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He is admirable because he cares deeply about the people of Thebes, and he wants to solve their problems.  He is flawed because he does not admit the possibility that he might be wrong; he tells Teiresias that he might be the guilty party in the murder of Laius.  He has the flaw described by Aristotle in The Poetics, "hubris."  Remember, that Oedipus was the play that Aristotle used as the perfect example of the various "laws" that he set in place for how drama worked.