233 E Gallatin St · Adairville, KY 42202

$134,900

2 bd · 1.0 ba · 1,340 sqft · Other public records · 126 Days on market

Built 1930 1.00 ac lot $101/sqft · 14% below area Est $157k · 14% under

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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 +15.5/30.0
• ARV discount +13.8/15.0
• DSCR +4.8/10.0
• Appreciation +4.6/10.0
• Schools +3.3/10.0
• 1% rule +3.2/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome to this charming 2-bedroom, 1-bath home located just on the outskirts of Adairville. Sitting on a 1 +/- acre lot, offering 1,340 +/- square feet of comfortable living space, this property is the perfect starter home for anyone looking for peace and convenience. Enjoy beautiful hardwood floors in part of the home, a spacious layout, and a quiet setting just minutes from town. Priced at $134,900, this home is priced to sell and full of potential for a first-time buyer or someone looking to downsize. Don’t miss your chance to make this cozy home your own—schedule your showing today!

Key facts

• 1 acre lot
• Built 1930
• Listed 126 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $135k.

Deal economics

• At list price, monthly cash flow is $55 ($656/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 $110k (18.5% below list).
• Recommended offer: $110k (18.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 62/100 on livability (#353 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.
• Logan County (rural): math 35% / reading 44% proficiency, ranked #32 of 165 in KY (top 19%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 8 active listings in the ZIP; 30 units permitted in Logan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-0.7%/yr); year-one equity from $933 of loan paydown is wiped out by about $993 of value loss. Plan a longer hold.
• Logan County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 126 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $28k; list at $135k implies a 382% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $109,980 (18.5% below list)

Questions for the listing agent

1. It's been on market 126 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — 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: 0.82% ✗
• Cap rate: 6.78%
• Cash-on-cash: 1.74%
• DSCR: 1.08
• GRM: 10.2

CMA / ARV

• ARV (median comp): $156,993
• List price: $134,900
• Delta: -14.07%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Projected returns pro-forma

-0.74% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -3.0%
• Equity multiple: 0.86×
• Total profit: $-5,121
• Equity at exit: $34,279

10-year hold

• IRR: 3.4%
• Equity multiple: 1.33×
• Total profit: $12,465
• Equity at exit: $37,479

Cash invested: $37,772 (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 42202

• Home prices YoY: -0.3%
• Active inventory: 8
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $1,100 medium
• Mortgage (P&I): −$707
• Tax from tax record: −$51 /mo · $607/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $55

Break-even live

Break-even rent $1,031

Max offer price $134,900

Occupancy floor 90%

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $134,900 Active 126 DOM
2. 2026-06-17
   days on market $134,900 Active 125 DOM
3. 2026-06-16
   days on market $134,900 Active 124 DOM
4. 2026-06-15
   days on market $134,900 Active 123 DOM
5. 2026-06-14
   days on market $134,900 Active 121 DOM
6. 2026-06-13
   days on market $134,900 Active 120 DOM
7. 2026-06-10
   days on market $134,900 Active 118 DOM
8. 2026-06-09
   days on market $134,900 Active 117 DOM
9. 2026-06-08
   days on market $134,900 Active 116 DOM
10. 2026-06-07
    days on market $134,900 Active 115 DOM
11. 2026-06-03
    days on market $134,900 Active 111 DOM
12. 2026-06-02
    days on market $134,900 Active 110 DOM
13. 2026-06-01
    days on market $134,900 Active 109 DOM
14. 2026-05-31
    days on market $134,900 Active 108 DOM
15. 2026-05-31
    days on market $134,900 Active 107 DOM
16. 2026-04-29
    status Active 606-char remark

    Show marketing remark (606 chars)

    Welcome to this charming 2-bedroom, 1-bath home located just on the outskirts of Adairville. Sitting on a 1 +/- acre lot, offering 1,340 +/- square feet of comfortable living space, this property is the perfect starter home for anyone looking for peace and convenience. Enjoy beautiful hardwood floors in part of the home, a spacious layout, and a quiet setting just minutes from town. Priced at $134,900, this home is priced to sell and full of potential for a first-time buyer or someone looking to downsize. Don’t miss your chance to make this cozy home your own—schedule your showing today!

