9115 Flat Armadillo Rd · Lexington, OK 73051

$109,900

3 bd · 2.0 ba · 1,008 sqft · Manufactured public records · 318 Days on market

Built 1981 2.50 ac lot

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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 +25.6/30.0
• Appreciation +10.0/10.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0

Listing remarks MLS

Great acreage with creek running through the property. There is a mobile home that is currently not livable.

Key facts

• Electric service
• Private well
• Rural neighborhood

Tags

• MULTIPLE OUTBUILDINGS
• PRIVATE WELL
• SEPTIC SYSTEM
• ELECTRIC SERVICE
• RURAL NEIGHBORHOOD
• SPACE TO GARDEN

Property features AI

Finance

• Other: Property is occupied; Directions: From Norman: East on Hwy 9, South on Hwy 77, East on Moffatt, South on 84th, East on Flat Armadillo. Property is just north of Flat Armadillo off the dirt road.
• Financial info: Current price listed (agent-provided) — pricing details available via listing
• HOA & community: No mandatory association dues

Exterior

• Home design: Single family residence; One-story; Residential property; Unplatted legal description; Homestead eligible
• Construction: Aluminum siding; Metal roof; Built existing (year not specified)
• Exterior features: Outbuildings; Rural lot

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: One living area; No fireplace; Combination foundation

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $110k.

Deal economics

• At list price, monthly cash flow is $136 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 61/100 on livability (#310 in OK) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A-, housing A-; Watch: amenities F, commute F, employment D-.
• Lexington (town): math 13% / reading 18% proficiency, ranked #214 of 270 in OK (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Lexington Es (math 17% / reading 22%, grade F, #479 of 845 statewide, top 63%, 473 students, 0% FRL); Lexington Hs (math 17% / reading 27%, grade F, #222 of 447 statewide, top 52%, 300 students, 0% FRL) — zoned schools average 0% FRL vs 51% district-wide (51 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 74 active listings in the ZIP; 592 units permitted in Cleveland County in 2024 (12 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($760 loan paydown + $11k appreciation (10.0% local appreciation)).
• Cleveland County population projected at +40% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 318 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 18y ago; this cycle's ask has dropped $6k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $10k; list at $110k implies a 947% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $125/mo.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); moderate wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $96,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 318 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.18% ✓
• Cap rate: 9.15%
• Cash-on-cash: 10.19%
• DSCR: 1.45
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 28.2%
• Equity multiple: 3.23×
• Total profit: $68,616
• Equity at exit: $99,007

10-year hold

• IRR: 24.6%
• Equity multiple: 7.35×
• Total profit: $195,441
• Equity at exit: $213,512

Cash invested: $30,772 (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 73051

• Home prices YoY: 5.5%
• Active inventory: 74
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,292 medium
• Mortgage (P&I): −$576
• Tax est. 1.5%: −$137 /mo · $1,648/yr
• Insurance: −$46
• Flood insurance flood zone: −$125 /mo · $1,502/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $136

Break-even live

Break-even rent $1,120

Max offer price $109,900

Occupancy floor 84%

Sensitivity live

Price	-10% $212	-5% $174	+0% $136	+5% $98	+10% $60
Rent	-10% $34	-5% $85	+0% $136	+5% $187	+10% $238
Rate	-1.0pp $191	-0.5pp $164	base $136	+0.5pp $108	+1.0pp $79

