182 Boardwalk · Morehead, KY 40351

$150,000

3 bd · 2.0 ba · 1,344 sqft · SingleFamily public records · 78 Days on market

Built 2004 9,147 sqft lot $112/sqft · 10% below area Est $167k · 10% 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 +21.2/30.0
• ARV discount +12.0/15.0
• DSCR +6.7/10.0
• 1% rule +4.4/10.0
• Livability +3.1/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This manufactured home sits on a permanent foundation and offers 3 bedrooms and 2 bathrooms. Features include new roof, and a 3 year old HVAC for peace of mind. Conveniently located just off of I-64, near Cave Run Lake, and minutes from Morehead. An excellent opportunity for affordable living in Fleming county on the Rowan county line!

Key facts

• 9,147 sq ft lot
• Built 2004
• Listed 78 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $216 ($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 $141k (6.0% below list).
• Recommended offer: $141k (6.0% below list) — sets the bar for 1% rule.
• Cap rate 8.0% vs local median 4.7% in Morehead — 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 62/100 on livability (#345 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A; Watch: health & safety C-, schools D, housing D.
• Fleming County (rural): math 26% / reading 41% proficiency, ranked #83 of 165 in KY (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 147 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2 units permitted in Fleming County in 2024 (0 in 5+ unit buildings).
• This rent runs 33% of the median local income ($52k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y 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 $52k; list at $150k implies a 189% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,977 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.94% ✗
• Cap rate: 8.02%
• Cash-on-cash: 6.17%
• DSCR: 1.27
• GRM: 8.9

CMA / ARV

• ARV (median comp): $166,549
• List price: $150,000
• Delta: -9.94%
• Verdict: FAIR
• Comps: 9 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
29 Ventor Avenue Rd	0.04mi	3/2.0	1,344 (0%)	21mo	$177,000	$132	81
29 Ventnor Ave	0.04mi	3/2.0	1,344 (0%)	21mo	$176,000	$131	81
146 Pacific Ave	0.16mi	3/2.0	1,232 (-8%)	9mo	$160,000	$130	72

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: -6.8%
• Equity multiple: 0.75×
• Total profit: $-10,610
• Equity at exit: $22,365

10-year hold

• IRR: 2.7%
• Equity multiple: 1.20×
• Total profit: $8,219
• Equity at exit: $12,969

Cash invested: $42,000 (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 40351

• Home prices YoY: -22.6%
• Active inventory: 147
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,410 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$49 /mo · $583/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$296
• Net cashflow: $216

Break-even live

Break-even rent $1,136

Max offer price $150,000

Occupancy floor 80%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
50 Kad Ct Morehead, KY	2.0	2.0	912	$1,000	$1.10	14d	1	0.77mi

Listing history 26 events

1. 2026-06-18
   days on market $150,000 Active 78 DOM
2. 2026-06-17
   days on market $150,000 Active 77 DOM
3. 2026-06-16
   days on market $150,000 Active 76 DOM
4. 2026-06-15
   days on market $150,000 Active 75 DOM
5. 2026-06-14
   days on market $150,000 Active 73 DOM
6. 2026-06-13
   days on market $150,000 Active 72 DOM
7. 2026-06-10
   days on market $150,000 Active 70 DOM
8. 2026-06-09
   days on market $150,000 Active 69 DOM
9. 2026-06-08
   days on market $150,000 Active 68 DOM
10. 2026-06-07
    days on market $150,000 Active 67 DOM
11. 2026-06-03
    days on market $150,000 Active 63 DOM
12. 2026-06-02
    days on market $150,000 Active 62 DOM
13. 2026-06-01
    days on market $150,000 Active 61 DOM
14. 2026-05-31
    days on market $150,000 Active 60 DOM
15. 2026-05-31
    days on market $150,000 Active 59 DOM
16. 2026-03-30
    historical
17. 2026-03-19
    price $150,000
18. 2026-01-15
    price $160,000
19. 2025-12-31
    listed $170,000 Active

    Show marketing remark (337 chars)

    This manufactured home sits on a permanent foundation and offers 3 bedrooms and 2 bathrooms. Features include new roof, and a 3 year old HVAC for peace of mind. Conveniently located just off of I-64, near Cave Run Lake, and minutes from Morehead. An excellent opportunity for affordable living in Fleming county on the Rowan county line!

