506 Millwood Dr · Franklin, KY 42134

$199,850

3 bd · 1.5 ba · 1,050 sqft · SingleFamily public records · 151 Days on market

Built 1996 7,405 sqft lot $190/sqft · 13% below area Est $231k · 13% under

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Why this score? — see what drove the D 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).

• ARV discount +13.5/15.0
• Cash flow +11.4/30.0
• DSCR +3.3/10.0
• Livability +3.2/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 3-Bedroom Home Near Simpson Elementary! This well-maintained 3-bedroom, 1.5-bath home offers approximately 1,050 sq ft of comfortable living space and numerous recent updates. Improvements include brand-new flooring throughout, a new HVAC system, new windows, a new water heater, fresh exterior pressure washing, and new screens on the back porch—perfect for enjoying the outdoors year-round. Situated in a quiet, established neighborhood just steps from Simpson Elementary School, this property is currently tenant-occupied and producing income, making it an excellent investment opportunity. It also offers great potential as a starter home or downsizing option with a manageable layout and low-maintenance features. Conveniently located near schools, parks, and local amenities. A turnkey property with strong appeal—don’t miss this opportunity!

Key facts

• New flooring
• New water heater
• New hvac system

Tags

• NEW FLOORING
• NEW HVAC SYSTEM
• NEW WINDOWS
• NEW WATER HEATER
• NEW SCREENS ON BACK PORCH
• QUIET ESTABLISHED NEIGHBORHOOD

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $-70 ($-846/yr) — negative.
• To cash-flow at today's rent, offer at most $187k (6.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $143k (28.3% below list).
• Recommended offer: $143k (28.3% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 3.9% in Franklin — 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 65/100 on livability (#266 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, employment F.
• Simpson County (town): math 29% / reading 39% proficiency, ranked #72 of 165 in KY (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Simpson Elementary School (math 26% / reading 27%, grade F, #469 of 676 statewide, top 70%, 726 students, 69% FRL); Franklin-Simpson Middle School (math 29% / reading 39%, grade F, #103 of 217 statewide, top 48%, 687 students, 69% FRL); Franklin-Simpson High School (math 27% / reading 42%, grade F, #76 of 254 statewide, top 34%, 817 students, 63% FRL) — zoned schools average 67% FRL vs 52% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 282 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 204 units permitted in Simpson County in 2024 (31 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 $6k of value loss. Plan a longer hold.
• Simpson County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 151 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $63k; list at $200k implies a 217% 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 $143,214 (28.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 151 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
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 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.72% ✗
• Cap rate: 5.87%
• Cash-on-cash: -1.51%
• DSCR: 0.93
• GRM: 11.6

CMA / ARV

• ARV (median comp): $230,641
• List price: $199,850
• Delta: -13.35%
• 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
1307 Miller Pond Rd	0.27mi	3/1.5	1,025 (-2%)	1mo	$198,000	$193	82
1307 Valley Ridge Rd	0.31mi	3/1.5	1,050 (0%)	5mo	$215,000	$205	82
513 Clearview St	0.17mi	3/1.5	1,100 (+5%)	4mo	$196,000	$178	80
505 Clearview St	0.16mi	3/1.0	996 (-5%)	3mo	$200,000	$201	79
1105 Redbud St	0.37mi	3/2.0	1,012 (-4%)	0mo	$204,000	$202	74
506 Brooks Ave	0.40mi	2/2.0 (-1)	1,114 (+6%)	2mo	$219,900	$197	63
1107 Brook Ct	0.57mi	3/2.0	1,120 (+7%)	3mo	$232,900	$208	58
1107 Brook Ct Lot 4	0.57mi	3/2.0	1,120 (+7%)	3mo	$232,900	$208	58
1111 Brook Ct Lot 6	0.60mi	3/2.0	1,120 (+7%)	2mo	$246,000	$220	57
1111 Brook Ct	0.60mi	3/2.0	1,120 (+7%)	2mo	$246,000	$220	57
403 Fairview Ave	0.71mi	3/2.0	1,140 (+9%)	3mo	$221,500	$194	48
814 W Madison St	0.52mi	4/2.0 (+1)	1,176 (+12%)	2mo	$140,000	$119	48

