During takeoff, the pilot elected to cross under a power line near the end of the runway when he realized he could not fly over. As the plane crossed under the power line, the right main gear struck a steel perimeter fence post. Across the street from the power line and perimeter fence was a house. The pilot pulled the plane up, but the left wing struck the roof of the house and the right wing hit a tree. The plane then impacted in the backyard and hit a fence before coming to rest. The reported winds in the area were: 180 deg at 4 kt at Will Rogers World Airport and 190 deg at 10 kts at the Wiley Post Airport. The density altitude was about 2500 ft. The owner's handbook recommended that 25 deg of flaps (2nd notch) be used for short field takeoffs. The flaps were found in the first notch. An investigation of the aircraft performance data revealed the runway length was not adequate for the plane to clear a 50 ft obstacle under these conditions.