209 5th St

Cynthiana, KY 41031

$75,000B+

4 bd · 1.5 ba · 1,863 sqft · Built — · SingleFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,678/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$118
• HOA: −$0
• Vac / Maint / Mgmt: −$352
• Net cashflow: $815/mo
• Annual: $9,775/yr
• Cap rate: 19.33%
• Cash-on-cash: 46.55%
• DSCR: 3.07
• 1% rule: 2.24%
• Cash to close: $21,000

Investor read

• This is a 4-bed/1.5-bath single-family listed at $75k.
• At list price, monthly cash flow is $815 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $8k of equity ($519 loan paydown + $8k appreciation (10.0% local appreciation)).
• Location reads 74/100 on livability (#113 in KY, #4,911 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment D-.
• Harrison County (town): math 21% / reading 32% proficiency, ranked #133 of 165 in KY (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Westside Elementary School (math 22% / reading 27%, grade F, #489 of 676 statewide, top 76%, 350 students, 57% FRL); Harrison County Middle School (math 19% / reading 35%, grade F, #172 of 217 statewide, top 80%, 607 students, 58% FRL); Harrison County High School (math 29% / reading 41%, grade F, #74 of 254 statewide, top 29%, 865 students, 46% FRL) — zoned schools at 53% FRL track the district average.
• Market conditions: 96 active listings in the ZIP; 69 units permitted in Harrison County in 2024 (0 in 5+ unit buildings).
• Harrison County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 19.3% vs local median 3.5% in Cynthiana — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.