101 N Main Cross St

Louisa, KY 41230

$209,000F

6 bd · 3.0 ba · 0 sqft · Built 1940 · MultiFamily · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $988/mo
• Mortgage (P&I): −$1,096
• Tax + insurance: −$170
• HOA: −$0
• Vac / Maint / Mgmt: −$207
• Net cashflow: $-485/mo
• Annual: $-5,824/yr
• Cap rate: 3.51%
• Cash-on-cash: -9.95%
• DSCR: 0.56
• 1% rule: 0.47%
• Cash to close: $58,520

Investor read

• This is a 6-bed/3.0-bath multifamily listed at $209k.
• At list price, monthly cash flow is $-485 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $123k (41.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $99k (52.7% below list).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $99k (52.7% below list) — sets the bar for 1% rule.
• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (7.2% local appreciation)).
• Location reads 61/100 on livability (#381 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, housing B; Watch: amenities F, commute F, employment F.
• Lawrence County (town): math 23% / reading 42% proficiency, ranked #95 of 165 in KY (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Louisa East Elementary School (math 24% / reading 44%, grade F, #329 of 676 statewide, top 49%, 491 students, 62% FRL); Louisa Middle School (math 22% / reading 43%, grade F, #116 of 217 statewide, top 55%, 457 students, 67% FRL); Lawrence County High School (math 32% / reading 47%, grade F, #40 of 254 statewide, top 19%, 738 students, 63% FRL).
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 64 active listings in the ZIP.
• Lawrence County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.