204 Old Nicholson Rd · Walton, KY 41094

$155,000

3 bd · 1.0 ba · 1,257 sqft · SingleFamily public records · 11 Days on market

Built 1943 0.42 ac lot Est $290k · 47% 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 +21.4/30.0
• ARV discount +15.0/15.0
• DSCR +6.8/10.0
• 1% rule +6.0/10.0
• Schools +3.8/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 3 bedroom, 1 full bath home in Walton Verona School District! Nice lot on a dead-end street with a large storage barn! Newly remodeled bathroom and kitchen. All kitchen appliances included!

Key facts

• 0.42 acre lot
• Garage
• Built 1943

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $231 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Cap rate 8.1% vs local median 2.8% in Walton — 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 73/100 on livability (#115 in KY, #4,981 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Walton-Verona Independent (rural): math 37% / reading 48% proficiency, ranked #23 of 165 in KY (top 14%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Walton-Verona Elementary School (math 52% / reading 48%, grade D+, #98 of 676 statewide, top 15%, 734 students, 38% FRL); Walton-Verona Middle School (math 31% / reading 49%, grade F, #59 of 217 statewide, top 29%, 547 students, 34% FRL); Walton-Verona High School (math 37% / reading 42%, grade F, #40 of 254 statewide, top 19%, 549 students, 30% FRL) — zoned schools at 34% FRL track the district average.
• Market conditions: 179 active listings in the ZIP; 1,430 units permitted in Boone County in 2024 (928 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Boone County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 6y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1943 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $155,000

Questions for the listing agent

1. Built in 1943 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. 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.
5. 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.
6. 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: 1.10% ✓
• Cap rate: 8.08%
• Cash-on-cash: 6.39%
• DSCR: 1.28
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $290,367
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
204 Old Nicholson Rd	0.00mi	3/1.0	1,257 (0%)	1mo	$161,500	$128	99
566 Summer Pointe Dr	0.35mi	3/2.0	1,344 (+7%)	3mo	$295,000	$219	66
246 Ashwood Dr	0.17mi	3/1.0	1,122 (-11%)	12mo	$209,900	$187	64
404 Lost Creek Dr	0.38mi	3/2.0	1,288 (+2%)	13mo	$290,000	$225	64
107 Brookwood Dr	0.32mi	4/1.5 (+1)	1,296 (+3%)	13mo	$245,900	$190	62
12229 Mashburn Dr	0.47mi	3/2.0	1,296 (+3%)	10mo	$300,000	$231	61
324 Rocky Pointe Ct	0.32mi	3/2.0	1,352 (+8%)	10mo	$262,500	$194	61
614 Summer Pointe Dr	0.50mi	3/2.5	1,248 (-1%)	11mo	$315,000	$252	60
117 Haley Ln	0.55mi	3/2.5	1,210 (-4%)	7mo	$315,000	$260	56
1132 Gemstone Pointe Dr	0.45mi	3/2.0	1,152 (-8%)	11mo	$295,000	$256	52
308 Rocky Pointe Ct	0.36mi	4/3.0 (+1)	1,321 (+5%)	13mo	$325,000	$246	51
11521 Ridgetop Dr	0.72mi	3/2.0	1,343 (+7%)	12mo	$310,000	$231	41

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: -6.4%
• Equity multiple: 0.76×
• Total profit: $-10,349
• Equity at exit: $23,111

10-year hold

• IRR: 3.2%
• Equity multiple: 1.23×
• Total profit: $10,160
• Equity at exit: $13,402

Cash invested: $43,400 (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 41094

• Home prices YoY: -28.1%
• Active inventory: 179
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,710 medium
• Mortgage (P&I): −$813
• Tax from tax record: −$243 /mo · $2,914/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$359
• Net cashflow: $231

Break-even live

Break-even rent $1,418

Max offer price $155,000

Occupancy floor 82%

Sensitivity live

Price	-10% $319	-5% $275	+0% $231	+5% $187	+10% $143
Rent	-10% $96	-5% $163	+0% $231	+5% $299	+10% $366
Rate	-1.0pp $309	-0.5pp $270	base $231	+0.5pp $191	+1.0pp $150

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-02-11
   status Pending
2. 2026-01-30
   listed $155,000 Active
3. 2024-11-06
   status Active
4. 2024-09-23
   status Pending
5. 2024-09-23
   historical
6. 2024-08-05
   price $207,000
7. 2024-08-05
   status Active
8. 2024-07-26
   status Pending
9. 2024-07-15
   price $239,900
10. 2024-07-05
    listed $250,000 Active
11. 2022-03-17
    soldstatus $180,000
12. 2022-03-15
    soldstatus $180,000 Sold 200-char remark

    Show marketing remark (200 chars)

    Charming 3 bedroom, 1 full bath home in Walton Verona School District! Nice lot on a dead-end street with a large storage barn! Newly remodeled bathroom and kitchen. All kitchen appliances included!