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: -18.9%
• Equity multiple: 0.34×
• Total profit: $-36,962
• Equity at exit: $29,798

10-year hold

• IRR: -11.5%
• Equity multiple: 0.32×
• Total profit: $-38,326
• Equity at exit: $17,279

Cash invested: $55,958 (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 42134

• Home prices YoY: -27.7%
• Active inventory: 282
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $1,432 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$71 /mo · $847/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$301
• Net cashflow: $-70

Break-even live

Break-even rent $1,521

Max offer price $187,399

Occupancy floor 100%

Sensitivity live

Price	-10% $43	-5% $-14	+0% $-70	+5% $-127	+10% $-184
Rent	-10% $-184	-5% $-127	+0% $-70	+5% $-14	+10% $43
Rate	-1.0pp $30	-0.5pp $-20	base $-70	+0.5pp $-122	+1.0pp $-175

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: $49,962
• Closing costs: $5,996
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1248 Derek Dr Franklin, KY	3.0	2.0	1200	$1,650	$1.38	15d	1	0.33mi
1248 Derek Dr Franklin, KY	3.0	2.0	1200	$1,650	$1.38	23d	1	0.33mi
845 W Madison St Franklin, KY	1.0–2.0	1.0	900	$999	$1.11	14d	4	0.40mi
845 W Madison St Unit 20 Franklin, KY	2.0	1.0	900	$999	$1.11	23d	1	0.40mi
965 W Madison St Apt C2 Franklin, KY	2.0	2.0	1070	$1,025	$0.96	23d	1	0.41mi
813 W Madison St Franklin, KY	1.0–2.0	1.0–2.0	788	$1,195	$1.52	3d	7	0.53mi
1500 Easton St Unit 15106 Franklin, KY	2.0	1.5	1220	$1,395	$1.14	15d	1	0.55mi
413 Fairview Ave Apt B Franklin, KY	2.0	1.0	850	$1,050	$1.24	15d	1	0.68mi
411 Fairview Ave Apt C Franklin, KY	3.0	1.5	1450	$1,250	$0.86	25d	1	0.69mi
1030 Brookview Dr Unit 21C Franklin, KY	2.0	1.0	976	$950	$0.97	45d	1	1.00mi
205 Walker St Apt B Franklin, KY	3.0	2.5	1150	$1,750	$1.52	45d	1	1.19mi
413 E Madison St Franklin, KY	2.0	1.0	1000	$1,300	$1.30	45d	1	1.20mi
716 Calumet Cir Franklin, KY	3.0	2.0	1400	$1,900	$1.36	12d	1	1.35mi
714 Calumet Cir Franklin, KY	3.0	2.0	1400	$1,900	$1.36	45d	1	1.35mi
317 Sunset Cir Franklin, KY	4.0	1.5	1124	$1,600	$1.42	23d	1	1.37mi

Listing history 7 events

1. 2026-03-16
   price $199,850 875-char remark

   Show marketing remark (875 chars)

   Charming 3-Bedroom Home Near Simpson Elementary! This well-maintained 3-bedroom, 1.5-bath home offers approximately 1,050 sq ft of comfortable living space and numerous recent updates. Improvements include brand-new flooring throughout, a new HVAC system, new windows, a new water heater, fresh exterior pressure washing, and new screens on the back porch—perfect for enjoying the outdoors year-round. Situated in a quiet, established neighborhood just steps from Simpson Elementary School, this property is currently tenant-occupied and producing income, making it an excellent investment opportunity. It also offers great potential as a starter home or downsizing option with a manageable layout and low-maintenance features. Conveniently located near schools, parks, and local amenities. A turnkey property with strong appeal—don’t miss this opportunity!

