3439 Old Kentucky Highway 52 · Richmond, KY 40475

$229,900

4 bd · 2.0 ba · 1,609 sqft · SingleFamily · 93 Days on market

0.75 ac lot $143/sqft · 19% below area Est $283k · 19% under ↓ 23% since listing

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +9.9/30.0
• Livability +3.5/5.0
• Schools +3.3/10.0
• Rent growth +3.2/5.0
• 1% rule +3.0/10.0
• DSCR +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Find peace in this multi-structure property in Richmond, KY set on a spacious 0.75-acre lot with no HOA, offering the perfect blend of privacy and open countryside views. Oversized picture windows flood the kitchen of the primary residence with natural light and showcase wide, unobstructed views of the surrounding landscape—bringing the outdoors in and creating a warm, inviting heart of the home. The primary residence features butcher block countertops in the kitchen and a loft, adding character and functional living space. Both the primary residence and the separate building offer 2 bedrooms and 1 bathroom, creating a unique opportunity for flexible living arrangements. The separate building includes finished living areas, ideal for guests, a home office, studio, or creative use (buyer to verify permitted uses). Enjoy the serenity of country-style living while remaining conveniently located to Richmond amenities, shopping, dining, and an easy drive to Lexington. A rare opportunity to own usable land, versatile space, and peaceful surroundings with no HOA restrictions.

Key facts

• Spacious lot
• No hoa
• 0.75 acre lot

Tags

• MULTI-STRUCTURE PROPERTY
• SPACIOUS LOT
• NO HOA
• OVERSIZED PICTURE WINDOWS
• BUTCHER BLOCK COUNTERTOPS
• FINISHED LIVING AREAS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $-142 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $209k (9.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $183k (20.4% below list).
• Recommended offer: $183k (20.4% below list) — sets the bar for 1% rule.
• Cap rate 5.5% vs local median 3.0% in Richmond — 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.

Location & tenants

• Location reads 69/100 on livability (#163 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities F, commute F, employment F.
• Madison County (town): math 31% / reading 47% proficiency, ranked #35 of 165 in KY (top 21%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Waco Elementary School (math 22% / reading 32%, grade F, #434 of 676 statewide, top 69%, 428 students, 57% FRL); Clark Moores Middle School (math 16% / reading 47%, grade F, #125 of 217 statewide, top 63%, 546 students, 60% FRL); Madison Central High School (math 29% / reading 44%, grade F, #70 of 254 statewide, top 27%, 2,226 students, 47% FRL).
• Market conditions: Rents rising (+2.8%/yr); 502 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 453 units permitted in Madison County in 2024 (64 in 5+ unit buildings).
• This rent runs 35% of the median local income ($63k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Madison County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 93 days — a 9% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $69k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $183,088 (20.4% below list)

Questions for the listing agent

1. 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?
2. It's been on market 93 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
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. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.80% ✗
• Cap rate: 5.55%
• Cash-on-cash: -2.65%
• DSCR: 0.88
• GRM: 10.5

CMA / ARV

• ARV (median comp): $283,015
• List price: $229,900
• Delta: -18.77%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3310 Old Kentucky Hwy 52	0.34mi	3/2.0 (-1)	1,590 (-1%)	9mo	$325,000	$204	70
208 Candy Apple Ln	0.70mi	3/2.0 (-1)	1,625 (+1%)	0mo	$310,000	$191	60
332 Pageant Dr	0.74mi	3/2.0 (-1)	1,625 (+1%)	2mo	$300,000	$185	56
233 Candy Apple Ln	0.72mi	3/2.0 (-1)	1,625 (+1%)	4mo	$300,000	$185	56
205 Bonnie Dr	0.55mi	3/2.0 (-1)	1,557 (-3%)	10mo	$305,000	$196	56
149 Forest Ln	0.29mi	3/2.0 (-1)	1,428 (-11%)	9mo	$317,000	$222	55
157 Candy Apple Ln	0.71mi	3/2.5 (-1)	1,573 (-2%)	4mo	$315,000	$200	53
602 Lillie Ct	0.72mi	3/2.5 (-1)	1,600 (-1%)	9mo	$309,000	$193	51
312 Pageant Dr	0.74mi	3/2.0 (-1)	1,547 (-4%)	6mo	$298,000	$193	49
506 Ryker Ct	0.72mi	3/2.0 (-1)	1,560 (-3%)	11mo	$320,000	$205	47
129 Candy Apple Ln	0.71mi	3/2.0 (-1)	1,458 (-9%)	3mo	$300,000	$206	44
316 Pageant Dr	0.74mi	3/2.0 (-1)	1,518 (-6%)	12mo	$260,000	$171	41

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.82% rent growth · sell at horizon

5-year hold

• IRR: -20.9%
• Equity multiple: 0.28×
• Total profit: $-46,626
• Equity at exit: $34,279

10-year hold

• IRR: -14.6%
• Equity multiple: 0.17×
• Total profit: $-53,520
• Equity at exit: $19,878

Cash invested: $64,372 (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 40475

