5916 Norway Spruce St · Edmond, OK 73034

$253,500

3 bd · 2.0 ba · 1,420 sqft · SingleFamily · 22 Days on market

Built 2026 Good condition 5,998 sqft lot Est $277k · 8% under $26/mo HOA · 1% of rent

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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 +16.1/30.0
• ARV discount +11.3/15.0
• DSCR +5.0/10.0
• 1% rule +4.5/10.0
• Condition / age +4.0/5.0
• Livability +3.9/5.0
• Schools +3.6/10.0
• Rent growth +3.1/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This new single-story home blends style with functionality. Two secondary bedrooms share a bathroom in the hall at the front of the home, while the owner's suite is tucked into the back corner with a private bathroom. Down the hall is the free-flowing main living area, which includes a kitchen with a center island, a welcoming family room and a dining room with a covered rear patio. A convenient two-car garage completes the home.

Key facts

• Covered rear patio
• Private bathroom
• Owner's suite

Tags

• SINGLE-STORY HOME
• OWNER'S SUITE
• PRIVATE BATHROOM
• KITCHEN WITH CENTER ISLAND
• COVERED REAR PATIO

Property features AI

Finance

• Other: Homestead exemption applied; Located in Covell Ranch
• Financial info: Loan qualifying available; Not assumable
• HOA & community: Mandatory association dues; Association fee of $312 (includes common area maintenance)

Exterior

• Parking: 2-car garage
• Home design: Single family residence; One story; Residential property; New home
• Construction: Brick and frame construction; Shingle roof; Post-tension foundation; Built by Lennar
• Exterior features: Interior lot; No exterior features listed

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: No fireplace; One living area; One dining area

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $254k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $129 ($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 $241k (4.8% below list).
• Recommended offer: $241k (4.8% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 3.4% in Edmond — 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 78/100 on livability (#6 in OK, #2,383 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: health & safety C-, commute F.
• Edmond (suburban): math 38% / reading 40% proficiency, ranked #11 of 270 in OK (top 4%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Redbud Es (616 students, 0% FRL); Memorial Hs (math 44% / reading 56%, grade D+, #4 of 447 statewide, top 1%, 2,605 students, 0% FRL) — zoned schools average 0% FRL vs 22% district-wide (22 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+2.5%/yr); 763 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 5,365 units permitted in Oklahoma County in 2024 (569 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Oklahoma County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($250k) 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.

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 $241,336 (4.8% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 0.95% ✗
• Cap rate: 6.90%
• Cash-on-cash: 2.18%
• DSCR: 1.10
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $276,900
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1724 Sugar Pine Way	0.15mi	3/2.0	1,417 (-0%)	1mo	$268,117	$189	92
6124 Western Redbud Trl	0.16mi	3/2.0	1,417 (-0%)	2mo	$267,200	$189	91
1708 Sugar Pine Way	0.15mi	3/2.0	1,355 (-5%)	0mo	$261,217	$193	85
1732 Sugar Pine Way	0.15mi	3/2.0	1,355 (-5%)	1mo	$264,217	$195	85
6108 Western Redbud Trl	0.15mi	3/2.0	1,355 (-5%)	1mo	$264,635	$195	84
6125 Western Redbud Trl	0.16mi	3/2.0	1,355 (-5%)	1mo	$257,150	$190	84
6100 Western Redbud Trl	0.14mi	3/2.0	1,301 (-8%)	1mo	$259,217	$199	79
1700 Sugar Pine Way	0.15mi	3/2.0	1,301 (-8%)	1mo	$259,217	$199	79
6117 Western Redbud Trl	0.15mi	3/2.0	1,301 (-8%)	1mo	$254,331	$195	78
6132 Western Redbud Trl	0.16mi	3/2.0	1,216 (-14%)	2mo	$244,900	$201	67
6141 Western Redbud Trl	0.17mi	3/2.0	1,216 (-14%)	2mo	$245,000	$201	67
6109 Western Redbud Trl	0.15mi	4/2.0 (+1)	1,613 (+14%)	1mo	$287,402	$178	64

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

Projected returns pro-forma

-3.0% appreciation · 2.49% rent growth · sell at horizon

5-year hold

• IRR: -13.4%
• Equity multiple: 0.52×
• Total profit: $-34,062
• Equity at exit: $37,798

10-year hold

• IRR: -5.3%
• Equity multiple: 0.66×
• Total profit: $-23,900
• Equity at exit: $21,918

Cash invested: $70,980 (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 73034

• Rents YoY: 2.5%
• Active inventory: 763
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $2,413 medium
• Mortgage (P&I): −$1,329
• Tax est. 1.5%: −$317 /mo · $3,802/yr
• Insurance: −$106
• HOA: −$26
• Vacancy / Maint / Mgmt: −$507
• Net cashflow: $129