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-21
   days on market $109,900 Active 318 DOM
2. 2026-06-18
   days on market $109,900 Active 316 DOM
3. 2026-06-17
   days on market $109,900 Active 315 DOM
4. 2026-06-16
   days on market $109,900 Active 314 DOM
5. 2026-06-15
   days on market $109,900 Active 313 DOM
6. 2026-06-13
   days on market $109,900 Active 311 DOM
7. 2026-06-12
   days on market $109,900 Active 310 DOM
8. 2026-06-09
   days on market $109,900 Active 307 DOM
9. 2026-06-08
   days on market $109,900 Active 306 DOM
10. 2026-06-08
    days on market $109,900 Active 305 DOM
11. 2026-06-07
    days on market $109,900 Active 304 DOM
12. 2026-06-04
    days on market $109,900 Active 301 DOM
13. 2026-06-02
    days on market $109,900 Active 300 DOM
14. 2026-06-01
    days on market $109,900 Active 299 DOM
15. 2026-05-31
    days on market $109,900 Active 298 DOM
16. 2026-02-04
    status Active
17. 2026-02-02
    historical
18. 2025-09-24
    price $109,900
19. 2025-08-04
    listed $116,000 Active
20. 2018-06-18
    soldstatus $10,500 Sold 109-char remark

    Show marketing remark (109 chars)

    Great acreage with creek running through the property. There is a mobile home that is currently not livable.

21. 2018-03-15
    status Pending 109-char remark

    Show marketing remark (109 chars)

    Great acreage with creek running through the property. There is a mobile home that is currently not livable.

22. 2018-03-06
    listed $13,900 Active 109-char remark

    Show marketing remark (109 chars)

    Great acreage with creek running through the property. There is a mobile home that is currently not livable.

23. 2009-06-24
    soldstatus $12,500
24. 2008-07-23
    historical
25. 2008-02-21
    listed $17,000
26. 2002-06-05
    soldstatus $13,000

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone A · 99% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 6/10 Major 7 d/yr ≥109°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 8% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,505
• − Mortgage interest: −$6,156
• − Property taxes: −$1,648
• − Insurance: −$2,052
• − Repairs & maintenance: −$1,240
• − Management: −$1,240
• − Depreciation: −$3,197
• Taxable loss: −$29
• Est. tax savings @ 24.0%: +$7
• After-tax cash flow: $1,640/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: Lexington
• NCES district ID: 4017580
• Math proficiency: 13% ▼ -12.00%
• Reading proficiency: 18% ▼ -5.00%
• Median HH income: $44,923
• Composite: 13.68/100
• National rank: #9501
• State rank: #214 of 270 in OK

Livability — Lexington

• Score: 61/100
• State rank: #310
• US rank: #17913

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 10,079

Population outlook (Cleveland County) Hauer SSP2

• Today (2025): 323,621 people
• By 2030: 349,070 · +7.9%
• By 2040: 400,168 · +23.7%
• By 2050: 454,101 · +40.3%
• By 2075: 602,926 · +86.3%
• By 2100: 734,485 · +127.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Two or more races 13% Hispanic / Latino 9% Native American 8% Black 7%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Portuguese 2% Italian 2% Lithuanian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 93% English-only · Spanish 6%

Political lean MEDSL · Cleveland

• 2024 margin: R (+14.9) · D 41.4% · R 56.4% · Other 2.2%
• 2008→2024 swing: +9.1pp toward D · 2008: -24.0pp · 2024: -14.9pp
• All cycles: 2024: R+14.9 2020: R+14.1 2016: R+21.7 2012: R+25.9 2008: R+24.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 15.58%
• Current HPI: 298.2589
• 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

+745.4% since first listed

11 events — show timeline

• 2026-02-04 Relisted — MLSOK
• 2026-02-02 Listing Removed — MLSOK
• 2025-09-24 Price Changed $109,900 MLSOK
• 2025-08-04 Listed $116,000 MLSOK
• 2018-06-18 Sold (MLS) $10,500 MLSOK
• 2018-03-15 Pending — MLSOK
• 2018-03-06 Listed $13,900 MLSOK
• 2009-06-24 Sold (Public Records) $12,500 Public Records
• 2008-07-23 Listing Removed — MLSOK
• 2008-02-21 Listed $17,000 MLSOK
• 2002-06-05 Sold (Public Records) $13,000 Public Records

Property tax history

-5.2%/yr

Latest (2024): $169 · +11.9% YoY. Source: county tax records.