2140 Fort Harrods Dr #23 · Lexington-Fayette, KY 40513

$310,000

3 bd · 2.0 ba · 2,244 sqft · Townhouse public records · 11 Days on market

Built 1983 3,746 sqft lot Est $487k · 36% under $245/mo HOA · 9% of rent

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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 +15.0/15.0
• Cash flow +13.5/30.0
• DSCR +4.1/10.0
• 1% rule +3.7/10.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this beautifully maintained 3-bedroom, 2-bath home located in the desirable Quail's Run community! This thoughtfully designed unit features a convenient first-floor in-law suite, perfect for guests, multi-generational living, or a home office. Upstairs, you'll find the spacious primary bedroom along with an additional bedroom, both connected by a Jack-and-Jill style bathroom for added functionality. A versatile second-floor loft provides the perfect space for a work-from-home setup, office, or additional lounge area. The kitchen is equipped with granite countertops and flows seamlessly into the main living areas, creating an inviting space for everyday living and entertaining. Bo

Key facts

• Second-floor loft
• Tile flooring
• Granite countertops

Tags

• FIRST-FLOOR IN-LAW SUITE
• JACK-AND-JILL STYLE BATHROOM
• SECOND-FLOOR LOFT
• GRANITE COUNTERTOPS
• TILE FLOORING
• NEW ROOF

Property features AI

Finance

• HOA & community: Association with monthly fee; Owner pays common area maintenance

Exterior

• Parking: Attached garage; Driveway
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected; Sewer connected; Water connected
• Home design: Two levels
• Construction: Brick veneer; HardiPlank-type siding
• Exterior features: Shingle roof; Block foundation

Interior

• Kitchen: Microwave; Oven; Refrigerator
• Bedrooms: Upper level bedroom(s)
• Flooring: Carpet; Laminate; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating; Electric cooling
• Interior features: Entrance foyer; Walk-in closet(s); Ceiling fan(s); Fireplace; Insulated windows; Blinds
• Laundry & utility: Washer hookup (upper level); Electric dryer hookup; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $310k.

Deal economics

• At list price, monthly cash flow is $10 ($119/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 $271k (12.5% below list).
• Recommended offer: $271k (12.5% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 3.8% in Lexington-Fayette — 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: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Fayette County (urban): math 35% / reading 45% proficiency, ranked #27 of 165 in KY (top 16%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Rosa Parks Elementary School (math 69% / reading 67%, grade B+, #11 of 676 statewide, top 1%, 706 students, 15% FRL); Beaumont Middle School (math 44% / reading 58%, grade C, #20 of 217 statewide, top 10%, 843 students, 40% FRL); Paul Laurence Dunbar High School (math 51% / reading 49%, grade D+, #12 of 254 statewide, top 4%, 1,946 students, 46% FRL).
• Zoned-school proficiency averages 56% at this address vs 40% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Fayette County average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 52 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,036 units permitted in Fayette County in 2024 (542 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Fayette County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 19y 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 $120k; list at $310k implies a 158% gain — meaningful room to come down on a strong offer.

Recommended offer $271,125 (12.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.87% ✗
• Cap rate: 6.33%
• Cash-on-cash: 0.14%
• DSCR: 1.01
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $486,948
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2140 Fort Harrods Dr #19	0.00mi	3/3.0	2,004 (-11%)	5mo	$280,000	$140	74
2140 Fort Harrods Dr #14	0.00mi	3/3.0	1,981 (-12%)	6mo	$276,500	$140	72
3475 Lyon Dr #47	0.12mi	4/3.0 (+1)	2,205 (-2%)	14mo	$335,000	$152	71
2265 Stone Garden Ln	0.66mi	3/2.5	2,320 (+3%)	2mo	$425,000	$183	60
1994 Fort Harrods Dr	0.54mi	2/2.0 (-1)	2,354 (+5%)	2mo	$545,000	$232	60
3464 Rabbits Foot Trl	0.61mi	2/2.0 (-1)	2,345 (+4%)	2mo	$570,000	$243	57
2244 Stone Garden Ln	0.66mi	3/2.5	2,328 (+4%)	13mo	$445,000	$191	51
1956 Ft. Harrods Dr	0.67mi	3/2.0	2,321 (+3%)	16mo	$600,000	$259	49
3334 Beacon St	0.65mi	3/3.0	2,508 (+12%)	1mo	$545,000	$217	46
3222 Beacon St	0.59mi	4/3.5 (+1)	2,452 (+9%)	2mo	$536,900	$219	44
3324 Beaumont Centre Cir	0.61mi	3/2.5	2,508 (+12%)	14mo	$495,000	$197	38
3202 Beacon St	0.65mi	4/3.5 (+1)	2,453 (+9%)	9mo	$552,000	$225	36

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: -16.1%
• Equity multiple: 0.43×
• Total profit: $-49,569
• Equity at exit: $46,222

10-year hold

• IRR: -7.7%
• Equity multiple: 0.51×
• Total profit: $-42,213
• Equity at exit: $26,803

Cash invested: $86,800 (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 40513

