427 Piping Rock Rd · Doe Valley, KY 40108

$175,000

2 bd · 2.0 ba · 1,248 sqft · Condo · 1 Days on market

Built 2008

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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 +13.5/30.0
• ARV discount +7.5/15.0
• DSCR +4.1/10.0
• Schools +3.8/10.0
• Livability +3.5/5.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Low Maintenance & lots of space! Welcome home to this gorgeous 2 bedroom, 2 bath 2nd floor condo unit overlooking the Doe Valley Golf Course. This spectacular home offers a large living room, 2 large bedrooms & 2 spacious full baths. The master closet is equipped with a custom closet organization system. The galley kitchen boasts an abundance of wood cabinetry with custom backsplash. There is a laundry closet with full sized washer/dryer with a drying rack. The rear deck overlooks the Doe Valley Golf Course where you will often see deer. This is a beautiful property in a very peaceful setting. Schedule your showing today!

Key facts

• Golf course view
• Garage
• Built 2008

Tags

• GOLF COURSE VIEW

Property features AI

Finance

• Other:
• Financial info:
• HOA & community:

Exterior

• Parking: Garage (1 space)
• Security:
• Utilities: Private water source
• Home design: Residential condominium; Single family style (condominium)
• Construction: Vinyl siding; Shingle roof
• Exterior features: Balcony; Deck; Located on a golf course

Interior

• Kitchen: Dishwasher; Microwave; Range / Oven; Refrigerator; Electric range
• Bedrooms:
• Flooring: Laminate; Tile
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Heat pump; Electric heating; Central air; Ceiling fan(s)
• Interior features: Walk-in closet(s)
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $175k.

Deal economics

• At list price, monthly cash flow is $6 ($72/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $140k (20.0% below list).
• Recommended offer: $140k (20.0% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 2.9% in Doe Valley — 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 69/100 on livability (#169 in KY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: schools D+, amenities F, commute F.
• Meade County (rural): math 41% / reading 48% proficiency, ranked #21 of 165 in KY (top 13%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 173 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 124 units permitted in Meade County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Meade County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 18y 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.
• Current owner paid $110k; list at $175k implies a 59% gain — meaningful room to come down on a strong offer.

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 $140,000 (20.0% below list)

Questions for the listing agent

1. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 0.80% ✗
• Cap rate: 6.33%
• Cash-on-cash: 0.15%
• DSCR: 1.01
• GRM: 10.4

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: -16.1%
• Equity multiple: 0.43×
• Total profit: $-28,019
• Equity at exit: $26,093

10-year hold

• IRR: -7.8%
• Equity multiple: 0.51×
• Total profit: $-24,092
• Equity at exit: $15,131

Cash invested: $49,000 (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 40108

• Home prices YoY: -17.0%
• Active inventory: 173
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,400 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$109 /mo · $1,312/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $6

Break-even live

Break-even rent $1,392

Max offer price $175,000

Occupancy floor 95%

Sensitivity live

Price	-10% $105	-5% $56	+0% $6	+5% $-43	+10% $-93
Rent	-10% $-105	-5% $-49	+0% $6	+5% $61	+10% $117
Rate	-1.0pp $94	-0.5pp $51	base $6	+0.5pp $-39	+1.0pp $-85

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6 Tanager Dr Brandenburg, KY	2.0	1.0	950	$1,400	$1.47	24d	1	0.87mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-04-30
   status Pending
2. 2026-04-29
   historical Active Under Contract
3. 2026-04-29
   listed $175,000 Active
4. 2020-10-15
   soldstatus $110,000
5. 2020-10-08
   soldstatus $110,000 637-char remark

   Show marketing remark (641 chars)

   Low Maintenance & lots of space! Welcome home to this gorgeous 2 bedroom, 2 bath 2nd floor condo unit overlooking the Doe Valley Golf Course. This spectacular home offers a large living room, 2 large bedrooms & 2 spacious full baths. The master closet is equipped with a custom closet organization system. The galley kitchen boasts an abundance of wood cabinetry with custom backsplash. There is a laundry closet with full sized washer/dryer with a drying rack. The rear deck overlooks the Doe Valley Golf Course where you will often see deer. This is a beautiful property in a very peaceful setting. Schedule your showing today!

6. 2020-10-08
   soldstatus $110,000 641-char remark

   Show marketing remark (641 chars)

   Low Maintenance & lots of space! Welcome home to this gorgeous 2 bedroom, 2 bath 2nd floor condo unit overlooking the Doe Valley Golf Course. This spectacular home offers a large living room, 2 large bedrooms & 2 spacious full baths. The master closet is equipped with a custom closet organization system. The galley kitchen boasts an abundance of wood cabinetry with custom backsplash. There is a laundry closet with full sized washer/dryer with a drying rack. The rear deck overlooks the Doe Valley Golf Course where you will often see deer. This is a beautiful property in a very peaceful setting. Schedule your showing today!

