8104 NE 28th St · Spencer, OK 73084

$95,000

3 bd · 2.0 ba · 1,160 sqft · SingleFamily public records · 54 Days on market

Built 1962 1.29 ac lot $82/sqft · 32% below area Est $139k · 32% under

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Why this score? — see what drove the B+ 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 +28.8/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +7.7/10.0
• Livability +2.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0

Listing remarks MLS

Discover the possibilities at 8104 NE 28th in Spencer, OK, offering a spacious layout with 3 bedrooms, 1.1 bathrooms, two living areas, and two dining spaces designed for flexible everyday living and entertaining. Situated on just over an acre, the property provides plenty of room to spread out and includes multiple outbuildings, ideal for storage, hobbies, or workspace needs. A detached 2-car garage adds convenience, while the converted attached garage (not included in recorded square footage) offers additional usable space with a variety of potential uses. With its generous lot size and versatile floorplan, this property presents a great opportunity to personalize and enhance to your own style while building long-term value.

Key facts

• Two dining spaces
• Two living areas
• Spacious layout

Tags

• SPACIOUS LAYOUT
• TWO LIVING AREAS
• TWO DINING SPACES
• MULTIPLE OUTBUILDINGS
• DETACHED 2-CAR GARAGE
• CONVERTED ATTACHED GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $319 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Recommended offer: $92k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 53/100 on livability (#615 in OK) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime D, schools F, amenities F.
• Oklahoma City (urban): math 7% / reading 10% proficiency, ranked #254 of 270 in OK (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 82% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 49 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 5,365 units permitted in Oklahoma County in 2024 (569 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($657 loan paydown + $10k appreciation (10.0% local appreciation)).
• Oklahoma County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 54 days — a 3% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $74k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $92,150 (3.0% below list)

Questions for the listing agent

1. It's been on market 54 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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.
7. 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.
8. 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: 1.27% ✓
• Cap rate: 10.32%
• Cash-on-cash: 14.40%
• DSCR: 1.64
• GRM: 6.5

CMA / ARV

• ARV (median comp): $138,961
• List price: $95,000
• Delta: -31.64%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8401 NE 28th St	0.25mi	2/2.0 (-1)	1,288 (+11%)	1mo	$156,500	$122	64
8320 NE 33 St	0.33mi	4/1.0 (+1)	1,220 (+5%)	6mo	$137,000	$112	62
8621 NE 33rd St	0.60mi	3/2.0	1,122 (-3%)	10mo	$121,000	$108	58
8624 NE 34th St	0.67mi	3/2.0	1,120 (-3%)	24mo	$161,000	$144	43
8819 Cecile Pl	0.74mi	3/2.0	1,204 (+4%)	20mo	$162,000	$135	42
8308 NE 34th Pl	0.43mi	3/1.0	1,334 (+15%)	18mo	$100,000	$75	36
2013 Creekridge Dr	0.73mi	3/1.0	1,323 (+14%)	10mo	$165,000	$125	30

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 34.9%
• Equity multiple: 3.71×
• Total profit: $72,074
• Equity at exit: $85,584

10-year hold

• IRR: 30.1%
• Equity multiple: 8.38×
• Total profit: $196,272
• Equity at exit: $184,564

Cash invested: $26,600 (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 73084

• Home prices YoY: 24.3%
• Active inventory: 49
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,209 high
• Mortgage (P&I): −$498
• Tax from tax record: −$98 /mo · $1,179/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$254
• Net cashflow: $319

Break-even live

Break-even rent $805

Max offer price $95,000

Occupancy floor 69%

Sensitivity live

Price	-10% $373	-5% $346	+0% $319	+5% $292	+10% $265
Rent	-10% $224	-5% $271	+0% $319	+5% $367	+10% $415
Rate	-1.0pp $367	-0.5pp $343	base $319	+0.5pp $295	+1.0pp $270

