3023 Ky Hwy 7

Wayland, KY 41666

$159,900B-

9 bd · 3.6 ba · 2,328 sqft · Built — · MultiFamily · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,008/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$693
• HOA: −$0
• Vac / Maint / Mgmt: −$632
• Net cashflow: $845/mo
• Annual: $10,137/yr
• Cap rate: 15.83%
• Cash-on-cash: 34.07%
• DSCR: 2.52
• 1% rule: 1.88%
• Cash to close: $44,772

Investor read

• This is a 3 × 3-bed/1.2-bath units multifamily listed at $160k. Condition is rated average.
• At list price, monthly cash flow is $845 ($10k/yr) — positive. Per door: $282/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $160k).
• Only 10 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 $5k of value loss. Plan a longer hold.
• Location reads 54/100 on livability (#475 in KY) — a working-class tenant base; expect higher turnover. Strengths: crime A+, cost of living A+; Watch: housing D, amenities F, commute F.
• Floyd County (rural): math 13% / reading 32% proficiency, ranked #157 of 165 in KY (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Floyd Central High School (math 17% / reading 37%, grade F, #158 of 254 statewide, top 68%, 552 students, 72% FRL).
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: 7 active listings in the ZIP; 5 units permitted in Floyd County in 2024 (0 in 5+ unit buildings).
• Floyd County population projected at -36% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $45k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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.
• 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?
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Repairs flagged (vision-AI assessment)

• Moderate: Kitchen cabinets — Dated appearance
• Moderate: Bathroom fixtures — Need updating for modern look
• Minor: Exterior siding — Some wear