25 Spencer Rd · Warsaw, KY 41095

$59,900

2 bd · 1.0 ba · 924 sqft · SingleFamily public records · 44 Days on market

Built 1984 0.90 ac lot

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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
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• Appreciation +9.2/10.0
• ARV discount +7.5/15.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0

Listing remarks MLS

Great single-wide just minutes from downtown Warsaw and I-71! Sitting on almost an acre which feels remote while being close to schools, grocery, industry, etc. Stainless kitchen appliances in the open kitchen/living room floor plan stay with home. Conventional or cash buyers. Unsure whether home would go FHA because we're not positive it would meet their specific guidelines. Inspections are welcome but seller will not be making any repairs. Buyer to verify all details.

Key facts

• Step free living
• Covered side deck
• Storage shed

Tags

• ONE LEVEL
• STEP FREE LIVING
• OPEN KITCHEN LIVING DINING
• COVERED SIDE DECK
• OPEN FRONT DECK
• STORAGE SHED

Property features AI

Exterior

• Parking: Driveway
• Utilities: Public water; Septic tank sewer; Cable available
• Home design: Single wide manufactured home; One level; Residential property
• Construction: Built in 1984; Vinyl siding; Metal roof; Mobile home base foundation
• Exterior features: Covered porch; Deck; Shed(s) / storage; Has view

Interior

• Kitchen: Electric range; Microwave; Refrigerator
• Bedrooms: Primary bedroom (14 x 10); Second bedroom (10 x 10)
• Bathrooms: 1 full bathroom (10 x 7)
• Heating & cooling: Pellet stove heating; Window air conditioning unit(s)
• Interior features: Beamed ceilings; Pellet stove fireplace
• Laundry & utility: Washer hookup (main level); Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $318 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($885 rent vs $60k).
• Recommended offer: $58k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.7% vs local median 4.5% in Warsaw — 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 61/100 on livability (#376 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment D+, amenities F, commute F.
• Gallatin County (rural): math 20% / reading 31% proficiency, ranked #137 of 165 in KY (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Gallatin County Upper Elementary (math 18% / reading 32%, grade F, #483 of 676 statewide, top 72%, 290 students, 70% FRL); Gallatin County Middle School (math 22% / reading 30%, grade F, #178 of 217 statewide, top 83%, 326 students, 67% FRL); Gallatin County High School (math 22% / reading 32%, grade F, #158 of 254 statewide, top 68%, 493 students, 65% FRL).
• Market conditions: 46 active listings in the ZIP; 56 units permitted in Gallatin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($414 loan paydown + $5k appreciation (8.4% local appreciation)).
• Gallatin County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (8.4% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 13y ago; this cycle's ask has dropped $10k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $47k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $58,103 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 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. 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?
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: 1.48% ✓
• Cap rate: 12.67%
• Cash-on-cash: 22.77%
• DSCR: 2.01
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

8.37% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 38.6%
• Equity multiple: 3.77×
• Total profit: $46,375
• Equity at exit: $47,037

10-year hold

• IRR: 34.2%
• Equity multiple: 8.13×
• Total profit: $119,567
• Equity at exit: $94,865

Cash invested: $16,772 (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 41095

• Home prices YoY: 2.9%
• Active inventory: 46
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $885 medium
• Mortgage (P&I): −$314
• Tax from tax record: −$42 /mo · $499/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$186
• Net cashflow: $318

Break-even live

Break-even rent $482

Max offer price $59,900

Occupancy floor 59%

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-02
   days on market $59,900 Active 44 DOM
2. 2026-06-01
   days on market $59,900 Active 43 DOM
3. 2026-05-31
   days on market $59,900 Active 42 DOM
4. 2026-05-31
   days on market $59,900 Active 41 DOM
5. 2026-05-18
   price $59,900
6. 2026-04-19
   listed $69,900 Active
7. 2024-11-22
   soldstatus $47,000
8. 2024-11-02
   soldstatus $47,000 Sold 477-char remark

   Show marketing remark (477 chars)

   Great single-wide just minutes from downtown Warsaw and I-71! Sitting on almost an acre which feels remote while being close to schools, grocery, industry, etc. Stainless kitchen appliances in the open kitchen/living room floor plan stay with home. Conventional or cash buyers. Unsure whether home would go FHA because we're not positive it would meet their specific guidelines. Inspections are welcome but seller will not be making any repairs. Buyer to verify all details.

