8506 NE 34th Pl · Spencer, OK 73084

$108,000

3 bd · 2.0 ba · 1,129 sqft · SingleFamily · 48 Days on market

Built 2025 Good condition 7,440 sqft lot $96/sqft · 34% below area Est $164k · 34% under ↓ 14% since listing

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Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +8.7/10.0
• Condition / age +3.8/5.0
• Livability +2.7/5.0
• Rent growth +2.5/5.0
• Schools +0.7/10.0

Listing remarks

Calling all builders and investors! This property is approximately 45% complete and ready for the right buyer to bring it across the finish line. Major progress has already been made with the slab, framing, roof, and rough-in stage completed, plus all windows installed except one. Sitting on a property with a good-sized backyard, this is a great opportunity to step in, add the finishing touches, and maximize the home’s full potential. Whether you’re looking for your next investment project, resale opportunity, or a property to complete with your own vision, this one offers strong upside. The hard part has been started. Now it’s time for the right builder or investor to fin

Key facts

• Roof completed
• Framing completed
• Good sized backyard

Tags

• GOOD SIZED BACKYARD
• SLAB COMPLETED
• FRAMING COMPLETED
• ROOF COMPLETED
• ROUGH IN STAGE COMPLETED
• ALL WINDOWS INSTALLED

Property features AI

Finance

• Other: Property listed as residential; Homestead not indicated
• Financial info: Loan qualification possible; Not assumable
• HOA & community: No mandatory association dues

Exterior

• Parking: 2-car garage
• Utilities: No storm shelter
• Home design: Single family residence; One level; Existing property
• Construction: Brick and frame construction; Composition roof; Slab foundation
• Exterior features: Covered patio; Interior lot

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: No heating specified; No cooling specified
• Interior features: Living area with 1 living area; No fireplace

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $108k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $421 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $108k).
• Recommended offer: $105k (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, 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: 50 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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 $12k of equity ($747 loan paydown + $11k 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 $30k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $104,760 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.37% ✓
• Cap rate: 10.97%
• Cash-on-cash: 16.70%
• DSCR: 1.74
• GRM: 6.1

CMA / ARV

• ARV (median comp): $164,171
• List price: $108,000
• Delta: -34.21%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8621 NE 33rd St	0.24mi	3/2.0	1,122 (-1%)	10mo	$121,000	$108	79
3708 Redbud Dr	0.31mi	3/2.0	1,120 (-1%)	14mo	$195,000	$174	73
8624 NE 34th St	0.21mi	3/2.0	1,120 (-1%)	24mo	$161,000	$144	69
8320 NE 33 St	0.24mi	4/1.0 (+1)	1,220 (+8%)	6mo	$137,000	$112	61
2800 Justin Pl	0.69mi	3/2.0	1,080 (-4%)	8mo	$80,000	$74	54
2712 Paxton Pl	0.66mi	3/2.0	1,168 (+4%)	13mo	$175,000	$150	53
8401 NE 28th St	0.41mi	2/2.0 (-1)	1,288 (+14%)	1mo	$156,500	$122	52
8912 Muriel Way	0.74mi	3/2.0	1,190 (+5%)	7mo	$90,000	$76	51
8819 Cecile Pl	0.50mi	3/2.0	1,204 (+7%)	20mo	$162,000	$135	49
8520 NE 28th St	0.41mi	2/1.0 (-1)	982 (-13%)	8mo	$85,000	$87	44

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: 36.7%
• Equity multiple: 3.83×
• Total profit: $85,642
• Equity at exit: $97,295

10-year hold

• IRR: 31.6%
• Equity multiple: 8.64×
• Total profit: $231,170
• Equity at exit: $209,820

Cash invested: $30,240 (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: 50
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,477 high
• Mortgage (P&I): −$566
• Tax est. 1.5%: −$135 /mo · $1,620/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$310
• Net cashflow: $421

Break-even live

Break-even rent $945

Max offer price $108,000

Occupancy floor 67%

Sensitivity live

Price	-10% $495	-5% $458	+0% $421	+5% $383	+10% $346
Rent	-10% $304	-5% $362	+0% $421	+5% $479	+10% $537
Rate	-1.0pp $475	-0.5pp $448	base $421	+0.5pp $393	+1.0pp $364

