17831 Ky 122

Wheelwright, KY 41636

$99,900C

3 bd · 2.0 ba · 1,200 sqft · Built 1992 · SingleFamily · Active · 74 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,013/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$146
• HOA: −$0
• Vac / Maint / Mgmt: −$213
• Net cashflow: $131/mo
• Annual: $1,571/yr
• Cap rate: 8.66%
• Cash-on-cash: 8.47%
• DSCR: 1.38
• 1% rule: 1.01%
• Cash to close: $27,972

Investor read

• This is a 3-bed/2.0-bath single-family listed at $100k. Condition is rated fair.
• At list price, monthly cash flow is $131 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• It's been on market 74 days — a 6% lower offer ($94k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $94k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 57/100 on livability (#447 in KY) — a working-class tenant base; expect higher turnover. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Floyd County (rural): math 13% / reading 32% proficiency, ranked #157 of 165 in KY (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Home Instruction Elementary (8 students, 0% FRL); James D. Adams Middle School (math 17% / reading 38%, grade F, #168 of 217 statewide, top 78%, 312 students, 72% FRL); Floyd Central High School (math 17% / reading 37%, grade F, #158 of 254 statewide, top 68%, 552 students, 72% FRL) — zoned schools average 48% FRL vs 63% district-wide (16 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 2 active listings in the ZIP; 5 units permitted in Floyd County in 2024 (0 in 5+ unit buildings).
• Floyd County population projected at -36% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Climate carrying-cost: severe flood risk; major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 74 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?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Porch floor — Worn wood planks on the porch floor.
• Minor: Porch railings — Worn paint on the porch railings.
• Minor: Landscaping — Overgrown grass and debris on the porch.