7. 2020-09-22
   listed $125,000 637-char remark

   Show marketing remark (641 chars)

   Low Maintenance & lots of space! Welcome home to this gorgeous 2 bedroom, 2 bath 2nd floor condo unit overlooking the Doe Valley Golf Course. This spectacular home offers a large living room, 2 large bedrooms & 2 spacious full baths. The master closet is equipped with a custom closet organization system. The galley kitchen boasts an abundance of wood cabinetry with custom backsplash. There is a laundry closet with full sized washer/dryer with a drying rack. The rear deck overlooks the Doe Valley Golf Course where you will often see deer. This is a beautiful property in a very peaceful setting. Schedule your showing today!

8. 2020-09-22
   listed $125,000 641-char remark

   Show marketing remark (641 chars)

   Low Maintenance & lots of space! Welcome home to this gorgeous 2 bedroom, 2 bath 2nd floor condo unit overlooking the Doe Valley Golf Course. This spectacular home offers a large living room, 2 large bedrooms & 2 spacious full baths. The master closet is equipped with a custom closet organization system. The galley kitchen boasts an abundance of wood cabinetry with custom backsplash. There is a laundry closet with full sized washer/dryer with a drying rack. The rear deck overlooks the Doe Valley Golf Course where you will often see deer. This is a beautiful property in a very peaceful setting. Schedule your showing today!

9. 2018-04-06
   soldstatus $108,000
10. 2017-07-05
    listed $109,900
11. 2009-08-27
    historical
12. 2009-06-02
    listed $119,900
13. 2009-05-31
    historical
14. 2008-12-02
    listed $122,500

ⓘ 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: $1,312 · $109/mo
• Projected year-2 tax: $1,505 · $125/mo
• Expected delta: +$193/yr (+$16/mo · 14.7%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥104°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,800
• − Mortgage interest: −$9,803
• − Property taxes: −$1,312
• − Insurance: −$875
• − Repairs & maintenance: −$1,344
• − Management: −$1,344
• − Depreciation: −$5,091
• Taxable loss: −$2,969
• Est. tax savings @ 24.0%: +$712
• After-tax cash flow: $785/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: Meade County
• NCES district ID: 2104050
• Math proficiency: 41% ▼ -15.00%
• Reading proficiency: 48% ▼ -12.00%
• Median HH income: $49,628
• Composite: 38.17/100
• National rank: #4265
• State rank: #21 of 165 in KY

Livability — Doe Valley

• Score: 69/100
• State rank: #169
• US rank: #8518

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Doe Valley, KY
• Population (ZIP): 12,469

Population outlook (Meade County) Hauer SSP2

• Today (2025): 26,977 people
• By 2030: 26,162 · -3.0%
• By 2040: 24,029 · -10.9%
• By 2050: 21,658 · -19.7%
• By 2075: 16,994 · -37.0%
• By 2100: 15,586 · -42.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 6% Hispanic / Latino 4% Asian 1%
• Common ancestry: Serbian 1% Italian 1% Romanian 1%
• Foreign-born: 1%
• Languages at home: 97% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Meade

• 2024 margin: Solid R (+52.1) · D 23.2% · R 75.3% · Other 1.5%
• 2008→2024 swing: -31.1pp toward R · 2008: -20.9pp · 2024: -52.1pp
• All cycles: 2024: R+52.1 2020: R+46.4 2016: R+46.1 2012: R+22.8 2008: R+20.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -42.25%
• Current HPI: 205.7001
• Rent YoY: —
• Metro: —
• 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

+42.9% since first listed

14 events — show timeline

• 2026-04-30 Pending — HKARMLS
• 2026-04-29 Contingent — HKARMLS
• 2026-04-29 Listed $175,000 HKARMLS
• 2020-10-15 Sold (Public Records) $110,000 Public Records
• 2020-10-08 Sold (MLS) $110,000 HKARMLS
• 2020-10-08 Sold (MLS) $110,000 Metro Search MLS
• 2020-09-22 Listed $125,000 HKARMLS
• 2020-09-22 Listed $125,000 Metro Search MLS
• 2018-04-06 Sold (MLS) $108,000 HKARMLS
• 2017-07-05 Listed $109,900 HKARMLS
• 2009-08-27 Listing Removed — Metro Search MLS
• 2009-06-02 Listed $119,900 Metro Search MLS
• 2009-05-31 Listing Removed — Metro Search MLS
• 2008-12-02 Listed $122,500 Metro Search MLS

Property tax history

+2.1%/yr

Latest (2025): $1,312 · -1.1% YoY. Source: county tax records.