436 N Greenville St

Harrodsburg, KY 40330

$162,900C+

5 bd · 2.0 ba · 2,010 sqft · Built — · MultiFamily · Active · 137 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,740/mo
• Mortgage (P&I): −$854
• Tax + insurance: −$98
• HOA: −$0
• Vac / Maint / Mgmt: −$365
• Net cashflow: $422/mo
• Annual: $5,063/yr
• Cap rate: 9.40%
• Cash-on-cash: 11.10%
• DSCR: 1.49
• 1% rule: 1.07%
• Cash to close: $45,612

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $163k.
• At list price, monthly cash flow is $422 ($5k/yr) — positive. Per door: $211/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $163k).
• It's been on market 137 days — a 12% lower offer ($143k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $143k (12.0% below list) — sets the bar for market timing.
• 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.
• Location reads 67/100 on livability (#215 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, employment D-.
• Mercer County (town): math 23% / reading 36% proficiency, ranked #107 of 165 in KY (top 65%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Mercer County Elementary School (730 students, 67% FRL); Kenneth D. King Middle School (math 23% / reading 39%, grade F, #138 of 217 statewide, top 65%, 610 students, 64% FRL); Mercer County Senior High School (math 32% / reading 32%, grade F, #97 of 254 statewide, top 46%, 731 students, 53% FRL) — zoned schools average 61% FRL vs 44% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 156 active listings in the ZIP; 148 units permitted in Mercer County in 2024 (0 in 5+ unit buildings).
• Mercer County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 16y ago; this cycle's ask has dropped $17k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $55k; list at $163k implies a 196% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $46k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 9.4% vs local median 2.5% in Harrodsburg — 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.

Questions for listing agent

• It's been on market 137 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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 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?
• 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.