2. 2026-03-05
   price $210,000 875-char remark

   Show marketing remark (875 chars)

   Charming 3-Bedroom Home Near Simpson Elementary! This well-maintained 3-bedroom, 1.5-bath home offers approximately 1,050 sq ft of comfortable living space and numerous recent updates. Improvements include brand-new flooring throughout, a new HVAC system, new windows, a new water heater, fresh exterior pressure washing, and new screens on the back porch—perfect for enjoying the outdoors year-round. Situated in a quiet, established neighborhood just steps from Simpson Elementary School, this property is currently tenant-occupied and producing income, making it an excellent investment opportunity. It also offers great potential as a starter home or downsizing option with a manageable layout and low-maintenance features. Conveniently located near schools, parks, and local amenities. A turnkey property with strong appeal—don’t miss this opportunity!

3. 2025-12-27
   listed $215,000 Active 875-char remark

   Show marketing remark (875 chars)

   Charming 3-Bedroom Home Near Simpson Elementary! This well-maintained 3-bedroom, 1.5-bath home offers approximately 1,050 sq ft of comfortable living space and numerous recent updates. Improvements include brand-new flooring throughout, a new HVAC system, new windows, a new water heater, fresh exterior pressure washing, and new screens on the back porch—perfect for enjoying the outdoors year-round. Situated in a quiet, established neighborhood just steps from Simpson Elementary School, this property is currently tenant-occupied and producing income, making it an excellent investment opportunity. It also offers great potential as a starter home or downsizing option with a manageable layout and low-maintenance features. Conveniently located near schools, parks, and local amenities. A turnkey property with strong appeal—don’t miss this opportunity!

4. 2025-10-15
   price $215,000
5. 2025-09-15
   listed $225,000 Active
6. 2025-06-30
   listed $225,000 Active
7. 2005-06-30
   soldstatus $63,000

ⓘ 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: $847 · $71/mo
• Projected year-2 tax: $1,719 · $143/mo
• Expected delta: +$872/yr (+$73/mo · 103.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥106°F today · 20 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 6% 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: $17,186
• − Mortgage interest: −$11,195
• − Property taxes: −$847
• − Insurance: −$999
• − Repairs & maintenance: −$1,375
• − Management: −$1,375
• − Depreciation: −$5,814
• Taxable loss: −$4,419
• Est. tax savings @ 24.0%: +$1,060
• After-tax cash flow: $215/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: Simpson County
• NCES district ID: 2105400
• Math proficiency: 29% ▼ -18.00%
• Reading proficiency: 39% ▼ -16.00%
• Median HH income: $41,691
• Composite: 28.69/100
• National rank: #6692
• State rank: #72 of 165 in KY

Livability — Franklin

• Score: 65/100
• State rank: #266
• US rank: #13010

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Franklin, KY
• County: Simpson County · 19,380 people
• City population: 19,380
• Metro: nan
• Population (ZIP): 19,380
• Household income: $59,113
• Rent vs Own: 34.7% rent · 65.3% own
• Severe rent burden: 576.0

Population outlook (Simpson County) Hauer SSP2

• Today (2025): 19,331 people
• By 2030: 19,921 · +3.1%
• By 2040: 20,975 · +8.5%
• By 2050: 21,736 · +12.4%
• By 2075: 23,536 · +21.8%
• By 2100: 23,054 · +19.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Black 7% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Slovak 4% Italian 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Simpson

• 2024 margin: Solid R (+43.9) · D 27.4% · R 71.2% · Other 1.4%
• 2008→2024 swing: -21.1pp toward R · 2008: -22.7pp · 2024: -43.9pp
• All cycles: 2024: R+43.9 2020: R+36.7 2016: R+39.0 2012: R+24.1 2008: R+22.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -84.92%
• Current HPI: 221.6725
• Rent YoY: —
• Metro: nan
• 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

+217.2% since first listed

7 events — show timeline

• 2026-03-16 Price Changed $199,850 RASKMLS
• 2026-03-05 Price Changed $210,000 RASKMLS
• 2025-12-27 Listed $215,000 RASKMLS
• 2025-10-15 Price Changed $215,000 RASKMLS
• 2025-09-15 Listed $225,000 RASKMLS
• 2025-06-30 Listed $225,000 RASKMLS
• 2005-06-30 Sold (Public Records) $63,000 Public Records

Property tax history

+4.2%/yr

Latest (2025): $847 · -0.8% YoY. Source: county tax records.