8401 NE 28th St · Spencer, OK 73084

$189,999

2 bd · 2.0 ba · 1,288 sqft · SingleFamily public records · 137 Days on market

Built 1946 1.08 ac lot Est $171k · 11% over

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Why this score? — see what drove the D- 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 +10.0/30.0
• Appreciation +10.0/10.0
• DSCR +2.9/10.0
• Livability +2.7/5.0
• ARV discount +2.6/15.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.7/10.0
• Schools +0.7/10.0

Listing remarks

Escape to the country life with this unique 2-bedroom, 2-bathroom home situated on a generous one-acre lot in Spencer, offering both space and versatility. The home features a flexible layout with one bedroom and a full bath conveniently located downstairs, and a second bedroom and full bath upstairs. A large, covered back porch has been expertly converted, providing a fantastic bonus room that can be enjoyed year-round for extra living or entertaining space. For those with hobbies or storage needs, the expansive lot includes several outbuildings, ready to be utilized for workshops or equipment. This property offers the ideal blend of rural tranquility and functional living.

Key facts

• One acre lot
• Outbuildings
• Bonus room

Tags

• ONE ACRE LOT
• COVERED BACK PORCH
• BONUS ROOM
• OUTBUILDINGS

Property features AI

Finance

• Other: 1.08-acre lot; Located in Leavitts Jones E 26th St addition; No storm shelter; Manual geocode; directions: From NE 23rd St head north on Spencer Rd, turn west onto NE 28th St — property is on the north side of the road
• Financial info: Loan qualification available; Not assumable
• HOA & community: No mandatory association dues

Exterior

• Utilities: Electricity available; Natural gas available; Septic tank; Private well available
• Home design: Single family residence; Residential property; Two levels (two-story); Existing property; Homestead eligible
• Construction: Frame construction; Composition roof; Conventional foundation; Built with traditional framing
• Exterior features: Covered porch; Outbuildings; Interior lot

Interior

• Kitchen: Free-standing gas range; Free-standing gas oven
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Tile; Wood
• Bathrooms: 2 full bathrooms
• Interior features: Ceiling fan(s)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $-114 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $170k (10.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (32.6% below list).
• Recommended offer: $128k (32.6% below list) — sets the bar for 1% rule.

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, amenities F, commute 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.
• Zoned schools: Star Spencer Hs (math 5% / reading 5%, grade F, #430 of 447 statewide, top 99%, 378 students, 0% FRL) — zoned schools average 0% FRL vs 82% district-wide (82 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 49 active listings in the ZIP; 23 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 $20k of equity ($1k loan paydown + $19k appreciation (10.0% local appreciation)).
• Oklahoma County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 137 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $12k; list at $190k implies a 1479% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $127,973 (32.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 137 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
3. Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.67% ✗
• Cap rate: 5.57%
• Cash-on-cash: -2.58%
• DSCR: 0.89
• GRM: 12.4

CMA / ARV

• ARV (on-the-fly): $171,304
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8401 NE 28th St	0.00mi	2/2.0	1,288 (0%)	1mo	$156,500	$122	99
3705 Beal Ave	0.65mi	3/2.0 (+1)	1,309 (+2%)	2mo	$194,000	$148	60
2005 Eastridge Pl	0.73mi	3/2.0 (+1)	1,216 (-6%)	2mo	$119,000	$98	50
8912 Muriel Way	0.61mi	3/2.0 (+1)	1,190 (-8%)	7mo	$90,000	$76	48
2013 Creekridge Dr	0.64mi	3/1.0 (+1)	1,323 (+3%)	10mo	$165,000	$125	48
8621 NE 33rd St	0.36mi	3/2.0 (+1)	1,122 (-13%)	10mo	$121,000	$108	48
3702 Beal Ave	0.65mi	3/2.0 (+1)	1,320 (+2%)	17mo	$175,000	$133	47
2712 Paxton Pl	0.53mi	3/2.0 (+1)	1,168 (-9%)	13mo	$175,000	$150	44
8620 NE 34th Pl	0.47mi	3/2.0 (+1)	1,439 (+12%)	11mo	$199,000	$138	44
8644 Hillridge Dr	0.68mi	3/2.0 (+1)	1,226 (-5%)	14mo	$160,000	$131	43
8014 NE 35th St	0.53mi	3/2.0 (+1)	1,433 (+11%)	16mo	$194,754	$136	38
3708 Redbud Dr	0.70mi	3/2.0 (+1)	1,120 (-13%)	14mo	$195,000	$174	29

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: 22.4%
• Equity multiple: 2.81×
• Total profit: $96,102
• Equity at exit: $171,166

10-year hold

• IRR: 20.1%
• Equity multiple: 6.42×
• Total profit: $288,539
• Equity at exit: $369,126

Cash invested: $53,200 (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: 12.4×

