2003-04-01 Listed $78,900 MLSOK
• 1986-12-01 Sold (Public Records) $40,000 Public Records

Property tax history

-1.2%/yr

Latest (2025): $1,120 · +0.1% YoY. Source: county tax records.