145 Myrtle Ave · Frankfort, KY 40601

$95,000

2 bd · 1.0 ba · 980 sqft · SingleFamily · 10 Days on market

4,900 sqft lot Est $189k · 50% under

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Why this score? — see what drove the B- 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 +26.4/30.0
• ARV discount +15.0/15.0
• DSCR +9.0/10.0
• 1% rule +6.3/10.0
• Rent growth +4.1/5.0
• Livability +3.7/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 145 Myrtle Ave. ! Set on a spacious corner lot, this home offers a full-length front porch for relaxing afternoons. Inside, renovations are underway with new flooring and updated light fixtures. The layout provides flexible options - start with a potential bedroom or living area at the front, with another attached room for more possibilities. Continue to the second bedroom, utility room, and full bath. Toward the back, a generous kitchen awaits your finishing touches, and pull-down attic stairs hint at additional living space potential. Step outside to the back of the property to find a covered storage area, an attached shed and a fully fenced in backyard featuring privacy fence,

Key facts

• Generous kitchen
• Flexible layout
• Covered storage area

Tags

• CORNER LOT
• RENOVATIONS UNDERWAY
• FLEXIBLE LAYOUT
• GENEROUS KITCHEN
• COVERED STORAGE AREA
• FULLY FENCED BACKYARD

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $249 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Cap rate 9.4% vs local median 3.3% in Frankfort — 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 74/100 on livability (#111 in KY, #4,772 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment C-, amenities F, health & safety F.
• Franklin County (town): math 25% / reading 37% proficiency, ranked #89 of 165 in KY (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Elkhorn Elementary School (math 24% / reading 37%, grade F, #384 of 676 statewide, top 57%, 396 students, 75% FRL); Elkhorn Middle School (math 17% / reading 33%, grade F, #184 of 217 statewide, top 87%, 737 students, 60% FRL); Franklin County High School (math 27% / reading 37%, grade F, #97 of 254 statewide, top 46%, 960 students, 48% FRL).
• Market conditions: Rents rising fast (+6.5%/yr); 306 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; 123 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $657 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Franklin County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 6.5% rent growth), your $27k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $35k; list at $95k implies a 171% gain — meaningful room to come down on a strong offer.

Recommended offer $95,000

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 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?
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: 1.13% ✓
• Cap rate: 9.44%
• Cash-on-cash: 11.23%
• DSCR: 1.50
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $189,140
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
110 Rancho Ct	0.11mi	3/1.0 (+1)	1,026 (+5%)	2mo	$230,000	$224	81
156 Winding Way Dr	0.31mi	3/1.0 (+1)	1,000 (+2%)	2mo	$215,000	$215	76
122 Linden Ave	0.30mi	2/1.0	1,042 (+6%)	2mo	$205,000	$197	73
121 Meredith Ave	0.10mi	2/2.0	1,040 (+6%)	10mo	$216,000	$208	73
158 Rolling Acres Dr	0.17mi	2/1.0	900 (-8%)	12mo	$159,900	$178	68
137 Allnutt Dr	0.43mi	2/1.0	936 (-4%)	8mo	$165,000	$176	66
103 Valley View Dr	0.60mi	2/1.0	1,001 (+2%)	8mo	$190,000	$190	62
248 Rancho Dr	0.26mi	3/1.0 (+1)	1,088 (+11%)	6mo	$178,000	$164	59
105 Maple Ave	0.32mi	2/1.0	858 (-12%)	9mo	$90,000	$105	57
129 Sunset Dr	0.67mi	2/1.0	904 (-8%)	7mo	$174,500	$193	50
865 Hillwood Ave	0.35mi	1/1.0 (-1)	865 (-12%)	11mo	$130,000	$150	50
154 Sunset Dr	0.69mi	3/1.0 (+1)	1,069 (+9%)	1mo	$212,900	$199	47

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 · 6.55% rent growth · sell at horizon

5-year hold

• IRR: 4.2%
• Equity multiple: 1.17×
• Total profit: $4,430
• Equity at exit: $14,165

10-year hold

• IRR: 16.6%
• Equity multiple: 2.57×
• Total profit: $41,806
• Equity at exit: $8,214

Cash invested: $26,600 (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 40601

