622 E Bourne Ave · Somerset, KY 42501

$59,900

3 bd · 1.0 ba · 1,344 sqft · SingleFamily public records · 249 Days on market

Built 1970 8,276 sqft lot $45/sqft · 66% below area

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.4/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great Fixer upper in Downtown Somerset. This home is currently used for a rental and features a Lg Kitchen, Dining rm and Living Rm. Main Bedroom is on the first floor. 2BR's and 1 Bath are located on the second floor. Back yard is nice and flat with plenty of parking. Great location, walking distance to everything downtown.

Key facts

• Dining rm
• Back yard
• Main bedroom

Tags

• LG KITCHEN
• DINING RM
• LIVING RM
• MAIN BEDROOM
• BACK YARD
• PLENTY OF PARKING

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $474 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.8% vs local median 3.1% in Somerset — 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 (#208 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety B+, crime B; Watch: schools D+, amenities F, commute F.
• Somerset Independent (town): math 36% / reading 44% proficiency, ranked #42 of 165 in KY (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 192 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 117 units permitted in Pulaski County in 2024 (50 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 249 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 15y ago; this cycle's ask has dropped $30k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $36k; list at $60k implies a 65% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $52,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 249 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.74% ✓
• Cap rate: 15.79%
• Cash-on-cash: 33.93%
• DSCR: 2.51
• GRM: 4.8

CMA / ARV

• ARV (median comp): $175,852
• List price: $59,900
• Delta: -65.94%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
408 Clements Ave	0.29mi	3/2.0	1,386 (+3%)	4mo	$218,000	$157	74
200 Summitt Ave	0.04mi	3/1.0	1,203 (-10%)	11mo	$170,000	$141	72
152 Crawford Ave	0.28mi	2/1.0 (-1)	1,400 (+4%)	10mo	$185,000	$132	67
1 Robinson Dr	0.22mi	2/1.0 (-1)	1,240 (-8%)	9mo	$199,900	$161	64
145 Cotter Ave	0.52mi	3/1.0	1,245 (-7%)	0mo	$164,600	$132	63
402 Clements Ave	0.28mi	3/2.0	1,500 (+12%)	1mo	$266,000	$177	63
170 Cotter Ave	0.44mi	3/1.0	1,244 (-7%)	6mo	$155,000	$125	62
203 Mound St	0.46mi	3/2.0	1,200 (-11%)	1mo	$217,500	$181	56
114 Grande Ave	0.44mi	2/1.0 (-1)	1,400 (+4%)	20mo	$168,000	$120	50
212 Conley Dr	0.39mi	3/1.0	1,165 (-13%)	13mo	$137,500	$118	49
526 S Main St	0.71mi	2/1.0 (-1)	1,266 (-6%)	9mo	$43,000	$34	45
504 Frederick St	0.67mi	3/1.0	1,176 (-12%)	17mo	$125,000	$106	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 29.2%
• Equity multiple: 2.22×
• Total profit: $20,473
• Equity at exit: $8,931

10-year hold

• IRR: 36.6%
• Equity multiple: 4.38×
• Total profit: $56,621
• Equity at exit: $5,179

Cash invested: $16,772 (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 42501

• Home prices YoY: -19.8%
• Active inventory: 192
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,042 high
• Mortgage (P&I): −$314
• Tax from tax record: −$10 /mo · $122/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$219
• Net cashflow: $474

Break-even live

Break-even rent $442

Max offer price $59,900

Occupancy floor 50%

Sensitivity live

Price	-10% $508	-5% $491	+0% $474	+5% $389	+10% $368
Rent	-10% $392	-5% $433	+0% $474	+5% $515	+10% $557
Rate	-1.0pp $504	-0.5pp $489	base $474	+0.5pp $459	+1.0pp $443

