354 Eve Hwy

Hardyville, KY 42757

$149,000D

3 bd · 1.0 ba · 1,308 sqft · Built 1950 · SingleFamily · Active · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,168/mo
• Mortgage (P&I): −$781
• Tax + insurance: −$156
• HOA: −$0
• Vac / Maint / Mgmt: −$245
• Net cashflow: $-14/mo
• Annual: $-172/yr
• Cap rate: 6.18%
• Cash-on-cash: -0.41%
• DSCR: 0.98
• 1% rule: 0.78%
• Cash to close: $41,720

Investor read

• This is a 3-bed/1.0-bath single-family listed at $149k.
• At list price, monthly cash flow is $-14 ($-172/yr) — negative.
• To cash-flow at today's rent, offer at most $146k (1.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $117k (21.6% below list).
• It's been on market 36 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $117k (21.6% below list) — sets the bar for 1% rule.
• In year one you build about $4k of equity ($1k loan paydown + $3k appreciation (1.8% local appreciation)).
• Location reads 49/100 on livability (#508 in KY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: amenities F, commute F, employment F.
• Hart County (rural): math 21% / reading 38% proficiency, ranked #119 of 165 in KY (top 72%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Memorial Elementary School (math 22% / reading 37%, grade F, #393 of 676 statewide, top 63%, 348 students, 66% FRL); Hart County High School (math 22% / reading 32%, grade F, #158 of 254 statewide, top 68%, 679 students, 55% FRL).
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 24 active listings in the ZIP; 79 units permitted in Hart County in 2024 (60 in 5+ unit buildings).
• 2 sale attempts since 3y ago; this cycle's ask has dropped $61k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (1.8% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~9 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 36 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.
• 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.