4508 S Lee Ave · Oklahoma City, OK 73109

$90,000

2 bd · 1.0 ba · 764 sqft · SingleFamily public records · 65 Days on market

Built 1945 2,901 sqft lot $118/sqft · 9% below area Est $99k · 9% 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 +22.4/30.0
• ARV discount +11.5/15.0
• Appreciation +10.0/10.0
• DSCR +7.2/10.0
• 1% rule +5.3/10.0
• Livability +4.0/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0

Listing remarks MLS

This move-in-ready 2-bedroom, 1-bathroom home in South Oklahoma City offers the perfect combination of modern updates and peace of mind, featuring a brand-new roof installed in April 2026. The interior has been fully refreshed with new flooring, paint, and designer fixtures throughout, creating a bright and welcoming atmosphere. The heart of the home is the functional kitchen, which boasts freshly painted cabinetry and elegant granite countertops. The bathroom has been beautifully redone with a new vanity, updated fixtures, and a custom-tiled shower surround. Ideally located for a quick commute, you are just minutes from I-240, I-35, and the INTEGRIS Southwest Medical Center, with Scissortail Park and the downtown core only a short drive away. With its stylish finishes and excellent location near shopping and major hubs, this meticulously maintained home is ready for you to move right in.

Key facts

• Functional kitchen
• Brand new roof
• Excellent location

Tags

• BRAND NEW ROOF
• FUNCTIONAL KITCHEN
• FRESHLY PAINTED CABINETRY
• ELEGANT GRANITE COUNTERTOPS
• CUSTOM TILED SHOWER SURROUND
• EXCELLENT LOCATION

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $150 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($930 rent vs $90k).
• Recommended offer: $85k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 3.7% in Oklahoma City — 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 80/100 on livability (#3 in OK, #1,635 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools F, crime 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: Rents rising fast (+4.5%/yr); 85 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 41% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 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 ($622 loan paydown + $9k 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 + 4.5% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 16y 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.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• 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 $84,600 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Crime grade is F 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?
7. 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.
8. 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.
9. 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: 1.03% ✓
• Cap rate: 8.30%
• Cash-on-cash: 7.16%
• DSCR: 1.32
• GRM: 8.1

CMA / ARV

• ARV (median comp): $98,673
• List price: $90,000
• Delta: -8.79%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
316 SW 42nd St	0.28mi	2/1.0	776 (+2%)	3mo	$30,000	$39	82
620 SW 48th St	0.24mi	2/1.0	804 (+5%)	8mo	$132,000	$164	73
516 SW 46th St	0.13mi	2/1.0	855 (+12%)	5mo	$30,000	$35	70
920 SW 47th St	0.48mi	2/1.0	744 (-3%)	15mo	$69,500	$93	61
4612 S Melrose Ln	0.57mi	2/1.0	792 (+4%)	8mo	$100,000	$126	60
101 SW 40th St	0.59mi	2/1.0	784 (+3%)	11mo	$97,850	$125	59
404 SW 38th St	0.46mi	2/1.0	850 (+11%)	4mo	$57,000	$67	56
4113 S Harvey Ave	0.38mi	3/1.0 (+1)	856 (+12%)	6mo	$66,000	$77	52
817 SW 52nd St	0.57mi	2/1.0	860 (+13%)	11mo	$106,000	$123	44
1116 SW 41st St	0.71mi	2/1.0	875 (+14%)	2mo	$125,500	$143	41

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 · 4.51% rent growth · sell at horizon

5-year hold

• IRR: 30.1%
• Equity multiple: 3.38×
• Total profit: $60,024
• Equity at exit: $81,079

10-year hold

• IRR: 26.5%
• Equity multiple: 7.84×
• Total profit: $172,303
• Equity at exit: $174,850

Cash invested: $25,200 (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 73109

• Home prices YoY: 9.5%
• Rents YoY: 4.5%
• Active inventory: 85
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $930 high
• Mortgage (P&I): −$472
• Tax from tax record: −$75 /mo · $900/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$195
• Net cashflow: $150

Break-even live

Break-even rent $740

Max offer price $90,000

Occupancy floor 79%

Sensitivity live

Price	-10% $201	-5% $176	+0% $150	+5% $125	+10% $99
Rent	-10% $77	-5% $114	+0% $150	+5% $187	+10% $224
Rate	-1.0pp $196	-0.5pp $173	base $150	+0.5pp $127	+1.0pp $103

