804 Wallace Ave · Leitchfield, KY 42754

$149,900

3 bd · 1.0 ba · 1,500 sqft · SingleFamily · 44 Days on market

Built 1971 Est $182k · 17% under

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Why this score? — see what drove the C+ 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 +21.2/30.0
• ARV discount +15.0/15.0
• DSCR +6.7/10.0
• 1% rule +4.3/10.0
• Livability +3.6/5.0
• Appreciation +3.1/10.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Estate Sale!! Must see this brick home located next to hospital & all the amenities Leitchfield has to offer. Home features 3 bed, 1 bath with plumbing ran for second bath upstairs. Formal dining room, family room with walkout deck, wood flooring throughout home, replacement windows, 2 car attached garage with some built in shelving & outdoor storage buildings. Family is in the process of packing items left in home so inside pictures will be available at a later date. Home does need some TLC.

Key facts

• 2 garage spots
• Built 1971
• Listed 43 days

Property features AI

Finance

• HOA & community: No association fee

Exterior

• Parking: Attached 2-car garage
• Utilities: Electricity connected; Natural gas available
• Home design: Single-family residence; Two stories; Built in 1971
• Construction: Wood frame and brick construction; Shingle roof; Concrete block foundation
• Exterior features: Lot recorded in acres

Interior

• Kitchen: Eat-in kitchen on the first floor; Formal dining room adjacent to the kitchen (first floor)
• Bedrooms: Three bedrooms total — two on the first floor and one on the second floor
• Bathrooms: One full bathroom (located on the first floor)
• Heating & cooling: Natural gas heating; Wall/window air conditioning units
• Interior features: Nine total rooms; Five closets; No basement; First-floor full bathroom
• Laundry & utility: Main-level laundry (first floor)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $216 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $140k (6.6% below list).
• Recommended offer: $140k (6.6% below list) — sets the bar for 1% rule.
• Cap rate 8.0% vs local median 4.3% in Leitchfield — 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 71/100 on livability (#144 in KY) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, amenities F, commute F.
• Grayson County (rural): math 27% / reading 40% proficiency, ranked #84 of 165 in KY (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 180 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 23 units permitted in Grayson County in 2024 (12 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y 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 $78k; list at $150k implies a 92% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $140,000 (6.6% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
2. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 0.93% ✗
• Cap rate: 8.02%
• Cash-on-cash: 6.18%
• DSCR: 1.27
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $181,500
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
108 Moon Ave	0.29mi	3/2.0	1,590 (+6%)	8mo	$140,000	$88	66
317 Sequoia Dr	0.43mi	3/2.0	1,562 (+4%)	21mo	$215,900	$138	52
402 Embry Villa Dr	0.72mi	3/2.0	1,632 (+9%)	11mo	$197,497	$121	39

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -6.8%
• Equity multiple: 0.75×
• Total profit: $-10,601
• Equity at exit: $22,351

10-year hold

• IRR: 2.7%
• Equity multiple: 1.20×
• Total profit: $8,206
• Equity at exit: $12,961

Cash invested: $41,972 (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 42754

• Home prices YoY: -1.3%
• Active inventory: 180
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,400 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$41 /mo · $497/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $216

Break-even live

Break-even rent $1,127

Max offer price $149,900

Occupancy floor 80%

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
401 Embry Villa Dr Leitchfield, KY	3.0	1.0	1350	$1,400	$1.04	13d	1	0.74mi

Listing history 22 events

1. 2026-06-18
   days on market $149,900 Active 44 DOM
2. 2026-06-17
   days on market $149,900 Active 43 DOM
3. 2026-06-16
   days on market $149,900 Active 42 DOM
4. 2026-06-15
   days on market $149,900 Active 41 DOM
5. 2026-06-13
   days on market $149,900 Active 39 DOM
6. 2026-06-12
   days on market $149,900 Active 38 DOM
7. 2026-06-09
   days on market $149,900 Active 35 DOM
8. 2026-06-08
   days on market $149,900 Active 34 DOM
9. 2026-06-07
   days on market $149,900 Active 33 DOM
10. 2026-06-07
    days on market $149,900 Active 32 DOM
11. 2026-06-04
    days on market $149,900 Active 29 DOM
12. 2026-06-02
    days on market $149,900 Active 28 DOM
13. 2026-06-01
    days on market $149,900 Active 27 DOM
14. 2026-05-31
    days on market $149,900 Active 26 DOM
15. 2026-05-31
    days on market $149,900 Active 25 DOM
16. 2026-05-05
    listed $149,900 Active
17. 2025-10-08
    price $165,000
18. 2025-09-19
    listed $175,000 Active
19. 2018-08-24
    soldstatus $78,000 505-char remark

    Show marketing remark (505 chars)

    Estate Sale!! Must see this brick home located next to hospital & all the amenities Leitchfield has to offer. Home features 3 bed, 1 bath with plumbing ran for second bath upstairs. Formal dining room, family room with walkout deck, wood flooring throughout home, replacement windows, 2 car attached garage with some built in shelving & outdoor storage buildings. Family is in the process of packing items left in home so inside pictures will be available at a later date. Home does need some TLC.

