805 Letcher St · Henderson, KY 42420

$64,900

2 bd · 1.0 ba · 674 sqft · SingleFamily · 131 Days on market

Built 1946 4,774 sqft lot ↓ 35% since listing

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this cozy cottage-style home featuring 2 bedrooms and 1 full bath. This property has been thoughtfully updated with new electrical, fresh interior paint, and new flooring in the kitchen and bathroom, making it move-in ready while still offering room to add value. Perfect for first-time buyers, someone wanting to downsize, or investors, this home offers a solid opportunity as a rental or long-term investment. The compact layout is easy to maintain, and the recent updates help reduce immediate repair costs.

Key facts

• Recent updates
• New flooring
• New electrical

Tags

• COTTAGE STYLE HOME
• NEW ELECTRICAL
• FRESH INTERIOR PAINT
• NEW FLOORING
• MOVE IN READY
• RECENT UPDATES

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $299 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($949 rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 74/100 on livability (#114 in KY, #4,949 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute F.
• Henderson County (suburban): math 40% / reading 41% proficiency, ranked #29 of 165 in KY (top 18%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 228 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 92 units permitted in Henderson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Henderson County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 131 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $5k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $57,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 131 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 1.46% ✓
• Cap rate: 11.82%
• Cash-on-cash: 19.75%
• DSCR: 1.88
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.9%
• Equity multiple: 1.47×
• Total profit: $8,552
• Equity at exit: $9,677

10-year hold

• IRR: 20.8%
• Equity multiple: 2.76×
• Total profit: $32,044
• Equity at exit: $5,611

Cash invested: $18,172 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Kentucky: 83 Strongly Landlord-Friendly · R+16
• County: — inherits STATE
• City: — inherits STATE

7-day pay-or-quit (URLTA cities); generally landlord-friendly.

Methodology + full state rankings →

ZIP-level market 42420

• Home prices YoY: -31.6%
• Active inventory: 228
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $949 medium
• Mortgage (P&I): −$340
• Tax from tax record: −$83 /mo · $998/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$199
• Net cashflow: $299

Break-even live

Break-even rent $570

Max offer price $64,900

Occupancy floor 63%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
500 Fair St Henderson, KY	1.0–3.0	1.0	740	$949	$1.28	13d	9	1.08mi

Listing history 8 events

1. 2026-04-30
   price $64,900 521-char remark

   Show marketing remark (521 chars)

   Welcome to this cozy cottage-style home featuring 2 bedrooms and 1 full bath. This property has been thoughtfully updated with new electrical, fresh interior paint, and new flooring in the kitchen and bathroom, making it move-in ready while still offering room to add value. Perfect for first-time buyers, someone wanting to downsize, or investors, this home offers a solid opportunity as a rental or long-term investment. The compact layout is easy to maintain, and the recent updates help reduce immediate repair costs.

2. 2026-02-23
   price $67,900 521-char remark

   Show marketing remark (521 chars)

   Welcome to this cozy cottage-style home featuring 2 bedrooms and 1 full bath. This property has been thoughtfully updated with new electrical, fresh interior paint, and new flooring in the kitchen and bathroom, making it move-in ready while still offering room to add value. Perfect for first-time buyers, someone wanting to downsize, or investors, this home offers a solid opportunity as a rental or long-term investment. The compact layout is easy to maintain, and the recent updates help reduce immediate repair costs.

3. 2026-01-28
   status Active 521-char remark

   Show marketing remark (521 chars)

   Welcome to this cozy cottage-style home featuring 2 bedrooms and 1 full bath. This property has been thoughtfully updated with new electrical, fresh interior paint, and new flooring in the kitchen and bathroom, making it move-in ready while still offering room to add value. Perfect for first-time buyers, someone wanting to downsize, or investors, this home offers a solid opportunity as a rental or long-term investment. The compact layout is easy to maintain, and the recent updates help reduce immediate repair costs.

4. 2026-01-05
   status Pending 521-char remark

   Show marketing remark (521 chars)

   Welcome to this cozy cottage-style home featuring 2 bedrooms and 1 full bath. This property has been thoughtfully updated with new electrical, fresh interior paint, and new flooring in the kitchen and bathroom, making it move-in ready while still offering room to add value. Perfect for first-time buyers, someone wanting to downsize, or investors, this home offers a solid opportunity as a rental or long-term investment. The compact layout is easy to maintain, and the recent updates help reduce immediate repair costs.

5. 2025-12-19
   listed $69,900 Active 521-char remark

   Show marketing remark (521 chars)

   Welcome to this cozy cottage-style home featuring 2 bedrooms and 1 full bath. This property has been thoughtfully updated with new electrical, fresh interior paint, and new flooring in the kitchen and bathroom, making it move-in ready while still offering room to add value. Perfect for first-time buyers, someone wanting to downsize, or investors, this home offers a solid opportunity as a rental or long-term investment. The compact layout is easy to maintain, and the recent updates help reduce immediate repair costs.

6. 2024-10-07
   price $88,000
7. 2024-09-13
   price $93,000
8. 2024-08-13
   listed $100,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast KY · Resets to sale price

• Current annual tax: $998 · $83/mo
• Projected year-2 tax: $998 · $83/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,388
• − Mortgage interest: −$3,635
• − Property taxes: −$998
• − Insurance: −$324
• − Repairs & maintenance: −$911
• − Management: −$911
• − Depreciation: −$1,888
• Taxable income: $2,720
• Est. tax owed @ 24.0%: −$653
• After-tax cash flow: $2,937/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Henderson County
• NCES district ID: 2102710
• Math proficiency: 40% ▼ -19.00%
• Reading proficiency: 41% ▼ -16.00%
• Median HH income: $41,772
• Composite: 34.13/100
• National rank: #5285
• State rank: #29 of 165 in KY

Livability — Henderson

• Score: 74/100
• State rank: #114
• US rank: #4949

Category grades

Amenities F Commute F Cost of living A+ Crime C Employment D Housing A+ Health & safety A+ User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Henderson, KY
• Population (ZIP): 38,434

Population outlook (Henderson County) Hauer SSP2

• Today (2025): 46,910 people
• By 2030: 46,841 · -0.1%
• By 2040: 46,018 · -1.9%
• By 2050: 44,390 · -5.4%
• By 2075: 40,442 · -13.8%
• By 2100: 33,538 · -28.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Black 8% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Slovak 2% Romanian 1% Italian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Henderson

• 2024 margin: Strong R (+29.2) · D 34.7% · R 64.0% · Other 1.3%
• 2008→2024 swing: -31.9pp toward R · 2008: 2.6pp · 2024: -29.2pp
• All cycles: 2024: R+29.2 2020: R+24.6 2016: R+27.7 2012: R+11.8 2008: D+2.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -95.69%
• Current HPI: 207.5676
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.81%
• F500 in state: 4

Industry mix (Fortune 500 HQ in KY)

Industry	F500 HQs	Revenue
▸Healthcare	1	$118B
▸Food / Beverage	1	$7B

Price history

-35.1% since first listed

8 events — show timeline

• 2026-04-30 Price Changed $64,900 HABOR
• 2026-02-23 Price Changed $67,900 HABOR
• 2026-01-28 Relisted — HABOR
• 2026-01-05 Pending — HABOR
• 2025-12-19 Listed $69,900 HABOR
• 2024-10-07 Price Changed $88,000 GORAMLS
• 2024-09-13 Price Changed $93,000 GORAMLS
• 2024-08-13 Listed $100,000 GORAMLS

Property tax history

+14.9%/yr

Latest (2025): $998 · +276.0% YoY. Source: county tax records.