12270 Red Hill Maxwell Rd

Pleasant Ridge, KY 42376

$150,000C+

4 bd · 3.0 ba · 1,921 sqft · Built 1996 · Manufactured · Pending · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,785/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$307
• HOA: −$0
• Vac / Maint / Mgmt: −$375
• Net cashflow: $316/mo
• Annual: $3,796/yr
• Cap rate: 9.36%
• Cash-on-cash: 10.94%
• DSCR: 1.49
• 1% rule: 1.19%
• Cash to close: $42,000

Investor read

• This is a 4-bed/3.0-bath manufactured listed at $150k.
• At list price, monthly cash flow is $316 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• It's been on market 17 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $148k (1.5% 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 $4k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Daviess County (suburban): math 33% / reading 41% proficiency, ranked #43 of 165 in KY (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Deer Park Elementary School (math 42% / reading 37%, grade F, #208 of 676 statewide, top 34%, 480 students, 58% FRL); College View Middle School (math 24% / reading 39%, grade F, #125 of 217 statewide, top 63%, 863 students, 50% FRL); Daviess County High School (math 40% / reading 41%, grade F, #37 of 254 statewide, top 15%, 1,740 students, 42% FRL).
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 51 active listings in the ZIP; 226 units permitted in Daviess County in 2024 (6 in 5+ unit buildings).
• Daviess County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 6y 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.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.