20. 2018-08-24
    soldstatus $78,000

    Show marketing remark (505 chars)

    Estate Sale!! Must see this brick home located next to hospital & all the amenities Leitchfield has to offer. Home features 3 bed, 1 bath with plumbing ran for second bath upstairs. Formal dining room, family room with walkout deck, wood flooring throughout home, replacement windows, 2 car attached garage with some built in shelving & outdoor storage buildings. Family is in the process of packing items left in home so inside pictures will be available at a later date. Home does need some TLC.

21. 2018-03-12
    listed $79,900 505-char remark

    Show marketing remark (505 chars)

    Estate Sale!! Must see this brick home located next to hospital & all the amenities Leitchfield has to offer. Home features 3 bed, 1 bath with plumbing ran for second bath upstairs. Formal dining room, family room with walkout deck, wood flooring throughout home, replacement windows, 2 car attached garage with some built in shelving & outdoor storage buildings. Family is in the process of packing items left in home so inside pictures will be available at a later date. Home does need some TLC.

22. 2018-03-12
    listed $79,900

    Show marketing remark (505 chars)

    Estate Sale!! Must see this brick home located next to hospital & all the amenities Leitchfield has to offer. Home features 3 bed, 1 bath with plumbing ran for second bath upstairs. Formal dining room, family room with walkout deck, wood flooring throughout home, replacement windows, 2 car attached garage with some built in shelving & outdoor storage buildings. Family is in the process of packing items left in home so inside pictures will be available at a later date. Home does need some TLC.

ⓘ 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: $497 · $41/mo
• Projected year-2 tax: $1,289 · $107/mo
• Expected delta: +$792/yr (+$66/mo · 159.2%)

ⓘ 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 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,800
• − Mortgage interest: −$8,397
• − Property taxes: −$497
• − Insurance: −$750
• − Repairs & maintenance: −$1,344
• − Management: −$1,344
• − Depreciation: −$4,361
• Taxable income: $108
• Est. tax owed @ 24.0%: −$26
• After-tax cash flow: $2,566/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: Grayson County
• NCES district ID: 2102300
• Math proficiency: 27% ▼ -23.00%
• Reading proficiency: 40% ▼ -17.00%
• Median HH income: $34,256
• Composite: 27.55/100
• National rank: #6944
• State rank: #84 of 165 in KY

Livability — Leitchfield

• Score: 71/100
• State rank: #144
• US rank: #6810

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Leitchfield, KY
• City population: 15,817
• Population (ZIP): 15,817

Population outlook (Grayson County) Hauer SSP2

• Today (2025): 26,840 people
• By 2030: 27,032 · +0.7%
• By 2040: 27,236 · +1.5%
• By 2050: 27,076 · +0.9%
• By 2075: 26,565 · -1.0%
• By 2100: 24,007 · -10.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Black 2%
• Common ancestry: Slovak 4% Lithuanian 2% Romanian 1%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Grayson

• 2024 margin: Solid R (+61.8) · D 18.5% · R 80.3% · Other 1.2%
• 2008→2024 swing: -26.9pp toward R · 2008: -34.9pp · 2024: -61.8pp
• All cycles: 2024: R+61.8 2020: R+58.8 2016: R+59.3 2012: R+39.5 2008: R+34.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -3.82%
• Current HPI: 283.0264
• 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

+87.6% since first listed

7 events — show timeline

• 2026-05-05 Listed $149,900 Metro Search MLS
• 2025-10-08 Price Changed $165,000 GORAMLS
• 2025-09-19 Listed $175,000 GORAMLS
• 2018-08-24 Sold (MLS) $78,000 HKARMLS
• 2018-08-24 Sold (MLS) $78,000 Metro Search MLS
• 2018-03-12 Listed $79,900 HKARMLS
• 2018-03-12 Listed $79,900 Metro Search MLS

Property tax history

+4.9%/yr

Latest (2025): $497 · -48.6% YoY. Source: county tax records.