Monthly cashflow live

• Estimated rent: $1,280 high
• Mortgage (P&I): −$996
• Tax from tax record: −$50 /mo · $597/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$269
• Net cashflow: $-114

Break-even live

Break-even rent $1,424

Max offer price $169,806

Occupancy floor —

Sensitivity live

Price	-10% $-7	-5% $-61	+0% $-114	+5% $-168	+10% $-222
Rent	-10% $-215	-5% $-165	+0% $-114	+5% $-64	+10% $-13
Rate	-1.0pp $-19	-0.5pp $-66	base $-114	+0.5pp $-164	+1.0pp $-214

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 23 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	0.33mi
8741 Hillridge Dr Oklahoma City, OK	3.0	2.0	1182	$1,495	$1.26	44d	1	0.75mi
8741 Hillridge Dr Oklahoma City, OK	3.0	2.0	1182	$1,495	$1.26	2d	1	0.75mi
2008 Midridge Dr Oklahoma City, OK	3.0	2.0	1232	$1,325	$1.08	15d	1	0.79mi
1619 N Douglas Blvd Oklahoma City, OK	3.0	2.0	1152	$1,129	$0.98	2d	1	1.17mi
1312 N Midwest Blvd Oklahoma City, OK	3.0	1.5	946	$970	$1.03	3d	1	1.18mi
801 Meadowridge Dr Oklahoma City, OK	3.0	1.5	1095	$1,095	$1.00	44d	1	1.18mi
1401 N Midwest Blvd Midwest City, OK	3.0	2.0	1087	$1,000	$0.92	3d	1	1.19mi
1401 N Midwest Blvd Midwest City, OK	3.0	2.0	1087	$1,000	$0.92	21d	1	1.19mi
1401 N Midwest Blvd Midwest City, OK	3.0	2.0	1087	$1,000	$0.92	24d	1	1.19mi
1401 N Midwest Blvd Midwest City, OK	1.0–3.0	1.0–2.0	803	$850	$1.06	12d	34	1.19mi
1401 N Midwest Blvd Apt 255 Midwest City, OK	2.0	1.0	970	$940	$0.97	20d	1	1.20mi
1401 N Midwest Blvd Unit 112 Midwest City, OK	2.0	1.0	970	$940	$0.97	4d	1	1.20mi
1401 N Midwest Blvd Unit 167 Midwest City, OK	3.0	2.0	1087	$1,000	$0.92	4d	1	1.20mi
909 Rolling Meadows Blvd Oklahoma City, OK	3.0	1.5	1604	$1,495	$0.93	44d	1	1.22mi
4400 N Shadybrook Dr Oklahoma City, OK	3.0	2.0	1523	$1,565	$1.03	44d	1	1.29mi
1008 Willow Brook Dr Oklahoma City, OK	3.0	1.5	1045	$1,125	$1.08	24d	1	1.32mi
4800 Spencer Rd Spencer, OK	3.0	1.5	1742	$1,675	$0.96	44d	1	1.33mi
8511 Justin Pl Oklahoma City, OK	2.0	1.0	962	$950	$0.99	15d	1	1.38mi
9212 Jennifer Pl Oklahoma City, OK	3.0	2.0	960	$1,250	$1.30	44d	1	1.38mi
1020 N Spencer Rd Oklahoma City, OK	2.0	1.0	962	$895	$0.93	24d	1	1.42mi
212 Cambridge Dr Oklahoma City, OK	3.0	2.0	1472	$1,400	$0.95	24d	1	1.43mi
7801 NE 10th St Oklahoma City, OK	1.0–3.0	1.0–2.5	940	$999	$1.06	2d	23	1.49mi

Listing history 6 events

1. 2026-04-23
   status Pending
2. 2026-04-01
   status Active
3. 2026-03-11
   status Pending
4. 2026-01-21
   price $189,999
5. 2025-11-16
   listed $199,999 Active
6. 1974-01-01
   soldstatus $12,033

ⓘ 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: $597 · $50/mo
• Projected year-2 tax: $1,710 · $142/mo
• Expected delta: +$1,113/yr (+$93/mo · 186.4%)

ⓘ 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 · 18 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: $15,357
• − Mortgage interest: −$10,643
• − Property taxes: −$597
• − Insurance: −$950
• − Repairs & maintenance: −$1,229
• − Management: −$1,229
• − Depreciation: −$5,527
• Taxable loss: −$4,817
• Est. tax savings @ 24.0%: +$1,156
• After-tax cash flow: $-215/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

+1479.0% since first listed

6 events — show timeline

• 2026-04-23 Pending — MLSOK
• 2026-04-01 Relisted — MLSOK
• 2026-03-11 Pending — MLSOK
• 2026-01-21 Price Changed $189,999 MLSOK
• 2025-11-16 Listed $199,999 MLSOK
• 1974-01-01 Sold (Public Records) $12,033 Public Records

Property tax history

+7.9%/yr

Latest (2021): $597 · -12.9% YoY. Source: county tax records.