We study a restricted-height version of the one-dimensional Oslo sandpile with conserved density, using periodic boundary conditions. Each site has a limiting height which can be either two or three. When a site reaches its limiting height it becomes active and may topple, loosing two particles, which move randomly to nearest-neighbor sites. After a site topples it is randomly assigned a new limiting height. We study the model using meanfield theory and Monte Carlo simulation, focusing on the quasi-stationary state, in which the number of active sites fluctuates about a stationary value. Using finite-size scaling analysis, we determine the critical particle density and associated critical exponents.