226 N 3rd St · Bardstown, KY 40004

$1

1 bd · 1.5 ba · 2,300 sqft · Other · 40 Days on market

Built 1870 2,078 sqft lot

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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 +3.6/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Absolute auction on May 9th @ 10 AM. Auction held on site at 226 N. 3rd Street, Bardstown. Open House Sunday, May 3rd from 2-4 PM. Sale terms: 20% down day of sale with balance due within 30 days from day of sale. There will be a 10% buyers premium added to final bid to determine final sales price. Selling "As Is" with no warranties or guarantees weather expressed or implied. Income producing property. Lower unit currently used as sporting goods store and upstairs is used as AirBNB. Building is zoned B-2 and can be used for multiple businesses. Buyer must contact Nelson County Planning and Zoning for uses. Currently is permitted for Airbnb on 2 nd floor and Vintage Sporting goods on ground floor. Sporting goods is moving out, however upstairs keeps a steady book for Airbnb. Storefront is on sidewalk with a lot of foot traffic. Situated in downtown Bardstown in the middle of Bourbon country in the Most Beautiful Small Town in America. These buildings don't come up for sale very often!

Key facts

• 2,078 sq ft lot
• Built 1870
• Listed 40 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 1-bed/1.5-bath other listed at $1.

Deal economics

• At list price, monthly cash flow is $862 ($10k/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 1034285.0% vs local median 3.1% in Bardstown — 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 71/100 on livability (#145 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, schools D, amenities F.
• Bardstown Independent (town): math 32% / reading 46% proficiency, ranked #41 of 165 in KY (top 25%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 242 active listings in the ZIP; 210 units permitted in Nelson County in 2024 (15 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.
• Nelson County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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 40 days — a 3% lower offer ($0) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1

Questions for the listing agent

1. It's been on market 40 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 1870 — 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: 109102.00% ✓
• Cap rate: 1034284.96%
• Cash-on-cash: 3693852.38%
• DSCR: 164356.65
• 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: 196112.06×
• Total profit: $54,911
• Equity at exit: $0

10-year hold

• IRR: —
• Equity multiple: 423459.28×
• Total profit: $118,568
• 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 40004

• Home prices YoY: -16.0%
• Active inventory: 242

Monthly cashflow live

• Estimated rent: $1,091 medium
• Mortgage (P&I): −$0
• Tax est. 1.5%: −$0 /mo · $0/yr
• Insurance: −$0
• HOA: −$0
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $862

Break-even live

Break-even rent —

Max offer price $1

Occupancy floor 16%

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: —

Listing history 3 events

1. 2026-05-12
   status Pending 1008-char remark

   Show marketing remark (1008 chars)

   Absolute auction on May 9th @ 10 AM. Auction held on site at 226 N. 3rd Street, Bardstown. Open House Sunday, May 3rd from 2-4 PM. Sale terms: 20% down day of sale with balance due within 30 days from day of sale. There will be a 10% buyers premium added to final bid to determine final sales price. Selling "As Is" with no warranties or guarantees weather expressed or implied. Income producing property. Lower unit currently used as sporting goods store and upstairs is used as AirBNB. Building is zoned B-2 and can be used for multiple businesses. Buyer must contact Nelson County Planning and Zoning for uses. Currently is permitted for Airbnb on 2 nd floor and Vintage Sporting goods on ground floor. Sporting goods is moving out, however upstairs keeps a steady book for Airbnb. Storefront is on sidewalk with a lot of foot traffic. Situated in downtown Bardstown in the middle of Bourbon country in the Most Beautiful Small Town in America. These buildings don't come up for sale very often!

2. 2026-04-02
   listed $1 Active 1008-char remark

   Show marketing remark (1008 chars)

   Absolute auction on May 9th @ 10 AM. Auction held on site at 226 N. 3rd Street, Bardstown. Open House Sunday, May 3rd from 2-4 PM. Sale terms: 20% down day of sale with balance due within 30 days from day of sale. There will be a 10% buyers premium added to final bid to determine final sales price. Selling "As Is" with no warranties or guarantees weather expressed or implied. Income producing property. Lower unit currently used as sporting goods store and upstairs is used as AirBNB. Building is zoned B-2 and can be used for multiple businesses. Buyer must contact Nelson County Planning and Zoning for uses. Currently is permitted for Airbnb on 2 nd floor and Vintage Sporting goods on ground floor. Sporting goods is moving out, however upstairs keeps a steady book for Airbnb. Storefront is on sidewalk with a lot of foot traffic. Situated in downtown Bardstown in the middle of Bourbon country in the Most Beautiful Small Town in America. These buildings don't come up for sale very often!

3. 2009-01-01
   soldstatus $160,000

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

Taxation est. · year 1

• Rental income: $13,092
• − Mortgage interest: −$0
• − Property taxes: −$0
• − Insurance: −$0
• − Repairs & maintenance: −$1,047
• − Management: −$1,047
• − Depreciation: −$0
• Taxable income: $10,997
• Est. tax owed @ 24.0%: −$2,639
• After-tax cash flow: $7,703/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: Bardstown Independent
• NCES district ID: 2100270
• Math proficiency: 32% ▼ -8.00%
• Reading proficiency: 46% ▼ -10.00%
• Median HH income: $38,799
• Composite: 32.54/100
• National rank: #5694
• State rank: #41 of 165 in KY

Livability — Bardstown

• Score: 71/100
• State rank: #145
• US rank: #6811

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bardstown, KY
• County: Nelson County · 30,601 people
• City population: 30,601
• Metro: Bardstown, KY
• Population (ZIP): 30,601
• Household income: $66,578
• Rent vs Own: 26.7% rent · 73.3% own
• Severe rent burden: 795.0

Population outlook (Nelson County) Hauer SSP2

• Today (2025): 48,436 people
• By 2030: 49,780 · +2.8%
• By 2040: 51,737 · +6.8%
• By 2050: 52,395 · +8.2%
• By 2075: 52,271 · +7.9%
• By 2100: 47,277 · -2.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Black 7% Two or more races 3% Hispanic / Latino 3%
• Common ancestry: Slovak 2% Italian 1% Lithuanian 1%
• Foreign-born: 3% · Canada, United Kingdom
• Languages at home: 96% English-only · Spanish 2% Russian/Polish/Slavic 0%

Political lean MEDSL · Nelson

• 2024 margin: Solid R (+41.8) · D 28.5% · R 70.3% · Other 1.2%
• 2008→2024 swing: -28.1pp toward R · 2008: -13.7pp · 2024: -41.8pp
• All cycles: 2024: R+41.8 2020: R+36.6 2016: R+33.7 2012: R+16.5 2008: R+13.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -52.14%
• Current HPI: 272.9009
• Rent YoY: —
• Metro: Bardstown, 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

3 events — show timeline

• 2026-05-12 Pending — Metro Search MLS
• 2026-04-02 Listed $1 Metro Search MLS
• 2009-01-01 Sold (Public Records) $160,000 Public Records