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
108 Hines Addition Somerset, KY	3.0	1.0	1300	$1,100	$0.85	44d	1	0.39mi
50 Driftwood Cir Apt 2 Somerset, KY	2.0	1.0	921	$900	$0.98	44d	1	0.62mi
33 Driftwood Cir Apt 1 Somerset, KY	2.0	1.0	986	$900	$0.91	44d	1	0.66mi
19 Driftwood Cir Unit 2 Somerset, KY	2.0	1.0	986	$900	$0.91	44d	1	0.66mi
71 Driftwood Cir Apt 2 Somerset, KY	2.0	1.0	921	$900	$0.98	44d	1	0.66mi
115 Beecher St Unit A Somerset, KY	2.0	1.0	1000	$1,200	$1.20	44d	1	0.91mi
207 Beecher St Unit 1 Somerset, KY	3.0	1.0	1500	$1,300	$0.87	44d	1	0.96mi
709 W Columbia St Somerset, KY	2.0	1.0	1000	$1,000	$1.00	44d	1	1.07mi
706 W Columbia St Somerset, KY	3.0	2.0	1400	$1,200	$0.86	44d	1	1.10mi

Listing history 33 events

1. 2026-06-21
   days on market $59,900 Active 249 DOM
2. 2026-06-18
   days on market $59,900 Active 247 DOM
3. 2026-06-17
   pricedays on market $59,900 Active 246 DOM
4. 2026-06-16
   days on market $69,900 Active 245 DOM
5. 2026-06-15
   days on market $69,900 Active 244 DOM
6. 2026-06-13
   days on market $69,900 Active 242 DOM
7. 2026-06-12
   days on market $69,900 Active 241 DOM
8. 2026-06-09
   days on market $69,900 Active 238 DOM
9. 2026-06-08
   days on market $69,900 Active 237 DOM
10. 2026-06-07
    days on market $69,900 Active 236 DOM
11. 2026-06-07
    days on market $69,900 Active 235 DOM
12. 2026-06-04
    days on market $69,900 Active 232 DOM
13. 2026-06-02
    days on market $69,900 Active 231 DOM
14. 2026-06-01
    days on market $69,900 Active 230 DOM
15. 2026-05-31
    days on market $69,900 Active 229 DOM
16. 2026-05-31
    days on market $69,900 Active 228 DOM
17. 2026-05-04
    price $69,900 326-char remark

    Show marketing remark (326 chars)

    Great Fixer upper in Downtown Somerset. This home is currently used for a rental and features a Lg Kitchen, Dining rm and Living Rm. Main Bedroom is on the first floor. 2BR's and 1 Bath are located on the second floor. Back yard is nice and flat with plenty of parking. Great location, walking distance to everything downtown.

18. 2026-02-14
    price $79,900 326-char remark

    Show marketing remark (326 chars)

    Great Fixer upper in Downtown Somerset. This home is currently used for a rental and features a Lg Kitchen, Dining rm and Living Rm. Main Bedroom is on the first floor. 2BR's and 1 Bath are located on the second floor. Back yard is nice and flat with plenty of parking. Great location, walking distance to everything downtown.

19. 2026-01-22
    status Active 326-char remark

    Show marketing remark (326 chars)

    Great Fixer upper in Downtown Somerset. This home is currently used for a rental and features a Lg Kitchen, Dining rm and Living Rm. Main Bedroom is on the first floor. 2BR's and 1 Bath are located on the second floor. Back yard is nice and flat with plenty of parking. Great location, walking distance to everything downtown.

20. 2025-12-12
    status Pending 326-char remark

    Show marketing remark (326 chars)

    Great Fixer upper in Downtown Somerset. This home is currently used for a rental and features a Lg Kitchen, Dining rm and Living Rm. Main Bedroom is on the first floor. 2BR's and 1 Bath are located on the second floor. Back yard is nice and flat with plenty of parking. Great location, walking distance to everything downtown.

