248 Parrish Ave · Paris, KY 40361

$165,000

3 bd · 2.0 ba · 1,972 sqft · Other public records · 31 Days on market

Built 1921 0.34 ac 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 +21.7/30.0
• ARV discount +7.5/15.0
• DSCR +6.9/10.0
• 1% rule +4.4/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks

ONLINE ONLY ABSOLUTE AUCTION!!! Online BIDDING ENDS Tuesday, October 8, 2024 at 7:00PM. Pre-auction offers are invited under the same auction terms and conditions until a bid has been accepted. Terms & Conditions are as follows: As Is/Non-Contingent/10% earnest money deposit/45 day settlement/10% buyer's premium added to all bids/offers. Visit www. HalfhillAuctions.com for more information. Kristin Halfhill-Larimore, Principal Auctioneer, 859-333-1855. * * Above ground pool does not convey with the property. There is a gas range currently in the kitchen, it will be switched out for an electric range.

Key facts

• 0.34 acre lot
• Built 1921
• Listed 31 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $165k.

Deal economics

• At list price, monthly cash flow is $253 ($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 $155k (6.4% below list).
• Recommended offer: $155k (6.4% below list) — sets the bar for 1% rule.
• Cap rate 8.1% vs local median 3.3% in Paris — 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 67/100 on livability (#218 in KY) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D, amenities F, commute F.
• Paris Independent (town): math 13% / reading 29% proficiency, ranked #159 of 165 in KY (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 126 active listings in the ZIP; 90 units permitted in Bourbon County in 2024 (0 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.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 29y 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 $111k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $154,512 (6.4% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1921 — 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. 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.
6. 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.
7. 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: 0.94% ✗
• Cap rate: 8.13%
• Cash-on-cash: 6.56%
• DSCR: 1.29
• GRM: 8.9

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: -6.3%
• Equity multiple: 0.77×
• Total profit: $-10,736
• Equity at exit: $24,602

10-year hold

• IRR: 3.3%
• Equity multiple: 1.24×
• Total profit: $11,026
• Equity at exit: $14,266

Cash invested: $46,200 (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 40361

• Home prices YoY: -23.1%
• Active inventory: 126
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,545 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$34 /mo · $409/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$324
• Net cashflow: $253

Break-even live

Break-even rent $1,225

Max offer price $165,000

Occupancy floor 79%

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2024-11-25
   soldstatus $111,210
2. 2024-10-10
   status Pending
3. 2024-09-09
   listed $165,000 Active
4. 2017-10-11
   soldstatus $68,000
5. 2015-11-18
   historical
6. 2015-10-09
   status Active
7. 2015-09-22
   status Pending
8. 2015-08-30
   listed $69,000 Active
9. 2005-05-12
   historical
10. 2005-03-01
    listed $89,000
11. 2001-09-28
    historical
12. 2001-03-28
    listed $87,000
13. 1998-02-10
    soldstatus $78,500
14. 1998-01-09
    historical
15. 1997-11-25
    listed $78,500

ⓘ 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: $409 · $34/mo
• Projected year-2 tax: $1,419 · $118/mo
• Expected delta: +$1,010/yr (+$84/mo · 246.8%)

ⓘ 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 4/10 Moderate 7 d/yr ≥102°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,541
• − Mortgage interest: −$9,243
• − Property taxes: −$409
• − Insurance: −$825
• − Repairs & maintenance: −$1,483
• − Management: −$1,483
• − Depreciation: −$4,800
• Taxable income: $298
• Est. tax owed @ 24.0%: −$72
• After-tax cash flow: $2,959/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: Paris Independent
• NCES district ID: 2104710
• Math proficiency: 13% ▼ -17.00%
• Reading proficiency: 29% ▼ -7.00%
• Median HH income: $34,822
• Composite: 17.23/100
• National rank: #9096
• State rank: #159 of 165 in KY

Livability — Paris

• Score: 67/100
• State rank: #218
• US rank: #10589

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Paris, KY
• County: Bourbon County · 18,361 people
• City population: 18,361
• Metro: Lexington-Fayette, KY
• Population (ZIP): 18,361
• Household income: $63,333
• Rent vs Own: 35.7% rent · 64.3% own
• Severe rent burden: 509.0

Population outlook (Bourbon County) Hauer SSP2

• Today (2025): 20,485 people
• By 2030: 20,559 · +0.4%
• By 2040: 20,491 · +0.0%
• By 2050: 20,065 · -2.1%
• By 2075: 19,173 · -6.4%
• By 2100: 16,646 · -18.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 8% Two or more races 6% Black 5%
• Hispanic origin (detail): Mexican 6% Cuban 1%
• Common ancestry: Slovak 2% Serbian 2% Iranian 2%
• Foreign-born: 4% · Canada, Dominican Republic
• Languages at home: 94% English-only · Spanish 5% French/Haitian/Cajun 1%

Political lean MEDSL · Bourbon

• 2024 margin: Solid R (+33.5) · D 32.4% · R 65.9% · Other 1.7%
• 2008→2024 swing: -16.3pp toward R · 2008: -17.2pp · 2024: -33.5pp
• All cycles: 2024: R+33.5 2020: R+30.0 2016: R+31.6 2012: R+20.4 2008: R+17.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -72.90%
• Current HPI: 241.9393
• Rent YoY: —
• 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

+41.7% since first listed

15 events — show timeline

• 2024-11-25 Sold (Public Records) $111,210 Public Records
• 2024-10-10 Pending — ImagineMLS
• 2024-09-09 Listed $165,000 ImagineMLS
• 2017-10-11 Sold (Public Records) $68,000 Public Records
• 2015-11-18 Listing Removed — ImagineMLS
• 2015-10-09 Relisted — ImagineMLS
• 2015-09-22 Pending — ImagineMLS
• 2015-08-30 Listed $69,000 ImagineMLS
• 2005-05-12 Listing Removed — ImagineMLS
• 2005-03-01 Listed $89,000 ImagineMLS
• 2001-09-28 Listing Removed — ImagineMLS
• 2001-03-28 Listed $87,000 ImagineMLS
• 1998-02-10 Sold (MLS) $78,500 ImagineMLS
• 1998-01-09 Listing Removed — ImagineMLS
• 1997-11-25 Listed $78,500 ImagineMLS

Property tax history

+3.8%/yr

Latest (2025): $409 · -2.6% YoY. Source: county tax records.