I lived on Grove St. briefly 42 years ago when I was in grade school. 

Without an Exclusive Buyer's Agent Agreement, I'd say that realtor is out like the fat kid in 5th grade dodge ball!

I might be on to something :-)I’m just curious about what would be involved in developing the site—things like environmental impact studies, human-derived biohazard containment, storm water management, below grade engineering studies and stuff like that.

Property is another older beat up rental grade house.

If this is completely below grade, it is possible, but doubtful it was originally constructed as a duplex.

I know the owner is motivated and actually just purchased the property about 8 months ago for 74K, but did do some up grades and other work to it.

I would discuss this with tenant prior to offer to purchase, and would probably get an estoppel from them, but am curious if tenant would have any legal action if I develop the property (clearing, grading, fencing, etc) that is not in close proximity (say, 100') of the house that they are renting?

You basically have to have "retail" grade rentals at almost every price point in Edmond to be competitive.

A model match 2 houses down went for $420k 6 months ago, better condition in terms of paint and landscaping but identical builder grade finishes.A house right around the corner just hit the market at $560k, remodeled, and went under contract in 3 days.

I agree that the numbers look good compared to many/most turnkey investments.Add the cost for management to your expenses,How would you grade the neighborhood?