• Home prices YoY: -26.1%
• Rents YoY: 6.5%
• Active inventory: 306
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,078 medium
• Mortgage (P&I): −$498
• Tax from tax record: −$65 /mo · $779/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$226
• Net cashflow: $249

Break-even live

Break-even rent $763

Max offer price $95,000

Occupancy floor 72%

Sensitivity live

Price	-10% $303	-5% $276	+0% $249	+5% $222	+10% $195
Rent	-10% $164	-5% $206	+0% $249	+5% $291	+10% $334
Rate	-1.0pp $297	-0.5pp $273	base $249	+0.5pp $224	+1.0pp $199

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
565 Schenkel Ln Frankfort, KY	2.0–3.0	1.0–2.0	987	$877	$0.89	15d	8	0.75mi
315 Bypass Plaza Dr Frankfort, KY	2.0–3.0	1.0–2.0	825	$1,049	$1.27	45d	2	1.16mi
720 Ridgeview Dr Frankfort, KY	2.0	1.0–2.0	576	$1,170	$2.03	45d	11	1.28mi
101 Compton Dr Frankfort, KY	2.0	1.0	500	$930	$1.86	45d	9	1.45mi

Listing history 6 events

1. 2024-11-23
   status Pending
2. 2024-11-13
   listed $95,000 Active
3. 2024-08-07
   soldstatus $35,000
4. 2021-09-03
   soldstatus $65,000
5. 2000-04-10
   soldstatus $38,000
6. 1999-08-23
   soldstatus $85,000

ⓘ 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: $779 · $65/mo
• Projected year-2 tax: $817 · $68/mo
• Expected delta: +$38/yr (+$3/mo · 4.9%)

ⓘ 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 4/10 Moderate 7 d/yr ≥102°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $12,935
• − Mortgage interest: −$5,321
• − Property taxes: −$779
• − Insurance: −$475
• − Repairs & maintenance: −$1,035
• − Management: −$1,035
• − Depreciation: −$2,764
• Taxable income: $1,527
• Est. tax owed @ 24.0%: −$366
• After-tax cash flow: $2,621/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: Franklin County
• NCES district ID: 2102010
• Math proficiency: 25% ▼ -15.00%
• Reading proficiency: 37% ▼ -14.00%
• Median HH income: $50,879
• Composite: 27.07/100
• National rank: #7049
• State rank: #89 of 165 in KY

Livability — Frankfort

• Score: 74/100
• State rank: #111
• US rank: #4772

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Frankfort, KY
• County: Franklin County · 51,893 people
• City population: 51,893
• Metro: Frankfort, KY
• Population (ZIP): 51,893
• Household income: $65,732
• Rent vs Own: 35.3% rent · 64.7% own
• Severe rent burden: 1621.0

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 52,996 people
• By 2030: 54,049 · +2.0%
• By 2040: 55,561 · +4.8%
• By 2050: 56,677 · +6.9%
• By 2075: 59,458 · +12.2%
• By 2100: 58,885 · +11.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Black 9% Two or more races 5% Hispanic / Latino 4% Asian 2%
• Common ancestry: Italian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 3% Other Asian/Pacific 1% Tagalog/Filipino 1%

Political lean MEDSL · Franklin

• 2024 margin: Toss-up / Even · D 46.6% · R 51.4% · Other 2.0%
• 2008→2024 swing: -4.2pp toward R · 2008: -0.6pp · 2024: -4.8pp
• All cycles: 2024: R+4.8 2020: R+0.9 2016: R+4.6 2012: D+0.8 2008: R+0.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -87.43%
• Current HPI: 248.0324
• Rent YoY: ▲ 6.55%
• Metro: Frankfort, 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

+11.8% since first listed

6 events — show timeline

• 2024-11-23 Pending — ImagineMLS
• 2024-11-13 Listed $95,000 ImagineMLS
• 2024-08-07 Sold (Public Records) $35,000 Public Records
• 2021-09-03 Sold (Public Records) $65,000 Public Records
• 2000-04-10 Sold (Public Records) $38,000 Public Records
• 1999-08-23 Sold (Public Records) $85,000 Public Records

Property tax history

+3.1%/yr

Latest (2025): $779 · +1.3% YoY. Source: county tax records.