2660 Main St

Westwood, KY 41101

$229,000B-

None bd · None ba · 1,889 sqft · Built — · MultiFamily · Active · 72 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,582/mo
• Mortgage (P&I): −$1,201
• Tax + insurance: −$344
• HOA: −$0
• Vac / Maint / Mgmt: −$962
• Net cashflow: $2,075/mo
• Annual: $24,899/yr
• Cap rate: 17.17%
• Cash-on-cash: 38.83%
• DSCR: 2.73
• 1% rule: 2.00%
• Cash to close: $64,120

Investor read

• This is a 3×2bd/1ba + 2×1bd/1ba units multifamily listed at $229k.
• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $415/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $229k).
• It's been on market 72 days — a 6% lower offer ($215k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $215k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#267 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools C-, employment D, amenities F.
• Fairview Independent (suburban): math 22% / reading 34% proficiency, ranked #124 of 165 in KY (top 75%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 107 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2 units permitted in Boyd County in 2024 (0 in 5+ unit buildings).
• Boyd County population projected at -17% 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.
• Current owner paid $110k; list at $229k implies a 108% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $64k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 17.2% vs local median 5.1% in Westwood — 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.

Questions for listing agent

• It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.