409 E Bridge St

Cynthiana, KY 41031

$189,900C+

5 bd · 1.5 ba · 2,616 sqft · Built — · SingleFamily · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,647/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$155
• HOA: −$0
• Vac / Maint / Mgmt: −$346
• Net cashflow: $151/mo
• Annual: $1,809/yr
• Cap rate: 7.25%
• Cash-on-cash: 3.40%
• DSCR: 1.15
• 1% rule: 0.87%
• Cash to close: $53,172

Investor read

• This is a 5-bed/1.5-bath single-family listed at $190k.
• At list price, monthly cash flow is $151 ($2k/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 $165k (13.3% below list).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $165k (13.3% below list) — sets the bar for 1% rule.
• In year one you build about $20k of equity ($1k loan paydown + $19k appreciation (10.0% local appreciation)).
• Location reads 74/100 on livability (#113 in KY, #4,911 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment D-.
• Harrison County (town): math 21% / reading 32% proficiency, ranked #133 of 165 in KY (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Harrison County Middle School (math 19% / reading 35%, grade F, #172 of 217 statewide, top 80%, 607 students, 58% FRL); Harrison County High School (math 29% / reading 41%, grade F, #74 of 254 statewide, top 29%, 865 students, 46% FRL) — zoned schools at 52% FRL track the district average.
• Market conditions: 95 active listings in the ZIP; 69 units permitted in Harrison County in 2024 (0 in 5+ unit buildings).
• Harrison County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 7.2% vs local median 3.5% in Cynthiana — 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

• 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.