502 W Hornaday · Fletcher, OK 73541

$170,000

3 bd · 1.0 ba · 1,038 sqft · SingleFamily public records · 1 Days on market

Built 2012 Est $136k · 25% over

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Why this score? — see what drove the F 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 +9.7/30.0
• Appreciation +7.8/10.0
• Livability +3.2/5.0
• DSCR +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.7/10.0
• Schools +1.6/10.0
• ARV discount +0.0/15.0

Listing remarks MLS

Lots of potential with this 3 bedroom, 2 bath property in Fletcher. Partially remodeled. Outside in good shape with nearly new roof and vinyl siding. 2 sheds and storm cellar. Thermopane/double pane windows throughout. Sold As Is.

Key facts

• Plenty of storage
• Laundry room
• Large living room

Tags

• REMODELED IN 2021
• LAUNDRY ROOM
• LARGE LIVING ROOM
• PLENTY OF STORAGE
• STORM SHELTER
• ATTACHED TO OUTDOOR SHED

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $-111 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $150k (11.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $114k (33.1% below list).
• Recommended offer: $114k (33.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 65/100 on livability (#133 in OK) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D, amenities F, commute F.
• Fletcher (rural): math 12% / reading 23% proficiency, ranked #189 of 270 in OK (top 70%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 29 active listings in the ZIP; 133 units permitted in Comanche County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $11k of equity ($1k loan paydown + $10k appreciation (5.7% local appreciation)).
• Comanche County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 4, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 7y 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.
• Current owner paid $53k; list at $170k implies a 221% gain — meaningful room to come down on a strong offer.

Recommended offer $113,695 (33.1% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-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. 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?
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: 0.67% ✗
• Cap rate: 5.51%
• Cash-on-cash: -2.81%
• DSCR: 0.87
• GRM: 12.5

CMA / ARV

• ARV (on-the-fly): $135,978
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
303 South Dr	0.27mi	2/2.0 (-1)	1,100 (+6%)	2mo	$37,888	$34	67
103 E Cole Ave	0.38mi	3/2.0	1,000 (-4%)	11mo	$135,000	$135	63
414 N East Dr	0.51mi	3/1.0	900 (-13%)	8mo	$118,000	$131	48

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

5.65% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.2%
• Equity multiple: 1.81×
• Total profit: $38,406
• Equity at exit: $103,153

10-year hold

• IRR: 13.0%
• Equity multiple: 3.51×
• Total profit: $119,356
• Equity at exit: $183,937

Cash invested: $47,600 (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 73541

• Home prices YoY: 2.2%
• Active inventory: 29
• Price-to-rent: 12.5×

Monthly cashflow live

• Estimated rent: $1,137 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$47 /mo · $568/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$239
• Net cashflow: $-111

Break-even live

Break-even rent $1,278

Max offer price $150,308

Occupancy floor —

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-26
   listed $170,000 Active
2. 2020-02-10
   soldstatus $53,000
3. 2020-02-07
   soldstatus $53,000 230-char remark

   Show marketing remark (230 chars)

   Lots of potential with this 3 bedroom, 2 bath property in Fletcher. Partially remodeled. Outside in good shape with nearly new roof and vinyl siding. 2 sheds and storm cellar. Thermopane/double pane windows throughout. Sold As Is.

4. 2019-11-27
   listed $55,000 230-char remark

   Show marketing remark (230 chars)

   Lots of potential with this 3 bedroom, 2 bath property in Fletcher. Partially remodeled. Outside in good shape with nearly new roof and vinyl siding. 2 sheds and storm cellar. Thermopane/double pane windows throughout. Sold As Is.

5. 2002-12-09
   soldstatus $32,000

ⓘ 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: $568 · $47/mo
• Projected year-2 tax: $1,530 · $127/mo
• Expected delta: +$962/yr (+$80/mo · 169.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $13,643
• − Mortgage interest: −$9,523
• − Property taxes: −$568
• − Insurance: −$850
• − Repairs & maintenance: −$1,091
• − Management: −$1,091
• − Depreciation: −$4,945
• Taxable loss: −$4,426
• Est. tax savings @ 24.0%: +$1,062
• After-tax cash flow: $-276/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: Fletcher
• NCES district ID: 4011700
• Math proficiency: 12% ▼ -11.00%
• Reading proficiency: 23% ▼ -10.00%
• Median HH income: $50,233
• Composite: 15.82/100
• National rank: #9264
• State rank: #189 of 270 in OK

Livability — Fletcher

• Score: 65/100
• State rank: #133
• US rank: #12742

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fletcher, OK
• Population (ZIP): 3,624

Population outlook (Comanche County) Hauer SSP2

• Today (2025): 124,518 people
• By 2030: 124,231 · -0.2%
• By 2040: 122,193 · -1.9%
• By 2050: 120,368 · -3.3%
• By 2075: 120,492 · -3.2%
• By 2100: 123,113 · -1.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Two or more races 12% Native American 4% Hispanic / Latino 3% Black 2%
• Common ancestry: Italian 3% Lithuanian 2% Slovak 1%
• Foreign-born: 2%
• Languages at home: 97% English-only · Spanish 1%

Political lean MEDSL · Comanche

• 2024 margin: Strong R (+23.3) · D 37.4% · R 60.7% · Other 1.9%
• 2008→2024 swing: -5.8pp toward R · 2008: -17.5pp · 2024: -23.3pp
• All cycles: 2024: R+23.3 2020: R+20.1 2016: R+23.7 2012: R+17.0 2008: R+17.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.65%
• Current HPI: 256.7598
• 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

+431.2% since first listed

5 events — show timeline

• 2026-05-26 Listed $170,000 FSBO.com
• 2020-02-10 Sold (Public Records) $53,000 Public Records
• 2020-02-07 Sold (MLS) $53,000 LBRMLS
• 2019-11-27 Listed $55,000 LBRMLS
• 2002-12-09 Sold (Public Records) $32,000 Public Records

Property tax history

+8.4%/yr

Latest (2025): $568 · +3.8% YoY. Source: county tax records.