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
632 SW 44th St Oklahoma City, OK	2.0	1.0	958	$1,000	$1.04	5d	1	0.12mi
620 SW 50th St Oklahoma City, OK	2.0	1.0	977	$1,100	$1.13	3d	1	0.35mi
3906 S Hudson Ave Oklahoma City, OK	1.0	1.0	700	$750	$1.07	24d	1	0.48mi
3913 S Harvey Ave Unit 2 Oklahoma City, OK	1.0	1.0	568	$900	$1.58	45d	1	0.49mi
5113 S Sage Ave Oklahoma City, OK	3.0	1.5	996	$1,025	$1.03	3d	1	0.51mi
1004 SW 45th St Oklahoma City, OK	2.0	1.0	756	$950	$1.26	24d	1	0.56mi
800 SW 52nd St Oklahoma City, OK	2.0	1.0	920	$995	$1.08	24d	1	0.57mi
3616 S Lee Ave Oklahoma City, OK	1.0	1.0	760	$775	$1.02	45d	1	0.60mi
3618 S Lee Ave Oklahoma City, OK	1.0	1.0	760	$850	$1.12	45d	1	0.60mi
101 SE 42nd St Unit B Oklahoma City, OK	2.0	1.0	740	$645	$0.87	45d	1	0.75mi
3407 S Lee Ave Oklahoma City, OK	2.0	1.0	900	$980	$1.09	45d	1	0.75mi
5542 S Walker Ave Oklahoma City, OK	2.0	1.0	681	$920	$1.35	3d	1	0.76mi
220 SW 34th St Oklahoma City, OK	1.0	1.0	625	$725	$1.16	45d	1	0.76mi
109 SE 42nd St Apt A Oklahoma City, OK	2.0	1.0	800	$799	$1.00	18d	1	0.77mi
3312 S Harvey Ave Oklahoma City, OK	2.0	1.0	840	$1,100	$1.31	21d	1	0.86mi
4101 S Shields Blvd Unit Shields 3B Oklahoma City, OK	3.0	2.0	957	$1,050	$1.10	24d	1	0.88mi
4101 S Shields Blvd Apt 3B Oklahoma City, OK	3.0	2.0	957	$1,025	$1.07	5d	1	0.88mi
5909 S Lee Ave Oklahoma City, OK	1.0–2.0	1.0	775	$980	$1.26	5d	5	0.89mi
5804 S Harvey Ave Oklahoma City, OK	1.0	1.0	780	$675	$0.87	22d	1	0.92mi
616 SW 59th St Unit 43 Oklahoma City, OK	2.0	1.0	775	$900	$1.16	45d	1	0.98mi
4908 S Stiles Ave Oklahoma City, OK	2.0	1.0	600	$1,000	$1.67	45d	1	1.01mi
1338 South Dr Oklahoma City, OK	2.0	1.0	720	$1,150	$1.60	17d	1	1.05mi
6050 S Harvey Ave Apt 103 Oklahoma City, OK	2.0	1.0	780	$929	$1.19	24d	1	1.08mi
6050 S Harvey Ave Oklahoma City, OK	2.0	1.0	780	$929	$1.19	45d	1	1.09mi
1329 SW Grand Blvd Oklahoma City, OK	2.0	1.0	858	$1,050	$1.22	45d	1	1.14mi
6111 S Klein Ave Oklahoma City, OK	2.0–3.0	1.0	617	$850	$1.38	4d	3	1.19mi
316 SW 27th St Unit 4 Oklahoma City, OK	1.0	1.0	615	$679	$1.10	13d	1	1.20mi
316 SW 27th St Unit 8 Oklahoma City, OK	1.0	1.0	615	$679	$1.10	45d	1	1.20mi
1116 SW 59th St Oklahoma City, OK	1.0	1.0	750	$850	$1.13	45d	1	1.20mi
449 SW 63rd Pl Unit 6400 S Byers Oklahoma City, OK	3.0	1.0	775	$850	$1.10	24d	1	1.22mi
404 SW 26th St Unit 6 Oklahoma City, OK	1.0	1.0	600	$645	$1.07	13d	1	1.25mi
1004 SW 62nd St Oklahoma City, OK	3.0	1.0	968	$1,295	$1.34	5d	1	1.29mi
6210 S Douglas Ave Oklahoma City, OK	1.0	1.0	650	$660	$1.02	4d	1	1.30mi
540 SW 24th St #3 Oklahoma City, OK	1.0	1.0	726	$625	$0.86	45d	1	1.40mi
1402 SW 59th St Apt 3201 Oklahoma City, OK	2.0	1.0	950	$865	$0.91	45d	1	1.45mi
1402 SW 59th St Unit 3202 Oklahoma City, OK	2.0	1.0	950	$865	$0.91	24d	1	1.45mi
1402 SW 59th St Apt 1112 Oklahoma City, OK	2.0	1.5	925	$980	$1.06	45d	1	1.46mi
1020 SW 65th St Oklahoma City, OK	3.0	1.0	956	$1,330	$1.39	45d	1	1.48mi
4330 S Barnes Ave Oklahoma City, OK	1.0–3.0	1.0–2.0	860	$937	$1.09	5d	9	1.50mi