9. 2024-10-27
   status Pending 477-char remark

   Show marketing remark (477 chars)

   Great single-wide just minutes from downtown Warsaw and I-71! Sitting on almost an acre which feels remote while being close to schools, grocery, industry, etc. Stainless kitchen appliances in the open kitchen/living room floor plan stay with home. Conventional or cash buyers. Unsure whether home would go FHA because we're not positive it would meet their specific guidelines. Inspections are welcome but seller will not be making any repairs. Buyer to verify all details.

10. 2024-10-14
    price $52,000 477-char remark

    Show marketing remark (477 chars)

    Great single-wide just minutes from downtown Warsaw and I-71! Sitting on almost an acre which feels remote while being close to schools, grocery, industry, etc. Stainless kitchen appliances in the open kitchen/living room floor plan stay with home. Conventional or cash buyers. Unsure whether home would go FHA because we're not positive it would meet their specific guidelines. Inspections are welcome but seller will not be making any repairs. Buyer to verify all details.

11. 2024-07-20
    listed $60,000 Active 477-char remark

    Show marketing remark (477 chars)

    Great single-wide just minutes from downtown Warsaw and I-71! Sitting on almost an acre which feels remote while being close to schools, grocery, industry, etc. Stainless kitchen appliances in the open kitchen/living room floor plan stay with home. Conventional or cash buyers. Unsure whether home would go FHA because we're not positive it would meet their specific guidelines. Inspections are welcome but seller will not be making any repairs. Buyer to verify all details.

12. 2018-06-28
    historical
13. 2017-12-28
    listed $34,000
14. 2016-03-21
    soldstatus $22,000
15. 2013-09-26
    soldstatus $7,920
16. 2013-08-09
    listed $7,920
17. 2013-07-08
    soldstatus $41,334
18. 2013-06-10
    soldstatus $8,000
19. 1998-07-01
    soldstatus $14,000

ⓘ 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: $499 · $42/mo
• Projected year-2 tax: $515 · $43/mo
• Expected delta: +$16/yr (+$1/mo · 3.2%)

ⓘ 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 2/10 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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,617
• − Mortgage interest: −$3,355
• − Property taxes: −$499
• − Insurance: −$300
• − Repairs & maintenance: −$849
• − Management: −$849
• − Depreciation: −$1,743
• Taxable income: $3,021
• Est. tax owed @ 24.0%: −$725
• After-tax cash flow: $3,094/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: Gallatin County
• NCES district ID: 2102130
• Math proficiency: 20% ▼ -15.00%
• Reading proficiency: 31% ▼ -16.00%
• Median HH income: $46,041
• Composite: 22.05/100
• National rank: #8195
• State rank: #137 of 165 in KY

Livability — Warsaw

• Score: 61/100
• State rank: #376
• US rank: #17814

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 3,775

Population outlook (Gallatin County) Hauer SSP2

• Today (2025): 8,658 people
• By 2030: 8,616 · -0.5%
• By 2040: 8,410 · -2.9%
• By 2050: 8,140 · -6.0%
• By 2075: 7,308 · -15.6%
• By 2100: 6,671 · -22.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 7% Black 6% Two or more races 5% Asian 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Slovak 1% Italian 1% Scottish 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 6% French/Haitian/Cajun 0%

Political lean MEDSL · Gallatin

• 2024 margin: Solid R (+59.9) · D 19.4% · R 79.4% · Other 1.2%
• 2008→2024 swing: -42.3pp toward R · 2008: -17.6pp · 2024: -59.9pp
• All cycles: 2024: R+59.9 2020: R+55.4 2016: R+50.8 2012: R+17.0 2008: R+17.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.37%
• Current HPI: 293.2896
• 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

+327.9% since first listed

15 events — show timeline

• 2026-05-18 Price Changed $59,900 NKMLS
• 2026-04-19 Listed $69,900 NKMLS
• 2024-11-22 Sold (Public Records) $47,000 Public Records
• 2024-11-02 Sold (MLS) $47,000 NKMLS
• 2024-10-27 Pending — NKMLS
• 2024-10-14 Price Changed $52,000 NKMLS
• 2024-07-20 Listed $60,000 NKMLS
• 2018-06-28 Listing Removed — Metro Search MLS
• 2017-12-28 Listed $34,000 Metro Search MLS
• 2016-03-21 Sold (Public Records) $22,000 Public Records
• 2013-09-26 Sold (MLS) $7,920 NKMLS
• 2013-08-09 Listed $7,920 NKMLS
• 2013-07-08 Sold (Public Records) $41,334 Public Records
• 2013-06-10 Sold (Public Records) $8,000 Public Records
• 1998-07-01 Sold (Public Records) $14,000 Public Records

Property tax history

+6.7%/yr

Latest (2025): $499 · +113.2% YoY. Source: county tax records.