2859 Forest Ave · Ashland, KY 41101

$89,900

3 bd · 2.5 ba · 1,476 sqft · Other · 43 Days on market

5,760 sqft lot $61/sqft · 17% below area Est $109k · 17% under

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Why this score? — see what drove the B 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• Schools +3.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity to own a home in a convenient location or have a ready made income source. Both the home and the garage are currently occupied by long term tenants. The roof was replaced in 2015 per owner. With both on street and off street parking and a fenced-in yard you are set for either a growing family or sit back and grow your rental empire. Property could use some TLC but current tenants are happy with their living situation.

Key facts

• Garage apartment
• Dual rental income
• Corner lot

Tags

• CORNER LOT
• GARAGE APARTMENT
• DUAL RENTAL INCOME
• INVESTMENT OPPORTUNITY

Property features AI

Exterior

• Parking: Detached 2-car garage
• Home design: Single-family residence; One-story
• Exterior features: Lot approximately 60 x 96 (per public records)

Interior

• Bedrooms: Total of 5 rooms (bedrooms included)
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Interior features: Full finished main level; Basement present

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath other listed at $90k.

Deal economics

• At list price, monthly cash flow is $374 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.3% vs local median 5.4% in Ashland — 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 64/100 on livability (#304 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, amenities F, commute F.
• Ashland Independent (urban): math 32% / reading 44% proficiency, ranked #49 of 165 in KY (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 107 active listings in the ZIP; 2 units permitted in Boyd County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Boyd County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y 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 $32k; list at $90k implies a 179% gain — meaningful room to come down on a strong offer.

Recommended offer $87,203 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.30% ✓
• Cap rate: 11.29%
• Cash-on-cash: 17.84%
• DSCR: 1.79
• GRM: 6.4

CMA / ARV

• ARV (median comp): $108,890
• List price: $89,900
• Delta: -17.44%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 9.3%
• Equity multiple: 1.37×
• Total profit: $9,233
• Equity at exit: $13,404

10-year hold

• IRR: 18.5%
• Equity multiple: 2.53×
• Total profit: $38,612
• Equity at exit: $7,773

Cash invested: $25,172 (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 41101

• Active inventory: 107
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,168 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$40 /mo · $476/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $374

Break-even live

Break-even rent $694

Max offer price $89,900

Occupancy floor 63%

Sensitivity live

Price	-10% $425	-5% $400	+0% $374	+5% $349	+10% $323
Rent	-10% $282	-5% $328	+0% $374	+5% $420	+10% $466
Rate	-1.0pp $419	-0.5pp $397	base $374	+0.5pp $351	+1.0pp $327

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $89,900 Active 43 DOM
2. 2026-06-18
   days on market $89,900 Active 41 DOM
3. 2026-06-17
   days on market $89,900 Active 40 DOM
4. 2026-06-16
   days on market $89,900 Active 39 DOM
5. 2026-06-15
   days on market $89,900 Active 38 DOM
6. 2026-06-13
   days on market $89,900 Active 36 DOM
7. 2026-06-12
   days on market $89,900 Active 35 DOM
8. 2026-06-09
   days on market $89,900 Active 32 DOM
9. 2026-06-08
   days on market $89,900 Active 31 DOM
10. 2026-06-07
    days on market $89,900 Active 30 DOM
11. 2026-06-07
    days on market $89,900 Active 29 DOM
12. 2026-06-04
    days on market $89,900 Active 26 DOM
13. 2026-06-02
    days on market $89,900 Active 25 DOM
14. 2026-06-01
    days on market $89,900 Active 24 DOM
15. 2026-05-31
    days on market $89,900 Active 23 DOM
16. 2026-05-31
    days on market $89,900 Active 22 DOM
17. 2026-05-08
    listed $89,900 Active 625-char remark
18. 2019-02-27
    soldstatus $32,170 433-char remark

    Show marketing remark (433 chars)

    Opportunity to own a home in a convenient location or have a ready made income source. Both the home and the garage are currently occupied by long term tenants. The roof was replaced in 2015 per owner. With both on street and off street parking and a fenced-in yard you are set for either a growing family or sit back and grow your rental empire. Property could use some TLC but current tenants are happy with their living situation.

19. 2018-09-18
    listed $40,000 433-char remark

    Show marketing remark (433 chars)

    Opportunity to own a home in a convenient location or have a ready made income source. Both the home and the garage are currently occupied by long term tenants. The roof was replaced in 2015 per owner. With both on street and off street parking and a fenced-in yard you are set for either a growing family or sit back and grow your rental empire. Property could use some TLC but current tenants are happy with their living situation.

ⓘ 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: $476 · $40/mo
• Projected year-2 tax: $773 · $64/mo
• Expected delta: +$297/yr (+$25/mo · 62.5%)

ⓘ 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 4/10 Moderate 7 d/yr ≥103°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $14,015
• − Mortgage interest: −$5,036
• − Property taxes: −$476
• − Insurance: −$450
• − Repairs & maintenance: −$1,121
• − Management: −$1,121
• − Depreciation: −$2,615
• Taxable income: $3,196
• Est. tax owed @ 24.0%: −$767
• After-tax cash flow: $3,722/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: Ashland Independent
• NCES district ID: 2100150
• Math proficiency: 32% ▼ -16.00%
• Reading proficiency: 44% ▼ -15.00%
• Median HH income: $36,579
• Composite: 31.51/100
• National rank: #5971
• State rank: #49 of 165 in KY

Livability — Ashland

• Score: 64/100
• State rank: #304
• US rank: #14462

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ashland, KY
• City population: 19,331
• Population (ZIP): 19,331

Population outlook (Boyd County) Hauer SSP2

• Today (2025): 46,137 people
• By 2030: 44,585 · -3.4%
• By 2040: 41,442 · -10.2%
• By 2050: 38,313 · -17.0%
• By 2075: 31,077 · -32.6%
• By 2100: 23,432 · -49.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 5% Hispanic / Latino 3% Black 2% Asian 1%
• Common ancestry: Serbian 3% Slovak 2% Italian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Boyd

• 2024 margin: Solid R (+38.5) · D 30.0% · R 68.6% · Other 1.4%
• 2008→2024 swing: -26.2pp toward R · 2008: -12.3pp · 2024: -38.5pp
• All cycles: 2024: R+38.5 2020: R+33.2 2016: R+37.0 2012: R+16.3 2008: R+12.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -81.83%
• Current HPI: 148.0076
• 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

+124.8% since first listed

3 events — show timeline

• 2026-05-08 Listed $89,900 AABOR
• 2019-02-27 Sold (MLS) $32,170 AABOR
• 2018-09-18 Listed $40,000 AABOR

Property tax history

+7.2%/yr

Latest (2025): $476 · -1.1% YoY. Source: county tax records.