145 Lake St

Bellevue, KY 41073

$375,000D

4 bd · 2.0 ba · 1,848 sqft · Built 1951 · Other · Active · 33 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,075/mo
• Mortgage (P&I): −$1,967
• Tax + insurance: −$350
• HOA: −$0
• Vac / Maint / Mgmt: −$646
• Net cashflow: $113/mo
• Annual: $1,356/yr
• Cap rate: 6.65%
• Cash-on-cash: 1.29%
• DSCR: 1.06
• 1% rule: 0.82%
• Cash to close: $105,000

Investor read

• This is a 4-bed/2.0-bath other listed at $375k.
• At list price, monthly cash flow is $113 ($1k/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 $307k (18.0% below list).
• It's been on market 33 days — a 3% lower offer ($364k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $307k (18.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 92/100 on livability (#8 in KY, #24 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+.
• Bellevue Independent (suburban): math 17% / reading 33% proficiency, ranked #136 of 165 in KY (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Grandview Elementary School (math 8% / reading 32%, grade F, #568 of 676 statewide, top 84%, 277 students, 65% FRL); Bellevue High School (math 22% / reading 32%, grade F, #158 of 254 statewide, top 68%, 362 students, 61% FRL).
• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 49 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 247 units permitted in Campbell County in 2024 (77 in 5+ unit buildings).
• 3 sale attempts since 25y 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; list at $375k implies a 188% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.7% vs local median 4.5% in Bellevue — 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.
• At $3,075/mo this rent would consume 52% of the median local household income ($71k/yr) (locally 173% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 33 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.