Break-even live

Break-even rent $2,250

Max offer price $253,500

Occupancy floor 90%

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: $63,375
• Closing costs: $7,605
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6309 Frankie Lynn Ln Edmond, OK	3.0	2.0	1690	$2,450	$1.45	1d	1	0.38mi
6133 Oxnard St Edmond, OK	3.0	2.0	1809	$2,595	$1.43	1d	1	0.65mi
3100 N Sooner Rd Edmond, OK	2.0–3.0	2.0–3.0	1348	$3,375	$2.50	1d	38	1.42mi

HOA detail

• Monthly dues: $26 · $312/yr

Listing history 16 events

1. 2026-06-19
   price $253,500 Active 22 DOM
2. 2026-06-18
   days on market $256,650 Active 22 DOM
3. 2026-06-17
   price $256,650 Active 21 DOM
4. 2026-06-17
   days on market $258,900 Active 21 DOM
5. 2026-06-16
   days on market $258,900 Active 20 DOM
6. 2026-06-15
   days on market $258,900 Active 19 DOM
7. 2026-06-13
   days on market $258,900 Active 17 DOM
8. 2026-06-09
   days on market $258,900 Active 13 DOM
9. 2026-06-08
   days on market $258,900 Active 12 DOM
10. 2026-06-07
    pricedays on market $258,900 Active 11 DOM
11. 2026-06-03
    pricedays on market $261,150 Active 7 DOM
12. 2026-06-02
    days on market $260,900 Active 6 DOM
13. 2026-06-01
    days on market $260,900 Active 5 DOM
14. 2026-05-31
    days on market $260,900 Active 4 DOM
15. 2026-05-27
    listed $263,350 Active 433-char remark

    Show marketing remark (433 chars)

    This new single-story home blends style with functionality. Two secondary bedrooms share a bathroom in the hall at the front of the home, while the owner's suite is tucked into the back corner with a private bathroom. Down the hall is the free-flowing main living area, which includes a kitchen with a center island, a welcoming family room and a dining room with a covered rear patio. A convenient two-car garage completes the home.

16. 2026-05-27
    listed $260,900 Active

    Show marketing remark (433 chars)

    This new single-story home blends style with functionality. Two secondary bedrooms share a bathroom in the hall at the front of the home, while the owner's suite is tucked into the back corner with a private bathroom. Down the hall is the free-flowing main living area, which includes a kitchen with a center island, a welcoming family room and a dining room with a covered rear patio. A convenient two-car garage completes the home.

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

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 ≥108°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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,960
• − Mortgage interest: −$14,200
• − Property taxes: −$3,802
• − Insurance: −$1,268
• − Repairs & maintenance: −$2,317
• − Management: −$2,317
• − HOA: −$312
• − Depreciation: −$7,375
• Taxable loss: −$2,630
• Est. tax savings @ 24.0%: +$631
• After-tax cash flow: $2,175/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 80/100 Cosmetic rehab

This single-story home is in good condition with modern finishes and a well-maintained exterior. It offers a good balance of style and functionality, making it a solid investment.

Value-add opportunities

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Landscaping improvements — Enhances curb appeal and adds value
• Both Replace light fixtures — Modernize lighting and improve energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Both Replace light fixtures — Modernize lighting and improve energy efficiency ↑

ⓘ 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: Edmond
• NCES district ID: 4010590
• Math proficiency: 38% ▼ -12.00%
• Reading proficiency: 40% ▼ -12.00%
• Median HH income: $73,212
• Composite: 35.88/100
• National rank: #4814
• State rank: #11 of 270 in OK

Livability — Edmond

• Score: 78/100
• State rank: #6
• US rank: #2383

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Edmond, OK
• County: Oklahoma County · 771,644 people
• City population: 177,083
• Metro: Oklahoma City, OK
• Population (ZIP): 48,831
• Household income: $109,700
• Rent vs Own: 25.8% rent · 74.2% own
• Severe rent burden: 1198.0

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: Predominantly White (76%)
• Race & ethnicity: White 76% Two or more races 10% Hispanic / Latino 8% Asian 4% Black 3% Native American 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 4% Slovak 3% Lithuanian 3%
• Foreign-born: 6% · Canada, China, Vietnam
• Languages at home: 92% English-only · Spanish 4% Other Indo-European 1% Chinese 1%

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: ▼ -164.67%
• Current HPI: 223.1391
• Rent YoY: ▲ 2.49%
• 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

+0.9% since first listed

2 events — show timeline

• 2026-05-27 Listed $263,350 Zillow
• 2026-05-27 Listed $260,900 MLSOK