Listing history 22 events

1. 2026-06-21
   days on market $90,000 Active 65 DOM
2. 2026-06-18
   days on market $90,000 Active 62 DOM
3. 2026-06-17
   days on market $90,000 Active 61 DOM
4. 2026-06-16
   days on market $90,000 Active 60 DOM
5. 2026-06-15
   days on market $90,000 Active 59 DOM
6. 2026-06-13
   days on market $90,000 Active 57 DOM
7. 2026-06-09
   days on market $90,000 Active 53 DOM
8. 2026-06-08
   days on market $90,000 Active 52 DOM
9. 2026-06-07
   days on market $90,000 Active 51 DOM
10. 2026-06-05
    days on market $90,000 Active 48 DOM
11. 2026-06-03
    days on market $90,000 Active 47 DOM
12. 2026-06-02
    days on market $90,000 Active 46 DOM
13. 2026-06-01
    days on market $90,000 Active 45 DOM
14. 2026-05-31
    days on market $90,000 Active 44 DOM
15. 2026-04-17
    listed $90,000 Active 901-char remark

    Show marketing remark (901 chars)

    This move-in-ready 2-bedroom, 1-bathroom home in South Oklahoma City offers the perfect combination of modern updates and peace of mind, featuring a brand-new roof installed in April 2026. The interior has been fully refreshed with new flooring, paint, and designer fixtures throughout, creating a bright and welcoming atmosphere. The heart of the home is the functional kitchen, which boasts freshly painted cabinetry and elegant granite countertops. The bathroom has been beautifully redone with a new vanity, updated fixtures, and a custom-tiled shower surround. Ideally located for a quick commute, you are just minutes from I-240, I-35, and the INTEGRIS Southwest Medical Center, with Scissortail Park and the downtown core only a short drive away. With its stylish finishes and excellent location near shopping and major hubs, this meticulously maintained home is ready for you to move right in.

16. 2023-07-03
    soldstatus $4,617,000
17. 2015-08-25
    soldstatus $938,500
18. 2012-08-02
    soldstatus $963,000
19. 2011-12-01
    historical
20. 2011-06-02
    listed $43,500
21. 2011-06-01
    historical
22. 2010-11-02
    listed $43,500

ⓘ 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: $900 · $75/mo
• Projected year-2 tax: $900 · $75/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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% 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: $11,164
• − Mortgage interest: −$5,041
• − Property taxes: −$900
• − Insurance: −$450
• − Repairs & maintenance: −$893
• − Management: −$893
• − Depreciation: −$2,618
• Taxable income: $368
• Est. tax owed @ 24.0%: −$88
• After-tax cash flow: $1,717/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 — Oklahoma City

• Score: 80/100
• State rank: #3
• US rank: #1635

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oklahoma City, OK
• County: Oklahoma County · 771,644 people
• City population: 498,656
• Metro: Oklahoma City, OK
• Population (ZIP): 21,378
• Household income: $43,133
• Rent vs Own: 56.5% rent · 43.5% own
• Severe rent burden: 1473.0

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: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: Hispanic / Latino 62% Two or more races 24% White 23% Black 9% Native American 5%
• Hispanic origin (detail): Mexican 58%
• Common ancestry: Italian 1% Hispanic 1% Scottish 1%
• Foreign-born: 26% · Canada
• Languages at home: 49% English-only · Spanish 50% Other Asian/Pacific 0%

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: ▲ 23.48%
• Current HPI: 270.5333
• Rent YoY: ▲ 4.51%
• 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

+106.9% since first listed

8 events — show timeline

• 2026-04-17 Listed $90,000 MLSOK
• 2023-07-03 Sold (Public Records) $4,617,000 Public Records
• 2015-08-25 Sold (Public Records) $938,500 Public Records
• 2012-08-02 Sold (Public Records) $963,000 Public Records
• 2011-12-01 Listing Removed — MLSOK
• 2011-06-02 Listed $43,500 MLSOK
• 2011-06-01 Listing Removed — MLSOK
• 2010-11-02 Listed $43,500 MLSOK

Property tax history

+6.4%/yr

Latest (2025): $900 · +4.4% YoY. Source: county tax records.