346 Payne St · Georgetown, KY 40324

$170,000

2 bd · 1.0 ba · 924 sqft · Other public records · 16 Days on market

Built 1960 3,920 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 +13.2/30.0
• ARV discount +7.5/15.0
• DSCR +4.0/10.0
• Livability +3.9/5.0
• Schools +3.4/10.0
• Rent growth +3.2/5.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Completely remodeled home. New HVAC, New kitchen with appliances, New flooring and fresh paint through out

Key facts

• Remodeled kitchen
• Renovated in 2021
• Updated flooring

Tags

• RENOVATED IN 2021
• UPDATED FLOORING
• REMODELED KITCHEN
• REMODELED BATH
• LOW MAINTENANCE LIVING

Property features AI

Finance

• Other: Lot size approximately 0.09 acres (3,920.4 sq ft); Located in Scott County; subdivision: Rural

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer
• Home design: House; One story
• Construction: Metal siding construction; Stone foundation; Shingle roof; Building area 924
• Exterior features: Other exterior features; Stone foundation; Shingle roof; Metal siding

Interior

• Kitchen: Dishwasher, Microwave, Refrigerator
• Bedrooms: 2 total rooms
• Flooring: Carpet
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Heat pump cooling
• Interior features: Dishwasher, Microwave, Refrigerator; Carpet flooring; Crawl space basement; No fireplace

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $170k.

Deal economics

• At list price, monthly cash flow is $-4 ($-45/yr) — negative.
• To cash-flow at today's rent, offer at most $169k (0.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $134k (21.0% below list).
• Recommended offer: $134k (21.0% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 3.5% in Georgetown — 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 78/100 on livability (#75 in KY, #2,338 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, commute F.
• Scott County (town): math 32% / reading 44% proficiency, ranked #31 of 165 in KY (top 19%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Anne Mason Elementary School (math 21% / reading 24%, grade F, #523 of 676 statewide, top 77%, 409 students, 42% FRL); Royal Spring Middle School (math 34% / reading 54%, grade D, #40 of 217 statewide, top 19%, 726 students, 44% FRL); Scott County High School (math 34% / reading 37%, grade F, #73 of 254 statewide, top 28%, 1,197 students, 40% FRL) — zoned schools at 42% FRL track the district average.
• Market conditions: Rents rising (+3.0%/yr); 441 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 46% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 546 units permitted in Scott County in 2024 (98 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.
• Scott County population projected at +45% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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 $140k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $134,235 (21.0% below list)

Questions for the listing agent

1. 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?
2. Built in 1960 — 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: 0.79% ✗
• Cap rate: 6.27%
• Cash-on-cash: -0.09%
• DSCR: 1.00
• GRM: 10.6

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: -16.5%
• Equity multiple: 0.42×
• Total profit: $-27,831
• Equity at exit: $25,348

10-year hold

• IRR: -8.3%
• Equity multiple: 0.48×
• Total profit: $-24,734
• Equity at exit: $14,698

Cash invested: $47,600 (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 40324

• Rents YoY: 3.0%
• Active inventory: 441
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $1,342 high
• Mortgage (P&I): −$891
• Tax from tax record: −$102 /mo · $1,222/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $-4

Break-even live

Break-even rent $1,347

Max offer price $169,344

Occupancy floor 95%

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
301 Young St Georgetown, KY	2.0	1.0	1000	$1,200	$1.20	23d	1	0.27mi
201 S Broadway St Unit 2 Georgetown, KY	1.0	1.0	600	$850	$1.42	43d	1	0.69mi
159 Elkhorn Meadows Dr Georgetown, KY	2.0	1.0	816	$1,196	$1.47	14d	23	0.77mi
101 Heartwood Path Georgetown, KY	1.0–3.0	1.0–2.0	1100	$1,412	$1.28	14d	1	1.09mi
101 Collins Path Unit WYN-CA64 Georgetown, KY	2.0	2.0	1010	$1,375	$1.36	43d	1	1.38mi
101 Collins Path Unit WYN-C201 Georgetown, KY	2.0	2.0	1010	$1,500	$1.49	23d	1	1.38mi
101 Collins Path Unit WYN-CA15 Georgetown, KY	2.0	2.0	920	$1,460	$1.59	14d	1	1.38mi
101 Collins Path Unit WYN-W164 Georgetown, KY	2.0	2.0	1010	$1,475	$1.46	23d	1	1.38mi
101 Collins Path Georgetown, KY	2.0	2.0	920	$1,480	$1.61	43d	1	1.38mi
101 Collins Path Unit WYN-W112 Georgetown, KY	2.0	2.0	920	$1,460	$1.59	43d	1	1.38mi
101 Collins Path Unit WYN-C263 Georgetown, KY	2.0	2.0	1010	$1,400	$1.39	43d	1	1.38mi
101 Collins Path Unit WYN-C166 Georgetown, KY	2.0	2.0	1010	$1,500	$1.49	43d	1	1.38mi
1100 W Main St Georgetown, KY	2.0	1.0–2.0	979	$1,235	$1.26	13d	7	1.45mi

