67 Old Cal Hl Rd

Pine Knot, KY 42635

$289,900C

4 bd · 4.0 ba · 2,000 sqft · Built 1997 · MultiFamily · Active · 97 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,098/mo
• Mortgage (P&I): −$1,520
• Tax + insurance: −$483
• HOA: −$0
• Vac / Maint / Mgmt: −$651
• Net cashflow: $444/mo
• Annual: $5,328/yr
• Cap rate: 8.13%
• Cash-on-cash: 6.56%
• DSCR: 1.29
• 1% rule: 1.07%
• Cash to close: $81,172

Investor read

• This is a 4-bed/4.0-bath multifamily listed at $290k. Condition is rated good.
• At list price, monthly cash flow is $444 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $290k).
• It's been on market 97 days — a 9% lower offer ($264k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $264k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-1.5%/yr); year-one equity from $2k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 52/100 on livability (#494 in KY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A, housing A-; Watch: amenities F, commute F, employment F.
• Mccreary County (rural): math 22% / reading 35% proficiency, ranked #135 of 165 in KY (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Mccreary County Middle School (math 22% / reading 38%, grade F, #146 of 217 statewide, top 69%, 605 students, 81% FRL); Mccreary Central High School (math 17% / reading 32%, grade F, #179 of 254 statewide, top 78%, 734 students, 78% FRL).
• Market conditions: 18 active listings in the ZIP.
• McCreary County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $180k; list at $290k implies a 61% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.