3105 Wright Ave · Spencer, OK 73084

$165,000

3 bd · 1.0 ba · 1,052 sqft · SingleFamily public records · 56 Days on market

Built 1950 10,498 sqft lot Est $123k · 34% 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 +15.2/30.0
• Appreciation +10.0/10.0
• DSCR +4.7/10.0
• 1% rule +3.2/10.0
• Livability +2.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0
• ARV discount +0.0/15.0

Listing remarks

This completely remodeled 4-bedroom, 2-bathroom home in Spencer is move-in ready, featuring a brand-new roof and HVAC system for ultimate peace of mind. The interior shines with fresh paint, new fixtures, and updated flooring throughout, creating a bright and open living space that flows seamlessly into the modernized kitchen. Outfitted with freshly painted cabinetry, sleek granite countertops, and ample storage, the kitchen is as functional as it is stylish. Both bathrooms have been tastefully updated with new vanities and contemporary tiled shower surrounds. Outside, you will find a large yard perfect for relaxing or entertaining. Ideally located for convenience, this home offers quick ac

Key facts

• Modernized kitchen
• Brand new roof
• Large yard

Tags

• BRAND NEW ROOF
• HVAC SYSTEM
• MODERNIZED KITCHEN
• FRESHLY PAINTED CABINETRY
• GRANITE COUNTERTOPS
• LARGE YARD

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $58 ($695/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $135k (18.4% below list).
• Recommended offer: $135k (18.4% 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: 50 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $18k of equity ($1k loan paydown + $16k 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 $46k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $40k; list at $165k implies a 312% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — 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 $134,561 (18.4% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — 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. 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?
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: 0.82% ✗
• Cap rate: 6.71%
• Cash-on-cash: 1.50%
• DSCR: 1.07
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $123,084
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9720 NE 29th St	0.34mi	3/2.0	1,052 (0%)	2mo	$138,000	$131	79
2721 N Outpost Dr	0.45mi	3/1.0	1,080 (+3%)	7mo	$68,000	$63	69
3200 Wright Ave	0.07mi	3/2.0	1,188 (+13%)	6mo	$100,000	$84	66
2608 N Outpost Dr	0.44mi	4/2.0 (+1)	1,100 (+5%)	5mo	$139,900	$127	59
2716 N Trosper Dr	0.54mi	3/1.0	944 (-10%)	2mo	$199,000	$211	56
1816 Michell Dr	0.71mi	3/2.0	1,108 (+5%)	5mo	$130,000	$117	49
2509 N Outpost Dr	0.50mi	2/1.0 (-1)	912 (-13%)	3mo	$70,000	$77	46
1824 David Ter	0.70mi	3/3.0	1,146 (+9%)	6mo	$110,000	$96	39

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: 25.3%
• Equity multiple: 3.02×
• Total profit: $93,488
• Equity at exit: $148,645

10-year hold

• IRR: 22.3%
• Equity multiple: 6.89×
• Total profit: $272,282
• Equity at exit: $320,559

Cash invested: $46,200 (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: 50
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $1,346 high
• Mortgage (P&I): −$865
• Tax from tax record: −$71 /mo · $853/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $58

Break-even live

Break-even rent $1,272

Max offer price $165,000

Occupancy floor 91%

Sensitivity live

Price	-10% $151	-5% $105	+0% $58	+5% $11	+10% $-36
Rent	-10% $-48	-5% $5	+0% $58	+5% $111	+10% $164
Rate	-1.0pp $141	-0.5pp $100	base $58	+0.5pp $15	+1.0pp $-28

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1817 Tim Dr Oklahoma City, OK	3.0	2.0	1373	$1,399	$1.02	2d	1	0.69mi
1809 Michell Dr Oklahoma City, OK	3.0	1.0	1125	$1,095	$0.97	3d	1	0.74mi
10400 Caton Pl Oklahoma City, OK	3.0	2.0	1164	$1,280	$1.10	24d	1	0.98mi
1520 Patricia Dr Oklahoma City, OK	3.0	1.0	1040	$1,200	$1.15	44d	1	0.99mi
10220 Isaac Dr Oklahoma City, OK	3.0	1.0	1106	$1,250	$1.13	44d	1	1.00mi
1617 N Christine Dr Oklahoma City, OK	2.0	2.0	962	$1,050	$1.09	24d	1	1.03mi
10601 Tumilty Ter Oklahoma City, OK	4.0	2.0	1377	$1,820	$1.32	24d	1	1.07mi
1525 N Christine Dr Oklahoma City, OK	3.0	1.5	1264	$1,035	$0.82	4d	1	1.08mi
1525 McGregor Dr Oklahoma City, OK	3.0	1.5	1012	$1,275	$1.26	3d	1	1.11mi
1400 Alan Ln Oklahoma City, OK	3.0	2.0	1288	$1,495	$1.16	44d	1	1.31mi
1620 Cynthia Dr Oklahoma City, OK	4.0	1.0	1203	$1,450	$1.21	44d	1	1.33mi
1216 McGregor Dr Oklahoma City, OK	4.0	1.5	1212	$1,495	$1.23	3d	1	1.33mi
9212 Jennifer Pl Oklahoma City, OK	3.0	2.0	960	$1,250	$1.30	44d	1	1.34mi
9604 NE 11th St Oklahoma City, OK	4.0	1.0	1280	$1,795	$1.40	2d	1	1.35mi
1617 Cynthia Dr Oklahoma City, OK	4.0	1.0	1161	$1,450	$1.25	44d	1	1.35mi
9528 McIntosh Ave Oklahoma City, OK	3.0	2.0	1164	$1,195	$1.03	44d	1	1.39mi
2008 Midridge Dr Oklahoma City, OK	3.0	2.0	1232	$1,325	$1.08	15d	1	1.40mi
8741 Hillridge Dr Oklahoma City, OK	3.0	2.0	1182	$1,495	$1.26	44d	1	1.41mi
8741 Hillridge Dr Oklahoma City, OK	3.0	2.0	1182	$1,495	$1.26	3d	1	1.41mi
1400 Marydale Ave Oklahoma City, OK	3.0	1.0	1082	$1,150	$1.06	17d	1	1.42mi
2823 Juvene Cir Spencer, OK	3.0	2.0	1080	$1,800	$1.67	4d	1	1.48mi

Listing history 5 events

1. 2026-04-03
   status Pending
2. 2026-03-09
   price $165,000
3. 2026-02-06
   listed $170,000 Active
4. 2004-03-10
   soldstatus $40,000
5. 1989-04-14
   soldstatus $22,000

ⓘ 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: $853 · $71/mo
• Projected year-2 tax: $1,485 · $124/mo
• Expected delta: +$632/yr (+$53/mo · 74.0%)

ⓘ 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 · 19 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% 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: $16,147
• − Mortgage interest: −$9,243
• − Property taxes: −$853
• − Insurance: −$825
• − Repairs & maintenance: −$1,292
• − Management: −$1,292
• − Depreciation: −$4,800
• Taxable loss: −$2,157
• Est. tax savings @ 24.0%: +$518
• After-tax cash flow: $1,212/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

+650.0% since first listed

5 events — show timeline

• 2026-04-03 Pending — MLSOK
• 2026-03-09 Price Changed $165,000 MLSOK
• 2026-02-06 Listed $170,000 MLSOK
• 2004-03-10 Sold (Public Records) $40,000 Public Records
• 1989-04-14 Sold (Public Records) $22,000 Public Records

Property tax history

+6.6%/yr

Latest (2025): $853 · +89.3% YoY. Source: county tax records.