2420 Old Bull Rd

Eubank, KY 42567

$159,900C

3 bd · 2.0 ba · 1,248 sqft · Built 2020 · Other · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,559/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$145
• HOA: −$0
• Vac / Maint / Mgmt: −$327
• Net cashflow: $248/mo
• Annual: $2,980/yr
• Cap rate: 8.16%
• Cash-on-cash: 6.66%
• DSCR: 1.30
• 1% rule: 0.98%
• Cash to close: $44,772

Investor read

• This is a 3-bed/2.0-bath other listed at $160k.
• At list price, monthly cash flow is $248 ($3k/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 $156k (2.5% below list).
• It's been on market 17 days — a 2% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $156k (2.5% below list) — sets the bar for 1% rule.
• In year one you build about $5k of equity ($1k loan paydown + $4k appreciation (2.3% local appreciation)).
• Location reads 65/100 on livability (#262 in KY) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Pulaski County (town): math 43% / reading 53% proficiency, ranked #17 of 165 in KY (top 10%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Eubank Elementary School (math 27% / reading 47%, grade F, #255 of 676 statewide, top 42%, 368 students, 83% FRL); Pulaski County High School (math 42% / reading 47%, grade F, #21 of 254 statewide, top 10%, 1,209 students, 57% FRL).
• Market conditions: 36 active listings in the ZIP; 117 units permitted in Pulaski County in 2024 (50 in 5+ unit buildings).
• 4 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.
• Current owner paid $130k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (2.3% appreciation + 3.0% rent growth), your $45k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.2% vs local median 4.8% in Eubank — 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.