13. 2022-01-31
    status Pending 200-char remark

    Show marketing remark (200 chars)

    Charming 3 bedroom, 1 full bath home in Walton Verona School District! Nice lot on a dead-end street with a large storage barn! Newly remodeled bathroom and kitchen. All kitchen appliances included!

14. 2022-01-28
    listed $170,000 Active 200-char remark

    Show marketing remark (200 chars)

    Charming 3 bedroom, 1 full bath home in Walton Verona School District! Nice lot on a dead-end street with a large storage barn! Newly remodeled bathroom and kitchen. All kitchen appliances included!

15. 2021-08-20
    historical
16. 2021-08-13
    listed $165,000 Active
17. 2020-07-17
    soldstatus $124,500
18. 2020-07-15
    soldstatus $124,500 Closed
19. 2020-06-24
    status Pending
20. 2020-06-22
    price $125,900
21. 2020-06-17
    price $138,000
22. 2020-06-17
    status Active
23. 2020-03-16
    status Pending
24. 2020-03-12
    listed $119,900 Active
25. 1997-06-04
    soldstatus $64,000

ⓘ 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: $2,914 · $243/mo
• Projected year-2 tax: $2,914 · $243/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥102°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,526
• − Mortgage interest: −$8,682
• − Property taxes: −$2,914
• − Insurance: −$775
• − Repairs & maintenance: −$1,642
• − Management: −$1,642
• − Depreciation: −$4,509
• Taxable income: $361
• Est. tax owed @ 24.0%: −$87
• After-tax cash flow: $2,685/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: Walton-Verona Independent
• NCES district ID: 2105700
• Math proficiency: 37% ▼ -13.00%
• Reading proficiency: 48% ▼ -16.00%
• Median HH income: $62,603
• Composite: 37.73/100
• National rank: #4354
• State rank: #23 of 165 in KY

Livability — Walton

• Score: 73/100
• State rank: #115
• US rank: #4981

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Walton, KY
• Population (ZIP): 14,798

Population outlook (Boone County) Hauer SSP2

• Today (2025): 144,066 people
• By 2030: 152,005 · +5.5%
• By 2040: 166,776 · +15.8%
• By 2050: 178,974 · +24.2%
• By 2075: 204,515 · +42.0%
• By 2100: 215,306 · +49.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 5% Hispanic / Latino 4% Pacific Islander 1%
• Common ancestry: Slovak 1% Iranian 1% Lithuanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 3% Other Asian/Pacific 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Boone

• 2024 margin: Solid R (+37.2) · D 30.6% · R 67.8% · Other 1.7%
• 2008→2024 swing: -2.7pp toward R · 2008: -34.5pp · 2024: -37.2pp
• All cycles: 2024: R+37.2 2020: R+35.7 2016: R+41.8 2012: R+38.7 2008: R+34.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -88.84%
• Current HPI: 227.3544
• 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

+142.2% since first listed

25 events — show timeline

• 2026-02-11 Pending — NKMLS
• 2026-01-30 Listed $155,000 NKMLS
• 2024-11-06 Relisted — NKMLS
• 2024-09-23 Pending — NKMLS
• 2024-09-23 Listing Removed — NKMLS
• 2024-08-05 Price Changed $207,000 NKMLS
• 2024-08-05 Relisted — NKMLS
• 2024-07-26 Pending — NKMLS
• 2024-07-15 Price Changed $239,900 NKMLS
• 2024-07-05 Listed $250,000 NKMLS
• 2022-03-17 Sold (Public Records) $180,000 Public Records
• 2022-03-15 Sold (MLS) $180,000 NKMLS
• 2022-01-31 Pending — NKMLS
• 2022-01-28 Listed $170,000 NKMLS
• 2021-08-20 Listing Removed — NKMLS
• 2021-08-13 Listed $165,000 NKMLS
• 2020-07-17 Sold (Public Records) $124,500 Public Records
• 2020-07-15 Sold (MLS) $124,500 NKMLS
• 2020-06-24 Pending — NKMLS
• 2020-06-22 Price Changed $125,900 NKMLS
• 2020-06-17 Price Changed $138,000 NKMLS
• 2020-06-17 Relisted — NKMLS
• 2020-03-16 Pending — NKMLS
• 2020-03-12 Listed $119,900 NKMLS
• 1997-06-04 Sold (Public Records) $64,000 Public Records

Property tax history

+6.1%/yr

Latest (2025): $2,914 · -0.7% YoY. Source: county tax records.