• Home prices YoY: -26.6%
• Active inventory: 52
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $2,711 medium
• Mortgage (P&I): −$1,626
• Tax from tax record: −$132 /mo · $1,586/yr
• Insurance: −$129
• HOA: −$245
• Vacancy / Maint / Mgmt: −$569
• Net cashflow: $10

Break-even live

Break-even rent $2,699

Max offer price $310,000

Occupancy floor 95%

Sensitivity live

Price	-10% $185	-5% $98	+0% $10	+5% $-78	+10% $-166
Rent	-10% $-204	-5% $-97	+0% $10	+5% $117	+10% $224
Rate	-1.0pp $166	-0.5pp $89	base $10	+0.5pp $-70	+1.0pp $-152

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: $77,500
• Closing costs: $9,300
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3313 Fort Harrods Ct Lexington, KY	3.0	3.0	1625	$2,225	$1.37	24d	1	0.08mi
3438 Snaffle Rd Lexington, KY	4.0	3.0	2640	$2,995	$1.13	15d	1	0.24mi
2149 Palomar Trace Dr Lexington, KY	3.0	2.5	2838	$3,300	$1.16	22d	1	0.41mi
3924 Gladman Way Lexington, KY	4.0	2.5	2250	$2,800	$1.24	24d	1	1.27mi

HOA detail

• Monthly dues: $245 · $2,940/yr

Listing history 9 events

1. 2026-06-18
   pricedays on market $310,000 Active 11 DOM
2. 2026-06-13
   days on market $319,900 Active 10 DOM
3. 2026-06-10
   days on market $319,900 Active 8 DOM
4. 2026-06-09
   days on market $319,900 Active 7 DOM
5. 2026-06-08
   days on market $319,900 Active 6 DOM
6. 2026-06-07
   days on market $319,900 Active 5 DOM
7. 2026-06-05
   days on market $319,900 Active 2 DOM
8. 2026-06-03
   remarks 699-char remark
9. 2026-06-03
   listed $319,900 Active 1 DOM

ⓘ 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: $1,586 · $132/mo
• Projected year-2 tax: $2,666 · $222/mo
• Expected delta: +$1,080/yr (+$90/mo · 68.1%)

ⓘ 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 ≥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: $32,535
• − Mortgage interest: −$17,365
• − Property taxes: −$1,586
• − Insurance: −$1,550
• − Repairs & maintenance: −$2,603
• − Management: −$2,603
• − HOA: −$2,940
• − Depreciation: −$9,018
• Taxable loss: −$5,130
• Est. tax savings @ 24.0%: +$1,231
• After-tax cash flow: $1,350/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: Fayette County
• NCES district ID: 2101860
• Math proficiency: 35% ▼ -16.00%
• Reading proficiency: 45% ▼ -13.00%
• Median HH income: $49,245
• Composite: 34.38/100
• National rank: #5211
• State rank: #27 of 165 in KY

Livability — Lexington-Fayette

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Lexington-Fayette, KY
• County: Fayette County · 317,143 people
• City population: 321,882
• Metro: Lexington-Fayette, KY
• Population (ZIP): 11,032
• Household income: $128,013
• Rent vs Own: 27.1% rent · 72.9% own
• Severe rent burden: 103.0

Population outlook (Fayette County) Hauer SSP2

• Today (2025): 363,454 people
• By 2030: 388,270 · +6.8%
• By 2040: 438,688 · +20.7%
• By 2050: 490,667 · +35.0%
• By 2075: 625,394 · +72.1%
• By 2100: 721,354 · +98.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Asian 20% Two or more races 4% Hispanic / Latino 3% Black 2%
• Common ancestry: Slovak 3% Serbian 3% Italian 2%
• Foreign-born: 19% · China, Canada, South Korea
• Languages at home: 78% English-only · Chinese 9% Other Asian/Pacific 4% Spanish 3%

Political lean MEDSL · Fayette

• 2024 margin: D (+18.1) · D 58.0% · R 39.9% · Other 2.1%
• 2008→2024 swing: +13.3pp toward D · 2008: 4.8pp · 2024: 18.1pp
• All cycles: 2024: D+18.1 2020: D+20.8 2016: D+9.5 2012: D+1.0 2008: D+4.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -82.36%
• Current HPI: 226.938
• Rent YoY: —
• Metro: Lexington-Fayette, KY
• 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

+128.7% since first listed

10 events — show timeline

• 2026-06-02 Listed $319,900 ImagineMLS
• 2018-11-01 Listing Removed — ImagineMLS
• 2018-10-17 Listed $224,900 ImagineMLS
• 2015-03-12 Listing Removed — ImagineMLS
• 2014-10-02 Listed $145,900 ImagineMLS
• 2011-05-08 Listing Removed — ImagineMLS
• 2010-12-12 Listed $164,000 ImagineMLS
• 2008-04-12 Sold (MLS) $120,000 ImagineMLS
• 2008-02-22 Listing Removed — ImagineMLS
• 2007-12-23 Listed $139,900 ImagineMLS

Property tax history

+2.1%/yr

Latest (2015): $1,586 · +2.1% YoY. Source: county tax records.