17. 2026-04-16
    historical Active Under Contract 606-char remark

    Show marketing remark (606 chars)

    Welcome to this charming 2-bedroom, 1-bath home located just on the outskirts of Adairville. Sitting on a 1 +/- acre lot, offering 1,340 +/- square feet of comfortable living space, this property is the perfect starter home for anyone looking for peace and convenience. Enjoy beautiful hardwood floors in part of the home, a spacious layout, and a quiet setting just minutes from town. Priced at $134,900, this home is priced to sell and full of potential for a first-time buyer or someone looking to downsize. Don’t miss your chance to make this cozy home your own—schedule your showing today!

18. 2026-03-31
    price $134,900 606-char remark

    Show marketing remark (606 chars)

    Welcome to this charming 2-bedroom, 1-bath home located just on the outskirts of Adairville. Sitting on a 1 +/- acre lot, offering 1,340 +/- square feet of comfortable living space, this property is the perfect starter home for anyone looking for peace and convenience. Enjoy beautiful hardwood floors in part of the home, a spacious layout, and a quiet setting just minutes from town. Priced at $134,900, this home is priced to sell and full of potential for a first-time buyer or someone looking to downsize. Don’t miss your chance to make this cozy home your own—schedule your showing today!

19. 2026-02-12
    listed $144,900 Active 606-char remark

    Show marketing remark (606 chars)

    Welcome to this charming 2-bedroom, 1-bath home located just on the outskirts of Adairville. Sitting on a 1 +/- acre lot, offering 1,340 +/- square feet of comfortable living space, this property is the perfect starter home for anyone looking for peace and convenience. Enjoy beautiful hardwood floors in part of the home, a spacious layout, and a quiet setting just minutes from town. Priced at $134,900, this home is priced to sell and full of potential for a first-time buyer or someone looking to downsize. Don’t miss your chance to make this cozy home your own—schedule your showing today!

20. 2025-11-11
    price $144,900
21. 2025-10-13
    listed $154,900 Active
22. 2015-07-22
    soldstatus $28,000
23. 2015-06-19
    listed $34,900
24. 1986-10-01
    soldstatus $10,000

ⓘ 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: $607 · $51/mo
• Projected year-2 tax: $1,160 · $97/mo
• Expected delta: +$553/yr (+$46/mo · 91.2%)

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥106°F today · 21 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,198
• − Mortgage interest: −$7,556
• − Property taxes: −$607
• − Insurance: −$674
• − Repairs & maintenance: −$1,056
• − Management: −$1,056
• − Depreciation: −$3,924
• Taxable loss: −$1,676
• Est. tax savings @ 24.0%: +$402
• After-tax cash flow: $1,058/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: Logan County
• NCES district ID: 2103540
• Math proficiency: 35% ▼ -17.00%
• Reading proficiency: 44% ▼ -14.00%
• Median HH income: $42,577
• Composite: 33.34/100
• National rank: #5492
• State rank: #32 of 165 in KY

Livability — Adairville

• Score: 62/100
• State rank: #353
• US rank: #16752

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: Adairville, KY
• Population (ZIP): 1,736

Population outlook (Logan County) Hauer SSP2

• Today (2025): 26,133 people
• By 2030: 25,572 · -2.1%
• By 2040: 24,247 · -7.2%
• By 2050: 22,849 · -12.6%
• By 2075: 19,587 · -25.0%
• By 2100: 15,927 · -39.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Black 10% Two or more races 10% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Slovak 3% Romanian 3% Serbian 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Other Asian/Pacific 2% Spanish 2%

Political lean MEDSL · Logan

• 2024 margin: Solid R (+55.1) · D 21.9% · R 76.9% · Other 1.2%
• 2008→2024 swing: -26.5pp toward R · 2008: -28.6pp · 2024: -55.1pp
• All cycles: 2024: R+55.1 2020: R+48.4 2016: R+46.1 2012: R+32.6 2008: R+28.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.74%
• Current HPI: 251.6318
• 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

+1249.0% since first listed

9 events — show timeline

• 2026-04-29 Relisted — RASKMLS
• 2026-04-16 Contingent — RASKMLS
• 2026-03-31 Price Changed $134,900 RASKMLS
• 2026-02-12 Listed $144,900 RASKMLS
• 2025-11-11 Price Changed $144,900 RASKMLS
• 2025-10-13 Listed $154,900 RASKMLS
• 2015-07-22 Sold (MLS) $28,000 RASKMLS
• 2015-06-19 Listed $34,900 RASKMLS
• 1986-10-01 Sold (Public Records) $10,000 Public Records

Property tax history

+10.0%/yr

Latest (2025): $607 · -0.8% YoY. Source: county tax records.