104 Martin Luther King Junior St · Shelbyville, KY 40065

$1

2 bd · 1.0 ba · 801 sqft · Other · 34 Days on market

Built 1960 0.25 ac lot ↓ 15% since listing

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.8/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Public auction May 9th At 10 AM at the Shelby County Fair Grounds in the Floral Hall. Open House April 19th from 2 to 4 PM. Home is a 2 bedroom and 1 bath all electric with central air. There is a storage building in the back yard. Age and lot size are estimated,

Key facts

• 0.25 acre lot
• Built 1960
• Listed 34 days

🔨 Auction listing. The $1 list price is a nominal opening bid, not a real ask — every metric below is computed on the estimated value $1 (ARV from comps), not the list price.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $1.

Deal economics

• At list price, monthly cash flow is $976 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $1).
• Cap rate 1170948.6% vs local median 3.5% in Shelbyville — 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 75/100 on livability (#101 in KY, #4,143 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools D, amenities F, commute F.
• Shelby County (town): math 26% / reading 37% proficiency, ranked #77 of 165 in KY (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 299 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 237 units permitted in Shelby County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $0 of loan paydown is wiped out by about $0 of value loss. Plan a longer hold.
• Shelby County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $0 cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($0) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y 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.

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 $1

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — 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. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 123518.00% ✓
• Cap rate: 1170948.64%
• Cash-on-cash: 4181936.95%
• DSCR: 186073.66
• GRM: 0.0

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: —
• Equity multiple: 222025.13×
• Total profit: $62,167
• Equity at exit: $0

10-year hold

• IRR: —
• Equity multiple: 479412.70×
• Total profit: $134,235
• Equity at exit: $0

Cash invested: $0 (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 40065

• Active inventory: 299

Monthly cashflow live

• Estimated rent: $1,235 high
• Mortgage (P&I): −$0
• Tax est. 1.5%: −$0 /mo · $0/yr
• Insurance: −$0
• HOA: −$0
• Vacancy / Maint / Mgmt: −$259
• Net cashflow: $976

Break-even live

Break-even rent —

Max offer price $1

Occupancy floor 16%

Sensitivity live

Price	-10% $976	-5% $976	+0% $976	+5% $976	+10% $976
Rent	-10% $878	-5% $927	+0% $976	+5% $1,025	+10% $1,073
Rate	-1.0pp $976	-0.5pp $976	base $976	+0.5pp $976	+1.0pp $976

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: $0
• Closing costs: $0
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
103 Martin Luther King Jr St Shelbyville, KY	2.0	1.0	909	$1,295	$1.42	18d	1	0.03mi
1016 Washington St Unit 2 Shelbyville, KY	1.0	1.0	600	$825	$1.38	25d	1	0.14mi
113 Ada Ave Shelbyville, KY	2.0	1.5	1008	$1,025	$1.02	45d	1	0.49mi
1569 Sanford Ln Shelbyville, KY	1.0–2.0	1.0–2.0	1017	$1,225	$1.20	3d	5	0.75mi
3025 Squire Cir Shelbyville, KY	1.0	1.0	720	$992	$1.38	11d	1	0.84mi
149 Gray Hill Ct Shelbyville, KY	2.0	1.5	1050	$895	$0.85	25d	1	0.87mi
874 Marian Village Dr Shelbyville, KY	2.0–3.0	1.5–2.0	1015	$1,095	$1.08	3d	4	1.14mi
1856 Blackwell Rd Unit 1858 Blackwell Shelbyville, KY	3.0	2.0	1100	$1,695	$1.54	45d	1	1.30mi
1814 Oakwood Dr Shelbyville, KY	3.0	1.0	1050	$1,599	$1.52	45d	1	1.32mi

Listing history 6 events

1. 2026-05-12
   status Pending 263-char remark

   Show marketing remark (263 chars)

   Public auction May 9th At 10 AM at the Shelby County Fair Grounds in the Floral Hall. Open House April 19th from 2 to 4 PM. Home is a 2 bedroom and 1 bath all electric with central air. There is a storage building in the back yard. Age and lot size are estimated,

2. 2026-04-08
   listed $1 Active 263-char remark

   Show marketing remark (263 chars)

   Public auction May 9th At 10 AM at the Shelby County Fair Grounds in the Floral Hall. Open House April 19th from 2 to 4 PM. Home is a 2 bedroom and 1 bath all electric with central air. There is a storage building in the back yard. Age and lot size are estimated,

3. 2010-09-25
   historical
4. 2009-09-25
   listed $45,000
5. 2007-11-15
   historical
6. 2006-08-15
   listed $52,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥104°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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,822
• − Mortgage interest: −$0
• − Property taxes: −$0
• − Insurance: −$0
• − Repairs & maintenance: −$1,186
• − Management: −$1,186
• − Depreciation: −$0
• Taxable income: $12,451
• Est. tax owed @ 24.0%: −$2,988
• After-tax cash flow: $8,721/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: Shelby County
• NCES district ID: 2105320
• Math proficiency: 26% ▼ -10.00%
• Reading proficiency: 37% ▼ -11.00%
• Median HH income: $58,163
• Composite: 28.19/100
• National rank: #6809
• State rank: #77 of 165 in KY

Livability — Shelbyville

• Score: 75/100
• State rank: #101
• US rank: #4143

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shelbyville, KY
• County: Shelby County · 32,160 people
• City population: 32,160
• Metro: Louisville/Jefferson County, KY-IN
• Population (ZIP): 32,160
• Household income: $77,869
• Rent vs Own: 31.7% rent · 68.3% own
• Severe rent burden: 655.0

Population outlook (Shelby County) Hauer SSP2

• Today (2025): 52,947 people
• By 2030: 56,624 · +6.9%
• By 2040: 63,983 · +20.8%
• By 2050: 70,917 · +33.9%
• By 2075: 87,345 · +65.0%
• By 2100: 97,345 · +83.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 14% Two or more races 10% Black 6% Asian 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Slovak 3% Serbian 2% Italian 2%
• Foreign-born: 8% · Canada
• Languages at home: 87% English-only · Spanish 11% Tagalog/Filipino 1% Other Asian/Pacific 1%

Political lean MEDSL · Shelby

• 2024 margin: Solid R (+34.7) · D 31.8% · R 66.5% · Other 1.7%
• 2008→2024 swing: -10.0pp toward R · 2008: -24.7pp · 2024: -34.7pp
• All cycles: 2024: R+34.7 2020: R+29.6 2016: R+33.6 2012: R+27.6 2008: R+24.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -144.73%
• Current HPI: 177.2875
• Rent YoY: —
• Metro: Louisville/Jefferson County, KY-IN
• 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

-14.9% since first listed

6 events — show timeline

• 2026-05-12 Pending — Metro Search MLS
• 2026-04-08 Listed $1 Metro Search MLS
• 2010-09-25 Listing Removed — Metro Search MLS
• 2009-09-25 Listed $45,000 Metro Search MLS
• 2007-11-15 Listing Removed — Metro Search MLS
• 2006-08-15 Listed $52,900 Metro Search MLS

Property tax history

+1.2%/yr

Latest (2025): $273 · -0.9% YoY. Source: county tax records.