20. 2025-12-31
    listed $150,000 Active 337-char remark

    Show marketing remark (337 chars)

    This manufactured home sits on a permanent foundation and offers 3 bedrooms and 2 bathrooms. Features include new roof, and a 3 year old HVAC for peace of mind. Conveniently located just off of I-64, near Cave Run Lake, and minutes from Morehead. An excellent opportunity for affordable living in Fleming county on the Rowan county line!

21. 2021-03-10
    soldstatus $51,909
22. 2019-10-02
    soldstatus $50,000
23. 2015-08-13
    soldstatus $50,000
24. 2015-08-07
    soldstatus $50,000
25. 2015-07-23
    historical
26. 2015-01-22
    listed $64,900

ⓘ 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: $583 · $49/mo
• Projected year-2 tax: $1,290 · $108/mo
• Expected delta: +$707/yr (+$59/mo · 121.4%)

ⓘ 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 6/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥101°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,917
• − Mortgage interest: −$8,402
• − Property taxes: −$583
• − Insurance: −$750
• − Repairs & maintenance: −$1,353
• − Management: −$1,353
• − Depreciation: −$4,364
• Taxable income: $112
• Est. tax owed @ 24.0%: −$27
• After-tax cash flow: $2,566/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: Fleming County
• NCES district ID: 2101920
• Math proficiency: 26% ▼ -29.00%
• Reading proficiency: 41% ▼ -17.00%
• Median HH income: $34,964
• Composite: 27.61/100
• National rank: #6928
• State rank: #83 of 165 in KY

Livability — Morehead

• Score: 62/100
• State rank: #345
• US rank: #16479

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Rowan County · 22,322 people
• City population: 22,322
• Metro: nan
• Population (ZIP): 22,322
• Household income: $51,835
• Rent vs Own: 37.6% rent · 62.4% own
• Severe rent burden: 589.0

Population outlook (Fleming County) Hauer SSP2

• Today (2025): 14,917 people
• By 2030: 14,997 · +0.5%
• By 2040: 15,033 · +0.8%
• By 2050: 14,808 · -0.7%
• By 2075: 14,037 · -5.9%
• By 2100: 12,176 · -18.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 2% Two or more races 2% Black 1%
• Common ancestry: Slovak 2% Serbian 1% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Fleming

• 2024 margin: Solid R (+60.6) · D 19.1% · R 79.7% · Other 1.3%
• 2008→2024 swing: -40.9pp toward R · 2008: -19.8pp · 2024: -60.6pp
• All cycles: 2024: R+60.6 2020: R+57.5 2016: R+54.0 2012: R+32.3 2008: R+19.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -59.28%
• Current HPI: 203.0786
• 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

+131.1% since first listed

11 events — show timeline

• 2026-03-30 Listing Removed — ImagineMLS
• 2026-03-19 Price Changed $150,000 ImagineMLS
• 2026-01-15 Price Changed $160,000 ImagineMLS
• 2025-12-31 Listed $150,000 ImagineMLS
• 2025-12-31 Listed $170,000 ImagineMLS
• 2021-03-10 Sold (Public Records) $51,909 Public Records
• 2019-10-02 Sold (Public Records) $50,000 Public Records
• 2015-08-13 Sold (Public Records) $50,000 Public Records
• 2015-08-07 Sold (MLS) $50,000 ImagineMLS
• 2015-07-23 Listing Removed — ImagineMLS
• 2015-01-22 Listed $64,900 ImagineMLS

Property tax history

-0.3%/yr

Latest (2025): $583 · +13.9% YoY. Source: county tax records.