3447 Cobblestone Ct · Spencer, OK 73084

$165,000

3 bd · 2.0 ba · 1,579 sqft · SingleFamily public records · 30 Days on market

Built 2003 8,947 sqft lot $104/sqft · at area comps Est $173k · at est.

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Why this score? — see what drove the C 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 +18.7/30.0
• Appreciation +10.0/10.0
• ARV discount +9.6/15.0
• DSCR +5.9/10.0
• 1% rule +4.3/10.0
• Livability +2.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0

Listing remarks MLS

One of many new homes being built in the area. This one already has a buyer, but we can build the same one for you, give us a call to pick your lot today.....

Key facts

• 8,947 sq ft lot
• 2 garage spots
• Built 2003

Property features AI

Finance

• Other: Occupied; No conditions affecting sale
• Financial info: Loan qualification allowed; Not assumable
• HOA & community: No mandatory association dues

Exterior

• Parking: 2-car garage
• Utilities: Homestead exempt status indicated
• Home design: Single-family residence; One level; Residential property in the Cobblestone Hollow addition
• Construction: Brick and frame construction; Composition roof; Slab foundation; Existing property
• Exterior features: Located on a cul-de-sac; No notable exterior features listed

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: One living area; Gas log fireplace

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $163 ($2k/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 $153k (7.0% below list).
• Recommended offer: $153k (7.0% 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: Spencer Es (math 2% / reading 2%, grade F, #802 of 845 statewide, top 100%, 410 students, 0% FRL); 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: 49 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 30 days — a 2% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 23y ago; this cycle's ask has dropped $15k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $103k; list at $165k implies a 60% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $153,430 (7.0% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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.
5. 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.
6. 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: 0.93% ✗
• Cap rate: 7.48%
• Cash-on-cash: 4.24%
• DSCR: 1.19
• GRM: 9.0

CMA / ARV

• ARV (median comp): $173,232
• List price: $165,000
• Delta: -4.75%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3701 Beal Ave	0.15mi	3/2.0	1,500 (-5%)	11mo	$195,000	$130	75
8620 NE 34th Pl	0.06mi	3/2.0	1,439 (-9%)	11mo	$199,000	$138	73
8917 Cecile Pl	0.48mi	3/2.0	1,500 (-5%)	14mo	$193,000	$129	58
4102 Cramer Rd	0.67mi	3/2.0	1,653 (+5%)	5mo	$320,000	$194	57
8734 Silver Creek Dr	0.71mi	3/1.5	1,449 (-8%)	10mo	$85,000	$59	43
8014 NE 35th St	0.60mi	3/2.0	1,433 (-9%)	16mo	$194,754	$136	43
8726 Silver Creek Dr	0.73mi	3/2.0	1,379 (-13%)	4mo	$130,000	$94	42
8510 NE 25th St	0.73mi	3/2.0	1,706 (+8%)	15mo	$160,033	$94	40

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: 27.3%
• Equity multiple: 3.17×
• Total profit: $100,234
• Equity at exit: $148,645

10-year hold

• IRR: 23.9%
• Equity multiple: 7.21×
• Total profit: $286,925
• 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: 49
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,534 high
• Mortgage (P&I): −$865
• Tax from tax record: −$115 /mo · $1,377/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$322
• Net cashflow: $163

Break-even live

Break-even rent $1,328

Max offer price $165,000

Occupancy floor 84%

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 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	2d	1	0.50mi
4800 Spencer Rd Spencer, OK	3.0	1.5	1742	$1,675	$0.96	43d	1	0.93mi
8741 Hillridge Dr Oklahoma City, OK	3.0	2.0	1182	$1,495	$1.26	43d	1	1.00mi
8741 Hillridge Dr Oklahoma City, OK	3.0	2.0	1182	$1,495	$1.26	2d	1	1.00mi
2008 Midridge Dr Oklahoma City, OK	3.0	2.0	1232	$1,325	$1.08	14d	1	1.05mi
1619 N Douglas Blvd Oklahoma City, OK	3.0	2.0	1152	$1,129	$0.98	1d	1	1.46mi
1620 Cynthia Dr Oklahoma City, OK	4.0	1.0	1203	$1,450	$1.21	43d	1	1.49mi
1617 Cynthia Dr Oklahoma City, OK	4.0	1.0	1161	$1,450	$1.25	43d	1	1.49mi

Listing history 5 events

1. 2026-05-13
   price $165,000 862-char remark
2. 2026-04-27
   listed $180,000 Active 862-char remark
3. 2003-11-24
   soldstatus $102,950 159-char remark

   Show marketing remark (159 chars)

   One of many new homes being built in the area. This one already has a buyer, but we can build the same one for you, give us a call to pick your lot today.....

4. 2003-03-19
   soldstatus $90,000
5. 2003-03-11
   listed $99,845 159-char remark

   Show marketing remark (159 chars)

   One of many new homes being built in the area. This one already has a buyer, but we can build the same one for you, give us a call to pick your lot today.....

ⓘ 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: $1,377 · $115/mo
• Projected year-2 tax: $1,485 · $124/mo
• Expected delta: +$108/yr (+$9/mo · 7.9%)

ⓘ 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 6/10 Major 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% 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: $18,412
• − Mortgage interest: −$9,243
• − Property taxes: −$1,377
• − Insurance: −$825
• − Repairs & maintenance: −$1,473
• − Management: −$1,473
• − Depreciation: −$4,800
• Taxable loss: −$779
• Est. tax savings @ 24.0%: +$187
• After-tax cash flow: $2,147/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

+65.3% since first listed

6 events — show timeline

• 2026-05-29 Pending — MLSOK
• 2026-05-13 Price Changed $165,000 MLSOK
• 2026-04-27 Listed $180,000 MLSOK
• 2003-11-24 Sold (MLS) $102,950 MLSOK
• 2003-03-19 Sold (Public Records) $90,000 Public Records
• 2003-03-11 Listed $99,845 MLSOK

Property tax history

+2.8%/yr

Latest (2025): $1,377 · +2.1% YoY. Source: county tax records.