836 Oak St

Ludlow, KY 41016

$189,900B-

4 bd · 2.0 ba · 1,808 sqft · Built 1912 · SingleFamily · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,118/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$301
• HOA: −$0
• Vac / Maint / Mgmt: −$445
• Net cashflow: $376/mo
• Annual: $4,517/yr
• Cap rate: 9.09%
• Cash-on-cash: 9.99%
• DSCR: 1.44
• 1% rule: 1.12%
• Cash to close: $53,172

Investor read

• This is a 4-bed/2.0-bath single-family listed at $190k.
• At list price, monthly cash flow is $376 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 87/100 on livability (#36 in KY, #326 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, cost of living A+.
• Ludlow Independent (suburban): math 26% / reading 33% proficiency, ranked #105 of 165 in KY (top 64%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Mary A. Goetz Elementary School (math 26% / reading 32%, grade F, #424 of 676 statewide, top 63%, 464 students, 65% FRL); Ludlow High School (math 27% / reading 37%, grade F, #97 of 254 statewide, top 46%, 364 students, 64% FRL).
• Watch-outs: flood insurance adds $66/mo; built in 1912 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 92 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 699 units permitted in Kenton County in 2024 (287 in 5+ unit buildings).
• Kenton County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 19y ago 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 $100k; list at $190k implies a 90% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.1% vs local median 2.8% in Ludlow — 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.
• This rent runs 36% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.