603 Mill St · Leitchfield, KY 42754

$150,000

3 bd · 2.0 ba · 2,112 sqft · Other · 2 Days on market

Built 1975 1,428 sqft lot

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Why this score? — see what drove the C 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 +22.3/30.0
• ARV discount +7.5/15.0
• DSCR +7.1/10.0
• 1% rule +4.8/10.0
• Livability +3.6/5.0
• Appreciation +3.1/10.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Located at 603 Mill St in Leitchfield, this unique property offers exceptional flexibility with both residential and commercial zoning. Perfectly positioned in a high-visibility area, it provides an excellent opportunity to launch or grow a business while enjoying the convenience of a live-work space. The property benefits from easy access to main roads, local shops, and community amenities, making it an attractive destination for customers and clients. This property also boasts a 32' x 26' detached garage with brand new doors. Whether you're opening a retail storefront, office, or service-based operation, this location supports strong potential for success. Don't miss a chance to invest in

Key facts

• Brand new doors
• High-visibility area
• Live-work space

Tags

• HIGH-VISIBILITY AREA
• LIVE-WORK SPACE
• EASY ACCESS TO MAIN ROADS
• DETACHED GARAGE
• BRAND NEW DOORS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $150k.

Deal economics

• At list price, monthly cash flow is $246 ($3k/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 $147k (2.2% below list).
• Recommended offer: $147k (2.2% below list) — sets the bar for 1% rule.
• Cap rate 8.3% vs local median 4.1% in Leitchfield — 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 (#144 in KY) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, amenities F, commute F.
• Grayson County (rural): math 27% / reading 40% proficiency, ranked #84 of 165 in KY (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 183 active listings in the ZIP; 23 units permitted in Grayson County in 2024 (12 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 $4k of value loss. Plan a longer hold.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 17y 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→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $146,650 (2.2% below list)

Questions for the listing agent

1. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 0.98% ✗
• Cap rate: 8.26%
• Cash-on-cash: 7.03%
• DSCR: 1.31
• GRM: 8.5

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: -5.6%
• Equity multiple: 0.79×
• Total profit: $-8,683
• Equity at exit: $22,365

10-year hold

• IRR: 4.1%
• Equity multiple: 1.30×
• Total profit: $12,406
• Equity at exit: $12,969

Cash invested: $42,000 (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 42754

• Home prices YoY: -1.3%
• Active inventory: 183
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,466 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$63 /mo · $759/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$308
• Net cashflow: $246

Break-even live

Break-even rent $1,155

Max offer price $150,000

Occupancy floor 78%

Sensitivity live

Price	-10% $331	-5% $289	+0% $246	+5% $204	+10% $161
Rent	-10% $130	-5% $188	+0% $246	+5% $304	+10% $362
Rate	-1.0pp $322	-0.5pp $284	base $246	+0.5pp $207	+1.0pp $168

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-04-18
   status Pending
2. 2026-04-16
   listed $150,000 Active
3. 2012-01-31
   historical
4. 2009-08-03
   listed $95,000

ⓘ 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: $759 · $63/mo
• Projected year-2 tax: $1,290 · $108/mo
• Expected delta: +$531/yr (+$44/mo · 69.9%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 20 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,598
• − Mortgage interest: −$8,402
• − Property taxes: −$759
• − Insurance: −$750
• − Repairs & maintenance: −$1,408
• − Management: −$1,408
• − Depreciation: −$4,364
• Taxable income: $507
• Est. tax owed @ 24.0%: −$122
• After-tax cash flow: $2,832/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: Grayson County
• NCES district ID: 2102300
• Math proficiency: 27% ▼ -23.00%
• Reading proficiency: 40% ▼ -17.00%
• Median HH income: $34,256
• Composite: 27.55/100
• National rank: #6944
• State rank: #84 of 165 in KY

Livability — Leitchfield

• Score: 71/100
• State rank: #144
• US rank: #6810

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Leitchfield, KY
• City population: 15,817
• Population (ZIP): 15,817

Population outlook (Grayson County) Hauer SSP2

• Today (2025): 26,840 people
• By 2030: 27,032 · +0.7%
• By 2040: 27,236 · +1.5%
• By 2050: 27,076 · +0.9%
• By 2075: 26,565 · -1.0%
• By 2100: 24,007 · -10.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Black 2%
• Common ancestry: Slovak 4% Lithuanian 2% Romanian 1%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Grayson

• 2024 margin: Solid R (+61.8) · D 18.5% · R 80.3% · Other 1.2%
• 2008→2024 swing: -26.9pp toward R · 2008: -34.9pp · 2024: -61.8pp
• All cycles: 2024: R+61.8 2020: R+58.8 2016: R+59.3 2012: R+39.5 2008: R+34.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -3.82%
• Current HPI: 283.0264
• 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

+57.9% since first listed

4 events — show timeline

• 2026-04-18 Pending — Metro Search MLS
• 2026-04-16 Listed $150,000 Metro Search MLS
• 2012-01-31 Listing Removed — Metro Search MLS
• 2009-08-03 Listed $95,000 Metro Search MLS

Property tax history

+1.4%/yr

Latest (2025): $759 · -0.4% YoY. Source: county tax records.