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2823 Juvene Cir Spencer, OK	3.0	2.0	1080	$1,800	$1.67	3d	1	0.55mi
8741 Hillridge Dr Oklahoma City, OK	3.0	2.0	1182	$1,495	$1.26	44d	1	0.86mi
8741 Hillridge Dr Oklahoma City, OK	3.0	2.0	1182	$1,495	$1.26	2d	1	0.86mi
2008 Midridge Dr Oklahoma City, OK	3.0	2.0	1232	$1,325	$1.08	15d	1	0.90mi
1632 N Spencer Rd Oklahoma City, OK	2.0	1.0	772	$895	$1.16	15d	1	0.99mi
1401 N Midwest Blvd Midwest City, OK	3.0	2.0	1087	$1,000	$0.92	24d	1	1.05mi
1401 N Midwest Blvd Midwest City, OK	1.0–3.0	1.0–2.0	803	$1,000	$1.25	12d	34	1.05mi
1401 N Midwest Blvd Midwest City, OK	3.0	2.0	1087	$1,000	$0.92	21d	1	1.05mi
1401 N Midwest Blvd Midwest City, OK	3.0	2.0	1087	$1,000	$0.92	3d	1	1.06mi
1401 N Midwest Blvd Unit 167 Midwest City, OK	3.0	2.0	1087	$1,000	$0.92	4d	1	1.06mi
1401 N Midwest Blvd Apt 255 Midwest City, OK	2.0	1.0	970	$940	$0.97	20d	1	1.06mi
1401 N Midwest Blvd Unit 112 Midwest City, OK	2.0	1.0	970	$940	$0.97	4d	1	1.06mi
1312 N Midwest Blvd Oklahoma City, OK	3.0	1.5	946	$970	$1.03	3d	1	1.07mi
801 Meadowridge Dr Oklahoma City, OK	3.0	1.5	1095	$1,095	$1.00	44d	1	1.09mi
1619 N Douglas Blvd Oklahoma City, OK	3.0	2.0	1152	$1,129	$0.98	2d	1	1.23mi
212 Cambridge Dr Oklahoma City, OK	3.0	2.0	1472	$1,400	$0.95	24d	1	1.23mi
1008 Willow Brook Dr Oklahoma City, OK	3.0	1.5	1045	$1,125	$1.08	24d	1	1.26mi
8511 Justin Pl Oklahoma City, OK	2.0	1.0	962	$950	$0.99	15d	1	1.36mi
7801 NE 10th St Oklahoma City, OK	1.0–3.0	1.0–2.5	940	$1,199	$1.28	2d	23	1.36mi
1617 Cynthia Dr Oklahoma City, OK	4.0	1.0	1161	$1,450	$1.25	44d	1	1.37mi
1620 Cynthia Dr Oklahoma City, OK	4.0	1.0	1203	$1,450	$1.21	44d	1	1.38mi
1020 N Spencer Rd Oklahoma City, OK	2.0	1.0	962	$895	$0.93	24d	1	1.40mi
1014 Spencer Rd Oklahoma City, OK	2.0	2.0	800	$1,000	$1.25	44d	1	1.41mi
208 W Shadywood Dr Oklahoma City, OK	3.0	1.0	891	$1,099	$1.23	24d	1	1.42mi
3807 Bradfred St Unit 3809 Midwest City, OK	3.0	2.0	1339	$1,245	$0.93	2d	1	1.42mi
911 Crabtree Cv Oklahoma City, OK	4.0	1.0	1144	$1,650	$1.44	44d	1	1.47mi
9212 Jennifer Pl Oklahoma City, OK	3.0	2.0	960	$1,250	$1.30	44d	1	1.48mi
4033 S Locust Dr Oklahoma City, OK	2.0	1.0	800	$900	$1.12	24d	1	1.49mi

Listing history 13 events

1. 2026-06-15
   status $95,000 Pending 54 DOM
2. 2026-06-15
   days on market $95,000 Active 54 DOM
3. 2026-06-13
   days on market $95,000 Active 52 DOM
4. 2026-06-09
   days on market $95,000 Active 48 DOM
5. 2026-06-08
   days on market $95,000 Active 47 DOM
6. 2026-06-07
   days on market $95,000 Active 46 DOM
7. 2026-06-05
   days on market $95,000 Active 43 DOM
8. 2026-06-03
   days on market $95,000 Active 42 DOM
9. 2026-06-02
   days on market $95,000 Active 41 DOM
10. 2026-06-01
    days on market $95,000 Active 40 DOM
11. 2026-05-31
    days on market $95,000 Active 39 DOM
12. 2026-04-22
    listed $95,000 Active 736-char remark

    Show marketing remark (736 chars)

    Discover the possibilities at 8104 NE 28th in Spencer, OK, offering a spacious layout with 3 bedrooms, 1.1 bathrooms, two living areas, and two dining spaces designed for flexible everyday living and entertaining. Situated on just over an acre, the property provides plenty of room to spread out and includes multiple outbuildings, ideal for storage, hobbies, or workspace needs. A detached 2-car garage adds convenience, while the converted attached garage (not included in recorded square footage) offers additional usable space with a variety of potential uses. With its generous lot size and versatile floorplan, this property presents a great opportunity to personalize and enhance to your own style while building long-term value.

13. 2005-11-18
    soldstatus $74,000

ⓘ 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: $1,179 · $98/mo
• Projected year-2 tax: $1,179 · $98/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 5/10 Major 7 d/yr ≥107°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,510
• − Mortgage interest: −$5,321
• − Property taxes: −$1,179
• − Insurance: −$475
• − Repairs & maintenance: −$1,161
• − Management: −$1,161
• − Depreciation: −$2,764
• Taxable income: $2,449
• Est. tax owed @ 24.0%: −$588
• After-tax cash flow: $3,243/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: Oklahoma City
• NCES district ID: 4022770
• Math proficiency: 7% ▼ -5.00%
• Reading proficiency: 10% ▼ -6.00%
• Median HH income: $35,606
• Composite: 7.0/100
• National rank: #9970
• State rank: #254 of 270 in OK

Livability — Spencer

• Score: 53/100
• State rank: #615
• US rank: #24440

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spencer, OK
• Population (ZIP): 6,296

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: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: Black 52% White 24% Hispanic / Latino 16% Two or more races 12% Native American 2%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Italian 2% Lithuanian 2%
• Foreign-born: 6% · Canada
• Languages at home: 86% English-only · Spanish 14%

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: ▲ 53.65%
• Current HPI: 274.4301
• Rent YoY: —
• Metro: —
• 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

+28.4% since first listed

2 events — show timeline

• 2026-04-22 Listed $95,000 MLSOK
• 2005-11-18 Sold (Public Records) $74,000 Public Records

Property tax history

+5.8%/yr

Latest (2025): $1,179 · +3.8% YoY. Source: county tax records.