Listing history 13 events

1. 2026-06-09
   status $170,000 Pending 16 DOM
2. 2026-06-08
   days on market $170,000 Active 16 DOM
3. 2026-06-07
   days on market $170,000 Active 15 DOM
4. 2026-06-05
   days on market $170,000 Active 12 DOM
5. 2026-06-03
   days on market $170,000 Active 11 DOM
6. 2026-06-02
   days on market $170,000 Active 10 DOM
7. 2026-06-01
   days on market $170,000 Active 9 DOM
8. 2026-05-31
   days on market $170,000 Active 8 DOM
9. 2026-05-31
   days on market $170,000 Active 7 DOM
10. 2026-05-23
    listed $170,000 Active
11. 2021-09-03
    soldstatus $140,000 Closed 107-char remark

    Show marketing remark (107 chars)

    Completely remodeled home. New HVAC, New kitchen with appliances, New flooring and fresh paint through out

12. 2021-07-22
    historical Contingent 107-char remark

    Show marketing remark (107 chars)

    Completely remodeled home. New HVAC, New kitchen with appliances, New flooring and fresh paint through out

13. 2021-07-16
    listed $139,999 Active 107-char remark

    Show marketing remark (107 chars)

    Completely remodeled home. New HVAC, New kitchen with appliances, New flooring and fresh paint through out

ⓘ 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: $1,222 · $102/mo
• Projected year-2 tax: $1,462 · $122/mo
• Expected delta: +$240/yr (+$20/mo · 19.6%)

ⓘ 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 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥102°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $16,108
• − Mortgage interest: −$9,523
• − Property taxes: −$1,222
• − Insurance: −$850
• − Repairs & maintenance: −$1,289
• − Management: −$1,289
• − Depreciation: −$4,945
• Taxable loss: −$3,009
• Est. tax savings @ 24.0%: +$722
• After-tax cash flow: $678/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: Scott County
• NCES district ID: 2105260
• Math proficiency: 32% ▼ -14.00%
• Reading proficiency: 44% ▼ -16.00%
• Median HH income: $61,324
• Composite: 33.87/100
• National rank: #5348
• State rank: #31 of 165 in KY

Livability — Georgetown

• Score: 78/100
• State rank: #75
• US rank: #2338

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Georgetown, KY
• County: Scott County · 53,406 people
• City population: 53,406
• Metro: Lexington-Fayette, KY
• Population (ZIP): 53,406
• Household income: $85,110
• Rent vs Own: 30.6% rent · 69.4% own
• Severe rent burden: 993.0

Population outlook (Scott County) Hauer SSP2

• Today (2025): 63,814 people
• By 2030: 69,637 · +9.1%
• By 2040: 81,315 · +27.4%
• By 2050: 92,677 · +45.2%
• By 2075: 118,956 · +86.4%
• By 2100: 136,792 · +114.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 6% Two or more races 6% Black 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 2% Serbian 2% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 4%

Political lean MEDSL · Scott

• 2024 margin: Strong R (+27.7) · D 35.3% · R 63.0% · Other 1.7%
• 2008→2024 swing: -7.1pp toward R · 2008: -20.6pp · 2024: -27.7pp
• All cycles: 2024: R+27.7 2020: R+24.9 2016: R+30.4 2012: R+25.0 2008: R+20.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -105.49%
• Current HPI: 187.89
• Rent YoY: ▲ 3.00%
• Metro: Lexington-Fayette, 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

+21.4% since first listed

4 events — show timeline

• 2026-05-23 Listed $170,000 ImagineMLS
• 2021-09-03 Sold (MLS) $140,000 ImagineMLS
• 2021-07-22 Contingent — ImagineMLS
• 2021-07-16 Listed $139,999 ImagineMLS

Property tax history

+13.8%/yr

Latest (2025): $1,222 · -1.0% YoY. Source: county tax records.