200 Thistlewood Ave #602 · Frankfort, KY 40601

$90,000

1 bd · 1.0 ba · 501 sqft · Other public records · 101 Days on market

$130/mo HOA · 16% 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).

• Cash flow +12.1/30.0
• ARV discount +7.5/15.0
• Rent growth +4.1/5.0
• 1% rule +4.0/10.0
• Livability +3.7/5.0
• DSCR +3.6/10.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Whether you are wanting low maintenance, a starter home, gearing into rental property or adding to your portfolio, this may be the on for you. With an open concept and great use of closet placements, this 1 bed 1 bath condo feels a lot bigger. Pool and laundry on site. HOA fees covers water, mowing and snow removal etc.

Key facts

• $130 HOA
• Community pool
• Listed 100 days

Property features AI

Finance

• Other: Building has 1 floor and contains 1 condo unit; Living area reported as 501
• HOA & community: Association fee required; Monthly maintenance fee charged ($130 reported)

Exterior

• Parking: No assigned parking
• Utilities: Electricity connected
• Home design: Condominium; Single-story building; Open plan architectural style; Unit located at 602
• Construction: Reported year built not provided; Other roof material
• Exterior features: Condominium unit (unit 602); Pets allowed with restrictions; Pool in association

Interior

• Kitchen: Kitchen on first floor
• Bedrooms: 1 bedroom (first floor)
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Cooling available
• Interior features: Open plan layout; 4 total rooms; No basement; No fireplaces; 1 closet
• Laundry & utility: No first-floor laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath other listed at $90k.

Deal economics

• At list price, monthly cash flow is $-19 ($-234/yr) — negative.
• To cash-flow at today's rent, offer at most $87k (3.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $81k (10.0% below list).
• Recommended offer: $81k (10.0% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 3.3% in Frankfort — 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 74/100 on livability (#111 in KY, #4,772 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment C-, schools D, amenities F.
• Franklin County (town): math 25% / reading 37% proficiency, ranked #89 of 165 in KY (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+6.5%/yr); 303 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 123 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).
• This rent is only 15% of the median local income ($66k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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.
• Franklin County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 101 days — a 9% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $34k; list at $90k implies a 165% gain — meaningful room to come down on a strong offer.

Recommended offer $81,009 (10.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.90% ✗
• Cap rate: 6.03%
• Cash-on-cash: -0.93%
• DSCR: 0.96
• GRM: 9.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.55% rent growth · sell at horizon

5-year hold

• IRR: -13.7%
• Equity multiple: 0.49×
• Total profit: $-12,792
• Equity at exit: $13,419

10-year hold

• IRR: 0.3%
• Equity multiple: 1.03×
• Total profit: $637
• Equity at exit: $7,782

Cash invested: $25,200 (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 40601

• Home prices YoY: -26.1%
• Rents YoY: 6.5%
• Active inventory: 303
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $810 medium
• Mortgage (P&I): −$472
• Tax from tax record: −$20 /mo · $240/yr
• Insurance: −$38
• HOA: −$130
• Vacancy / Maint / Mgmt: −$170
• Net cashflow: $-19

Break-even live

Break-even rent $835

Max offer price $86,561

Occupancy floor 97%

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
855 Louisville Rd Frankfort, KY	—	1.0	380	$695	$1.83	12d	1	0.10mi
401 Murray St Frankfort, KY	1.0	1.0	600	$725	$1.21	23d	1	1.04mi