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: $27,000
• Closing costs: $3,240
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2823 Juvene Cir Spencer, OK	3.0	2.0	1080	$1,800	$1.67	4d	1	0.46mi
8741 Hillridge Dr Oklahoma City, OK	3.0	2.0	1182	$1,495	$1.26	44d	1	0.97mi
8741 Hillridge Dr Oklahoma City, OK	3.0	2.0	1182	$1,495	$1.26	3d	1	0.97mi
2008 Midridge Dr Oklahoma City, OK	3.0	2.0	1232	$1,325	$1.08	15d	1	1.02mi
1632 N Spencer Rd Oklahoma City, OK	2.0	1.0	772	$895	$1.16	15d	1	1.33mi
1619 N Douglas Blvd Oklahoma City, OK	3.0	2.0	1152	$1,129	$0.98	2d	1	1.43mi
1617 Cynthia Dr Oklahoma City, OK	4.0	1.0	1161	$1,450	$1.25	44d	1	1.49mi
1620 Cynthia Dr Oklahoma City, OK	4.0	1.0	1203	$1,450	$1.21	44d	1	1.49mi

Listing history 17 events

1. 2026-06-21
   days on market $108,000 Active 48 DOM
2. 2026-06-18
   days on market $108,000 Active 45 DOM
3. 2026-06-17
   days on market $108,000 Active 44 DOM
4. 2026-06-16
   days on market $108,000 Active 43 DOM
5. 2026-06-15
   days on market $108,000 Active 42 DOM
6. 2026-06-13
   days on market $108,000 Active 40 DOM
7. 2026-06-09
   days on market $108,000 Active 36 DOM
8. 2026-06-08
   days on market $108,000 Active 35 DOM
9. 2026-06-07
   days on market $108,000 Active 34 DOM
10. 2026-06-05
    days on market $108,000 Active 31 DOM
11. 2026-06-03
    days on market $108,000 Active 30 DOM
12. 2026-06-02
    days on market $108,000 Active 29 DOM
13. 2026-06-01
    days on market $108,000 Active 28 DOM
14. 2026-05-31
    days on market $108,000 Active 27 DOM
15. 2026-05-04
    listed $108,000 Active 792-char remark
16. 2026-05-02
    historical
17. 2025-12-01
    listed $125,000 Active

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

Taxation est. · year 1

• Rental income: $17,729
• − Mortgage interest: −$6,050
• − Property taxes: −$1,620
• − Insurance: −$540
• − Repairs & maintenance: −$1,418
• − Management: −$1,418
• − Depreciation: −$3,142
• Taxable income: $3,541
• Est. tax owed @ 24.0%: −$850
• After-tax cash flow: $4,200/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.

Condition & rehab AI · 12 photos

Good 75/100 Moderate rehab

This property is approximately 70% complete and ready for the right buyer to bring it across the finish line. The home is in good condition with major progress made in the slab, framing, roof, and rough-in stage. The home is a great opportunity to step in, add the finishing touches, and maximize the home’s full potential.

Repairs flagged

• Major drywall — Drywall is not yet installed
• Major flooring — Flooring is bare concrete

Value-add opportunities

• Both Paint interior walls — Painting interior walls enhances curb appeal and interior finish
• Both Install flooring — Installing flooring improves living space and adds value
• Both Install drywall — Drywall installation completes the interior and adds value

Renovation cost estimate screening

Repair item	Severity	Est. cost
drywall · Drywall is not yet installed	Major	$15,000–50,000
flooring · Flooring is bare concrete	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both Paint interior walls — Painting interior walls enhances curb appeal and interior finish ↑
• Both Install flooring — Installing flooring improves living space and adds value ↑
• Both Install drywall — Drywall installation completes the interior and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-13.6% since first listed

3 events — show timeline

• 2026-05-04 Listed $108,000 MLSOK
• 2026-05-02 Listing Removed — MLSOK
• 2025-12-01 Listed $125,000 MLSOK