106 Leer St · Millersburg, KY 40348

$85,000

3 bd · 1.0 ba · 984 sqft · Other public records · 8 Days on market

5,401 sqft lot

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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 +27.3/30.0
• DSCR +9.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Livability +3.2/5.0
• Appreciation +2.7/10.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0

Listing remarks MLS

Nice 3 bedroom, 1 bath home with 1 car garage. Newer central heat & air and water heater (2014). Covered front porch. Spacious fenced in back yard with fruit trees and grape vines. Convenient downtown Millersburg location. Big value on this one.

Key facts

• 5,401 sq ft lot
• Garage
• Listed 8 days

Property features AI

Exterior

• Parking: Detached garage
• Utilities: Public water; Public sewer
• Home design: One-story home
• Construction: Masonite and vinyl siding construction; Block foundation; Metal roof
• Exterior features: Block foundation; Metal roof; Masonite and vinyl siding

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: Total rooms: 5 (includes bedrooms and living spaces)
• Flooring: Hardwood; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Floor furnace heating; Window air conditioning units
• Interior features: Eat-in kitchen; Primary bedroom on the first floor; Fireplace
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $85k.

Deal economics

• At list price, monthly cash flow is $245 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($995 rent vs $85k).

Location & tenants

• Location reads 65/100 on livability (#274 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Bourbon County (town): math 26% / reading 32% proficiency, ranked #108 of 165 in KY (top 66%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Cane Ridge Elementary School (math 25% / reading 26%, grade F, #477 of 676 statewide, top 71%, 464 students, 56% FRL); Bourbon County Middle School (math 25% / reading 38%, grade F, #125 of 217 statewide, top 63%, 593 students, 63% FRL); Bourbon County High School (math 27% / reading 32%, grade F, #127 of 254 statewide, top 58%, 790 students, 53% FRL).
• Market conditions: 4 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 90 units permitted in Bourbon County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 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 $32k; list at $85k implies a 166% gain — meaningful room to come down on a strong offer.

Recommended offer $85,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
3. 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.
4. 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.
5. 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: 1.17% ✓
• Cap rate: 9.76%
• Cash-on-cash: 12.37%
• DSCR: 1.55
• GRM: 7.1

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: 2.0%
• Equity multiple: 1.08×
• Total profit: $1,838
• Equity at exit: $12,674

10-year hold

• IRR: 11.6%
• Equity multiple: 1.91×
• Total profit: $21,664
• Equity at exit: $7,349

Cash invested: $23,800 (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 40348

• Home prices YoY: -2.7%
• Active inventory: 4
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $995 medium
• Mortgage (P&I): −$446
• Tax from tax record: −$60 /mo · $715/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$209
• Net cashflow: $245

Break-even live

Break-even rent $684

Max offer price $85,000

Occupancy floor 70%

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
211 W 5th St Millersburg, KY	2.0	1.0	544	$995	$1.83	14d	1	0.77mi

Listing history 7 events

1. 2026-06-18
   days on market $85,000 Active 8 DOM
2. 2026-06-17
   days on market $85,000 Active 7 DOM
3. 2026-06-16
   days on market $85,000 Active 6 DOM
4. 2026-06-15
   days on market $85,000 Active 5 DOM
5. 2026-06-14
   days on market $85,000 Active 3 DOM
6. 2026-06-13
   remarks 291-char remark
7. 2026-06-13
   listed $85,000 Active 2 DOM

ⓘ 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: $715 · $60/mo
• Projected year-2 tax: $731 · $61/mo
• Expected delta: +$16/yr (+$1/mo · 2.3%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥102°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,940
• − Mortgage interest: −$4,761
• − Property taxes: −$715
• − Insurance: −$425
• − Repairs & maintenance: −$955
• − Management: −$955
• − Depreciation: −$2,473
• Taxable income: $1,656
• Est. tax owed @ 24.0%: −$397
• After-tax cash flow: $2,546/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: Bourbon County
• NCES district ID: 2100540
• Math proficiency: 26% ▼ -19.00%
• Reading proficiency: 32% ▼ -21.00%
• Median HH income: $47,654
• Composite: 25.13/100
• National rank: #7523
• State rank: #108 of 165 in KY

Livability — Millersburg

• Score: 65/100
• State rank: #274
• US rank: #13348

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Millersburg, KY
• City population: 522
• Population (ZIP): 522

Population outlook (Bourbon County) Hauer SSP2

• Today (2025): 20,485 people
• By 2030: 20,559 · +0.4%
• By 2040: 20,491 · +0.0%
• By 2050: 20,065 · -2.1%
• By 2075: 19,173 · -6.4%
• By 2100: 16,646 · -18.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Black 10% Two or more races 5%
• Common ancestry: Lithuanian 2% Slovak 1% Iranian 1%
• Languages at home: 90% English-only · German/W. Germanic 8% Spanish 2%

Political lean MEDSL · Bourbon

• 2024 margin: Solid R (+33.5) · D 32.4% · R 65.9% · Other 1.7%
• 2008→2024 swing: -16.3pp toward R · 2008: -17.2pp · 2024: -33.5pp
• All cycles: 2024: R+33.5 2020: R+30.0 2016: R+31.6 2012: R+20.4 2008: R+17.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -4.62%
• Current HPI: 165.3523
• 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

+240.0% since first listed

7 events — show timeline

• 2026-06-10 Listed $85,000 ImagineMLS
• 2019-08-20 Sold (MLS) $32,000 ImagineMLS
• 2019-08-05 Pending — ImagineMLS
• 2019-08-02 Listed $35,000 ImagineMLS
• 2018-06-08 Listing Removed — ImagineMLS
• 2018-01-15 Listed $35,900 ImagineMLS
• 1991-10-01 Sold (Public Records) $25,000 Public Records

Property tax history

+20.9%/yr

Latest (2025): $715 · +105.4% YoY. Source: county tax records.