HOA detail

• Monthly dues: $130 · $1,560/yr
• Likely covers: watersnow removalpool

Listing history 25 events

1. 2026-06-19
   days on market $90,000 Active 101 DOM
2. 2026-06-18
   days on market $90,000 Active 100 DOM
3. 2026-06-17
   days on market $90,000 Active 99 DOM
4. 2026-06-16
   days on market $90,000 Active 98 DOM
5. 2026-06-15
   days on market $90,000 Active 97 DOM
6. 2026-06-14
   days on market $90,000 Active 95 DOM
7. 2026-06-12
   days on market $90,000 Active 94 DOM
8. 2026-06-09
   days on market $90,000 Active 91 DOM
9. 2026-06-08
   days on market $90,000 Active 90 DOM
10. 2026-06-07
    days on market $90,000 Active 89 DOM
11. 2026-06-05
    days on market $90,000 Active 86 DOM
12. 2026-06-03
    days on market $90,000 Active 85 DOM
13. 2026-06-02
    days on market $90,000 Active 84 DOM
14. 2026-06-01
    days on market $90,000 Active 83 DOM
15. 2026-05-31
    days on market $90,000 Active 82 DOM
16. 2026-05-30
    days on market $90,000 Active 81 DOM
17. 2026-04-29
    price $90,000
18. 2026-03-10
    listed $93,000 Active
19. 2026-03-03
    historical
20. 2025-11-07
    price $95,000
21. 2025-10-03
    listed $100,000 Active
22. 2007-11-29
    soldstatus $34,000
23. 2002-10-22
    soldstatus $23,000
24. 1989-07-28
    soldstatus $18,500
25. 1980-10-01
    soldstatus $22,950

ⓘ 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: $240 · $20/mo
• Projected year-2 tax: $774 · $64/mo
• Expected delta: +$534/yr (+$45/mo · 223.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $9,721
• − Mortgage interest: −$5,041
• − Property taxes: −$240
• − Insurance: −$450
• − Repairs & maintenance: −$778
• − Management: −$778
• − HOA: −$1,560
• − Depreciation: −$2,618
• Taxable loss: −$1,743
• Est. tax savings @ 24.0%: +$418
• After-tax cash flow: $185/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: Franklin County
• NCES district ID: 2102010
• Math proficiency: 25% ▼ -15.00%
• Reading proficiency: 37% ▼ -14.00%
• Median HH income: $50,879
• Composite: 27.07/100
• National rank: #7049
• State rank: #89 of 165 in KY

Livability — Frankfort

• Score: 74/100
• State rank: #111
• US rank: #4772

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Frankfort, KY
• County: Franklin County · 51,893 people
• City population: 51,893
• Metro: Frankfort, KY
• Population (ZIP): 51,893
• Household income: $65,732
• Rent vs Own: 35.3% rent · 64.7% own
• Severe rent burden: 1621.0

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 52,996 people
• By 2030: 54,049 · +2.0%
• By 2040: 55,561 · +4.8%
• By 2050: 56,677 · +6.9%
• By 2075: 59,458 · +12.2%
• By 2100: 58,885 · +11.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Black 9% Two or more races 5% Hispanic / Latino 4% Asian 2%
• Common ancestry: Italian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 3% Other Asian/Pacific 1% Tagalog/Filipino 1%

Political lean MEDSL · Franklin

• 2024 margin: Toss-up / Even · D 46.6% · R 51.4% · Other 2.0%
• 2008→2024 swing: -4.2pp toward R · 2008: -0.6pp · 2024: -4.8pp
• All cycles: 2024: R+4.8 2020: R+0.9 2016: R+4.6 2012: D+0.8 2008: R+0.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -87.43%
• Current HPI: 248.0324
• Rent YoY: ▲ 6.55%
• Metro: Frankfort, 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

+292.2% since first listed

9 events — show timeline

• 2026-04-29 Price Changed $90,000 Metro Search MLS
• 2026-03-10 Listed $93,000 Metro Search MLS
• 2026-03-03 Listing Removed — Metro Search MLS
• 2025-11-07 Price Changed $95,000 Metro Search MLS
• 2025-10-03 Listed $100,000 Metro Search MLS
• 2007-11-29 Sold (Public Records) $34,000 Public Records
• 2002-10-22 Sold (Public Records) $23,000 Public Records
• 1989-07-28 Sold (Public Records) $18,500 Public Records
• 1980-10-01 Sold (Public Records) $22,950 Public Records

Property tax history

+6.3%/yr

Latest (2025): $240 · +1.3% YoY. Source: county tax records.