36 and 38 Mullins St

Livingston, KY 40445

$27,900B-

2 bd · 1.0 ba · 1,040 sqft · Built — · SingleFamily · Active · 90 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $933/mo
• Mortgage (P&I): −$146
• Tax + insurance: −$46
• HOA: −$0
• Vac / Maint / Mgmt: −$196
• Net cashflow: $544/mo
• Annual: $6,531/yr
• Cap rate: 29.70%
• Cash-on-cash: 83.61%
• DSCR: 4.72
• 1% rule: 3.34%
• Cash to close: $7,812

Investor read

• This is a 2-bed/1.0-bath single-family listed at $28k. Condition is rated poor.
• At list price, monthly cash flow is $544 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($933 rent vs $28k).
• It's been on market 90 days — a 6% lower offer ($26k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $26k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $193 of loan paydown is wiped out by about $837 of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#346 in KY) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Rockcastle County (rural): math 23% / reading 40% proficiency, ranked #102 of 165 in KY (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mt. Vernon Elementary (math 25% / reading 35%, grade F, #388 of 676 statewide, top 58%, 608 students, 69% FRL); Rockcastle County Middle School (math 20% / reading 43%, grade F, #125 of 217 statewide, top 63%, 578 students, 63% FRL); Rockcastle County High School (math 22% / reading 32%, grade F, #158 of 254 statewide, top 68%, 819 students, 64% FRL).
• Market conditions: 10 active listings in the ZIP.
• Rockcastle County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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 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.

Repairs flagged (vision-AI assessment)

• Major: Exposed framing — Structural integrity compromised
• Major: Missing cabinets — Kitchen functionality impaired
• Major: Weathered shingles — Roof leakage risk
• Major: Weathered siding — Structural integrity compromised
• Major: Exposed subfloor — Flooring functionality impaired
• Major: Exposed framing — Structural integrity compromised