• Home prices YoY: -22.7%
• Rents YoY: 2.8%
• Active inventory: 502
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $1,831 medium
• Mortgage (P&I): −$1,206
• Tax est. 1.5%: −$287 /mo · $3,448/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$384
• Net cashflow: $-142

Break-even live

Break-even rent $2,011

Max offer price $209,296

Occupancy floor —

Sensitivity live

Price	-10% $16	-5% $-63	+0% $-142	+5% $-222	+10% $-301
Rent	-10% $-287	-5% $-215	+0% $-142	+5% $-70	+10% $2
Rate	-1.0pp $-27	-0.5pp $-84	base $-142	+0.5pp $-202	+1.0pp $-263

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: $57,475
• Closing costs: $6,897
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
340 Pageant DR Richmond, KY	3.0	2.0	1625	$2,100	$1.29	15d	1	0.77mi
165 Candy Apple Ln Unit A Richmond, KY	3.0	2.0	1625	$1,995	$1.23	45d	1	0.81mi

Listing history 22 events

1. 2026-06-21
   days on market $229,900 Active 93 DOM
2. 2026-06-18
   days on market $229,900 Active 90 DOM
3. 2026-06-17
   days on market $229,900 Active 89 DOM
4. 2026-06-16
   days on market $229,900 Active 88 DOM
5. 2026-06-15
   days on market $229,900 Active 87 DOM
6. 2026-06-14
   days on market $229,900 Active 85 DOM
7. 2026-06-10
   days on market $229,900 Active 82 DOM
8. 2026-06-09
   days on market $229,900 Active 81 DOM
9. 2026-06-08
   days on market $229,900 Active 80 DOM
10. 2026-06-07
    days on market $229,900 Active 79 DOM
11. 2026-06-05
    days on market $229,900 Active 76 DOM
12. 2026-06-03
    days on market $229,900 Active 75 DOM
13. 2026-06-02
    days on market $229,900 Active 74 DOM
14. 2026-06-01
    days on market $229,900 Active 73 DOM
15. 2026-05-31
    days on market $229,900 Active 72 DOM
16. 2026-05-31
    days on market $229,900 Active 71 DOM
17. 2026-05-15
    price $229,900 1091-char remark

    Show marketing remark (1091 chars)

    Find peace in this multi-structure property in Richmond, KY set on a spacious 0.75-acre lot with no HOA, offering the perfect blend of privacy and open countryside views. Oversized picture windows flood the kitchen of the primary residence with natural light and showcase wide, unobstructed views of the surrounding landscape—bringing the outdoors in and creating a warm, inviting heart of the home. The primary residence features butcher block countertops in the kitchen and a loft, adding character and functional living space. Both the primary residence and the separate building offer 2 bedrooms and 1 bathroom, creating a unique opportunity for flexible living arrangements. The separate building includes finished living areas, ideal for guests, a home office, studio, or creative use (buyer to verify permitted uses). Enjoy the serenity of country-style living while remaining conveniently located to Richmond amenities, shopping, dining, and an easy drive to Lexington. A rare opportunity to own usable land, versatile space, and peaceful surroundings with no HOA restrictions.

18. 2026-05-05
    status Active 1091-char remark

    Show marketing remark (1091 chars)

    Find peace in this multi-structure property in Richmond, KY set on a spacious 0.75-acre lot with no HOA, offering the perfect blend of privacy and open countryside views. Oversized picture windows flood the kitchen of the primary residence with natural light and showcase wide, unobstructed views of the surrounding landscape—bringing the outdoors in and creating a warm, inviting heart of the home. The primary residence features butcher block countertops in the kitchen and a loft, adding character and functional living space. Both the primary residence and the separate building offer 2 bedrooms and 1 bathroom, creating a unique opportunity for flexible living arrangements. The separate building includes finished living areas, ideal for guests, a home office, studio, or creative use (buyer to verify permitted uses). Enjoy the serenity of country-style living while remaining conveniently located to Richmond amenities, shopping, dining, and an easy drive to Lexington. A rare opportunity to own usable land, versatile space, and peaceful surroundings with no HOA restrictions.

19. 2026-05-05
    price $249,900 1091-char remark

    Show marketing remark (1091 chars)

    Find peace in this multi-structure property in Richmond, KY set on a spacious 0.75-acre lot with no HOA, offering the perfect blend of privacy and open countryside views. Oversized picture windows flood the kitchen of the primary residence with natural light and showcase wide, unobstructed views of the surrounding landscape—bringing the outdoors in and creating a warm, inviting heart of the home. The primary residence features butcher block countertops in the kitchen and a loft, adding character and functional living space. Both the primary residence and the separate building offer 2 bedrooms and 1 bathroom, creating a unique opportunity for flexible living arrangements. The separate building includes finished living areas, ideal for guests, a home office, studio, or creative use (buyer to verify permitted uses). Enjoy the serenity of country-style living while remaining conveniently located to Richmond amenities, shopping, dining, and an easy drive to Lexington. A rare opportunity to own usable land, versatile space, and peaceful surroundings with no HOA restrictions.

