312 Conway St · Frankfort, KY 40601

$240,000

5 bd · 3.0 ba · 2,030 sqft · MultiFamily public records · 397 Days on market

3,000 sqft lot Est $207k · 16% over

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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 +23.5/30.0
• DSCR +7.5/10.0
• 1% rule +6.1/10.0
• Rent growth +4.1/5.0
• Livability +3.7/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• ARV discount +0.3/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

(Push Button Keybox) This 1 Story Duplex Is 3br, 2 Bath Up & 2 Bdr, 1 Bath Downstairs. Downstairs Is Now Under Repair & Will Be Complete Soon.

Key facts

• Separate lot
• Completely remodeled
• Historic district

Tags

• HISTORIC DISTRICT
• COMPLETELY REMODELED
• SEPARATE LOT

Property features AI

Finance

• Other: Zoned multi-family

Exterior

• Parking: Open parking
• Utilities: Electricity connected; Natural gas connected; Public water connected; Sewer connected
• Home design: Single-story duplex
• Construction: Total building area approximately 2,030
• Exterior features: Composition roof; Located in the Downtown subdivision; Lot approximately 0.069 acres

Interior

• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); Electric cooling
• Interior features: Duplex with two total units

What this means for you Summary

Snapshot

• This is a 2 × 3.0-bed/1.5-bath units multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $390 ($5k/yr) — positive. Per door: $195/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• Recommended offer: $211k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 3.3% in Frankfort — 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 74/100 on livability (#111 in KY, #4,772 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment C-, amenities F, health & safety F.
• Frankfort Independent (town): math 35% / reading 42% proficiency, ranked #45 of 165 in KY (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Second Street School (math 30% / reading 38%, grade F, #329 of 676 statewide, top 49%, 571 students, 53% FRL); Frankfort High School (math 57% / reading 57%, grade C, #6 of 254 statewide, top 2%, 322 students, 40% FRL).
• Market conditions: Rents rising fast (+6.5%/yr); 303 active listings in the ZIP; 123 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Franklin County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 6.5% rent growth), your $67k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 397 days — a 12% lower offer ($211k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $75k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $64k; list at $240k implies a 275% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $211,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 397 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.11% ✓
• Cap rate: 8.52%
• Cash-on-cash: 7.96%
• DSCR: 1.35
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $207,060
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
726/728 Woodland Ave	0.41mi	4/2.0 (-1)	2,032 (+0%)	13mo	$206,500	$102	61

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 · 6.55% rent growth · sell at horizon

5-year hold

• IRR: -1.6%
• Equity multiple: 0.94×
• Total profit: $-4,095
• Equity at exit: $35,785

10-year hold

• IRR: 11.7%
• Equity multiple: 2.08×
• Total profit: $72,260
• Equity at exit: $20,751

Cash invested: $67,200 (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 40601

• Home prices YoY: -26.1%
• Rents YoY: 6.5%
• Active inventory: 303
• Price-to-rent: 15.0×

Monthly cashflow live

• Estimated rent: $2,664 medium
• Mortgage (P&I): −$1,259
• Tax est. 1.5%: −$300 /mo · $3,600/yr
• Insurance: −$100
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$559
• Net cashflow: $390

Break-even live

Break-even rent $2,170

Max offer price $240,000

Occupancy floor 80%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3.0	1.5	$2,664
Total (2 units)			$2,664

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-02
   days on market $240,000 Active 397 DOM
2. 2026-06-01
   days on market $240,000 Active 396 DOM
3. 2026-05-31
   days on market $240,000 Active 395 DOM
4. 2026-05-30
   days on market $240,000 Active 394 DOM
5. 2026-04-23
   status Active
6. 2026-04-20
   historical
7. 2026-02-20
   price $240,000
8. 2026-01-07
   price $265,000
9. 2025-07-31
   price $285,000
10. 2025-05-28
    price $299,900
11. 2025-04-28
    listed $315,000 Active
12. 2003-09-17
    soldstatus $64,000 150-char remark

    Show marketing remark (150 chars)

    (Push Button Keybox) This 1 Story Duplex Is 3br, 2 Bath Up & 2 Bdr, 1 Bath Downstairs. Downstairs Is Now Under Repair & Will Be Complete Soon.

13. 2003-09-17
    soldstatus $64,000

    Show marketing remark (150 chars)

    (Push Button Keybox) This 1 Story Duplex Is 3br, 2 Bath Up & 2 Bdr, 1 Bath Downstairs. Downstairs Is Now Under Repair & Will Be Complete Soon.

14. 2002-05-29
    soldstatus $25,000
15. 1989-06-05
    soldstatus $10,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X · 98% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥103°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,968
• − Mortgage interest: −$13,444
• − Property taxes: −$3,600
• − Insurance: −$1,866
• − Repairs & maintenance: −$2,557
• − Management: −$2,557
• − Depreciation: −$6,982
• Taxable income: $961
• Est. tax owed @ 24.0%: −$231
• After-tax cash flow: $4,455/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: Frankfort Independent
• NCES district ID: 2101980
• Math proficiency: 35% ▼ -14.00%
• Reading proficiency: 42% ▼ -14.00%
• Median HH income: $35,212
• Composite: 31.81/100
• National rank: #5882
• State rank: #45 of 165 in KY

Livability — Frankfort

• Score: 74/100
• State rank: #111
• US rank: #4772

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Frankfort, KY
• County: Franklin County · 51,893 people
• City population: 51,893
• Metro: Frankfort, KY
• Population (ZIP): 51,893
• Household income: $65,732
• Rent vs Own: 35.3% rent · 64.7% own
• Severe rent burden: 1621.0

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 52,996 people
• By 2030: 54,049 · +2.0%
• By 2040: 55,561 · +4.8%
• By 2050: 56,677 · +6.9%
• By 2075: 59,458 · +12.2%
• By 2100: 58,885 · +11.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Black 9% Two or more races 5% Hispanic / Latino 4% Asian 2%
• Common ancestry: Italian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 3% Other Asian/Pacific 1% Tagalog/Filipino 1%

Political lean MEDSL · Franklin

• 2024 margin: Toss-up / Even · D 46.6% · R 51.4% · Other 2.0%
• 2008→2024 swing: -4.2pp toward R · 2008: -0.6pp · 2024: -4.8pp
• All cycles: 2024: R+4.8 2020: R+0.9 2016: R+4.6 2012: D+0.8 2008: R+0.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -87.43%
• Current HPI: 248.0324
• Rent YoY: ▲ 6.55%
• Metro: Frankfort, 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

+2300.0% since first listed

11 events — show timeline

• 2026-04-23 Relisted — ImagineMLS
• 2026-04-20 Listing Removed — ImagineMLS
• 2026-02-20 Price Changed $240,000 ImagineMLS
• 2026-01-07 Price Changed $265,000 ImagineMLS
• 2025-07-31 Price Changed $285,000 ImagineMLS
• 2025-05-28 Price Changed $299,900 ImagineMLS
• 2025-04-28 Listed $315,000 ImagineMLS
• 2003-09-17 Sold (Public Records) $64,000 Public Records
• 2003-09-17 Sold (MLS) $64,000 ImagineMLS
• 2002-05-29 Sold (Public Records) $25,000 Public Records
• 1989-06-05 Sold (Public Records) $10,000 Public Records

Property tax history

+2.0%/yr

Latest (2025): $365 · -0.1% YoY. Source: county tax records.