21. 2025-09-03
    listed $89,900 Active 326-char remark

    Show marketing remark (326 chars)

    Great Fixer upper in Downtown Somerset. This home is currently used for a rental and features a Lg Kitchen, Dining rm and Living Rm. Main Bedroom is on the first floor. 2BR's and 1 Bath are located on the second floor. Back yard is nice and flat with plenty of parking. Great location, walking distance to everything downtown.

22. 2022-05-01
    historical
23. 2019-12-31
    historical
24. 2019-07-29
    listed $59,900
25. 2019-07-29
    listed $59,900
26. 2017-12-20
    soldstatus $36,300
27. 2013-03-31
    historical
28. 2012-12-10
    listed $53,500
29. 2012-07-31
    historical
30. 2012-03-01
    listed $49,900
31. 2012-02-29
    historical
32. 2011-05-16
    listed $49,900
33. 2009-11-03
    soldstatus $20,000

ⓘ 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: $122 · $10/mo
• Projected year-2 tax: $515 · $43/mo
• Expected delta: +$393/yr (+$33/mo · 320.5%)

ⓘ 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 5/10 Major 7 d/yr ≥102°F today · 20 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,509
• − Mortgage interest: −$3,355
• − Property taxes: −$122
• − Insurance: −$300
• − Repairs & maintenance: −$1,001
• − Management: −$1,001
• − Depreciation: −$1,743
• Taxable income: $4,988
• Est. tax owed @ 24.0%: −$1,197
• After-tax cash flow: $4,494/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: Somerset Independent
• NCES district ID: 2105430
• Math proficiency: 36% ▼ -17.00%
• Reading proficiency: 44% ▼ -18.00%
• Median HH income: $28,554
• Composite: 32.42/100
• National rank: #5727
• State rank: #42 of 165 in KY

Livability — Somerset

• Score: 67/100
• State rank: #208
• US rank: #10207

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Somerset, KY
• Population (ZIP): 17,441

Population outlook (Pulaski County) Hauer SSP2

• Today (2025): 65,414 people
• By 2030: 65,828 · +0.6%
• By 2040: 65,972 · +0.9%
• By 2050: 65,108 · -0.5%
• By 2075: 61,647 · -5.8%
• By 2100: 53,613 · -18.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 3% Hispanic / Latino 3% Black 2%
• Common ancestry: Slovak 3% Serbian 2% Italian 2%
• Foreign-born: 1%

Political lean MEDSL · Pulaski

• 2024 margin: Solid R (+65.2) · D 16.9% · R 82.1% · Other 1.0%
• 2008→2024 swing: -9.9pp toward R · 2008: -55.4pp · 2024: -65.2pp
• All cycles: 2024: R+65.2 2020: R+62.7 2016: R+66.7 2012: R+60.5 2008: R+55.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -70.04%
• Current HPI: 284.0445
• Rent YoY: —
• Metro: —
• 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

+249.5% since first listed

17 events — show timeline

• 2026-05-04 Price Changed $69,900 ImagineMLS
• 2026-02-14 Price Changed $79,900 ImagineMLS
• 2026-01-22 Relisted — ImagineMLS
• 2025-12-12 Pending — ImagineMLS
• 2025-09-03 Listed $89,900 ImagineMLS
• 2022-05-01 Listing Removed — ImagineMLS
• 2019-12-31 Listing Removed — ImagineMLS
• 2019-07-29 Listed $59,900 ImagineMLS
• 2019-07-29 Listed $59,900 ImagineMLS
• 2017-12-20 Sold (Public Records) $36,300 Public Records
• 2013-03-31 Listing Removed — ImagineMLS
• 2012-12-10 Listed $53,500 ImagineMLS
• 2012-07-31 Listing Removed — ImagineMLS
• 2012-03-01 Listed $49,900 ImagineMLS
• 2012-02-29 Listing Removed — ImagineMLS
• 2011-05-16 Listed $49,900 ImagineMLS
• 2009-11-03 Sold (Public Records) $20,000 Public Records

Property tax history

-9.8%/yr

Latest (2025): $122 · +35.1% YoY. Source: county tax records.