20. 2026-04-24
    historical Contingent 1091-char remark

    Show marketing remark (1091 chars)

    Find peace in this multi-structure property in Richmond, KY set on a spacious 0.75-acre lot with no HOA, offering the perfect blend of privacy and open countryside views. Oversized picture windows flood the kitchen of the primary residence with natural light and showcase wide, unobstructed views of the surrounding landscape—bringing the outdoors in and creating a warm, inviting heart of the home. The primary residence features butcher block countertops in the kitchen and a loft, adding character and functional living space. Both the primary residence and the separate building offer 2 bedrooms and 1 bathroom, creating a unique opportunity for flexible living arrangements. The separate building includes finished living areas, ideal for guests, a home office, studio, or creative use (buyer to verify permitted uses). Enjoy the serenity of country-style living while remaining conveniently located to Richmond amenities, shopping, dining, and an easy drive to Lexington. A rare opportunity to own usable land, versatile space, and peaceful surroundings with no HOA restrictions.

21. 2026-04-16
    price $274,900 1091-char remark

    Show marketing remark (1091 chars)

    Find peace in this multi-structure property in Richmond, KY set on a spacious 0.75-acre lot with no HOA, offering the perfect blend of privacy and open countryside views. Oversized picture windows flood the kitchen of the primary residence with natural light and showcase wide, unobstructed views of the surrounding landscape—bringing the outdoors in and creating a warm, inviting heart of the home. The primary residence features butcher block countertops in the kitchen and a loft, adding character and functional living space. Both the primary residence and the separate building offer 2 bedrooms and 1 bathroom, creating a unique opportunity for flexible living arrangements. The separate building includes finished living areas, ideal for guests, a home office, studio, or creative use (buyer to verify permitted uses). Enjoy the serenity of country-style living while remaining conveniently located to Richmond amenities, shopping, dining, and an easy drive to Lexington. A rare opportunity to own usable land, versatile space, and peaceful surroundings with no HOA restrictions.

22. 2026-03-20
    listed $299,000 Active 1091-char remark

    Show marketing remark (1091 chars)

    Find peace in this multi-structure property in Richmond, KY set on a spacious 0.75-acre lot with no HOA, offering the perfect blend of privacy and open countryside views. Oversized picture windows flood the kitchen of the primary residence with natural light and showcase wide, unobstructed views of the surrounding landscape—bringing the outdoors in and creating a warm, inviting heart of the home. The primary residence features butcher block countertops in the kitchen and a loft, adding character and functional living space. Both the primary residence and the separate building offer 2 bedrooms and 1 bathroom, creating a unique opportunity for flexible living arrangements. The separate building includes finished living areas, ideal for guests, a home office, studio, or creative use (buyer to verify permitted uses). Enjoy the serenity of country-style living while remaining conveniently located to Richmond amenities, shopping, dining, and an easy drive to Lexington. A rare opportunity to own usable land, versatile space, and peaceful surroundings with no HOA restrictions.

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥102°F today · 19 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 6% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,971
• − Mortgage interest: −$12,878
• − Property taxes: −$3,448
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,758
• − Management: −$1,758
• − Depreciation: −$6,688
• Taxable loss: −$5,709
• Est. tax savings @ 24.0%: +$1,370
• After-tax cash flow: $-339/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: Madison County
• NCES district ID: 2103720
• Math proficiency: 31% ▼ -16.00%
• Reading proficiency: 47% ▼ -14.00%
• Median HH income: $43,590
• Composite: 32.99/100
• National rank: #5580
• State rank: #35 of 165 in KY

Livability — Richmond

• Score: 69/100
• State rank: #163
• US rank: #8196

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Madison County · 93,568 people
• City population: 65,961
• Metro: Richmond-Berea, KY
• Population (ZIP): 65,961
• Household income: $63,050
• Rent vs Own: 42.1% rent · 57.9% own
• Severe rent burden: 2031.0

Population outlook (Madison County) Hauer SSP2

• Today (2025): 99,241 people
• By 2030: 104,927 · +5.7%
• By 2040: 116,079 · +17.0%
• By 2050: 127,293 · +28.3%
• By 2075: 155,644 · +56.8%
• By 2100: 176,488 · +77.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 5% Black 4% Hispanic / Latino 3%
• Common ancestry: Slovak 2% Italian 2% Serbian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Madison

• 2024 margin: Solid R (+30.9) · D 33.6% · R 64.5% · Other 1.9%
• 2008→2024 swing: -8.4pp toward R · 2008: -22.4pp · 2024: -30.9pp
• All cycles: 2024: R+30.9 2020: R+26.8 2016: R+31.2 2012: R+28.9 2008: R+22.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -72.04%
• Current HPI: 245.8489
• Rent YoY: ▲ 2.82%
• Metro: Richmond-Berea, KY
• 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

-23.1% since first listed

6 events — show timeline

• 2026-05-15 Price Changed $229,900 ImagineMLS
• 2026-05-05 Relisted — ImagineMLS
• 2026-05-05 Price Changed $249,900 ImagineMLS
• 2026-04-24 Contingent — ImagineMLS
• 2026-04-16 Price Changed $274,900 ImagineMLS
• 2026-03-20 Listed $299,000 ImagineMLS