1844 Highway 1350 · Manchester, KY 40962

$55,000

2 bd · 1.0 ba · 912 sqft · SingleFamily · 491 Days on market

Built 1960 0.50 ac lot ↓ 15% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0

Listing remarks

2 bedroom 1 bathroom. There have been some recent renovations such as some dry wall work, paint, flooring, roof (2017). Make it your own with a little TLC.

Key facts

• Roof
• Recent renovations
• Flooring

Tags

• RECENT RENOVATIONS
• DRY WALL WORK
• PAINT
• FLOORING
• ROOF

Property features AI

Exterior

• Utilities: Septic tank sewer
• Home design: Single-story house
• Construction: Aluminum siding; Block foundation; Metal roof; Total building area approximately 912
• Exterior features: Rural, trees/woods, mountain and farm views; Half-acre lot (assessor); Public water

Interior

• Kitchen: Includes refrigerator and range
• Bedrooms: Total of 8 rooms (bedrooms count not specified)
• Flooring: Carpet; Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard heating
• Interior features: Refrigerator; Range
• Laundry & utility: Basement with partial, unfinished areas and walk-out / walk-up access

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $310 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($874 rent vs $55k).
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.1% vs local median 2.6% in Manchester — 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 64/100 on livability (#299 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A-, health & safety A-; Watch: amenities F, commute F, employment F.
• Clay County (rural): math 21% / reading 37% proficiency, ranked #130 of 165 in KY (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Burning Springs Elementary (math 17% / reading 37%, grade F, #434 of 676 statewide, top 69%, 303 students, 79% FRL); Clay County Middle School (math 21% / reading 38%, grade F, #151 of 217 statewide, top 71%, 407 students, 74% FRL); Clay County High School (math 17% / reading 27%, grade F, #202 of 254 statewide, top 82%, 717 students, 70% FRL).
• Market conditions: 84 active listings in the ZIP.

Forward outlook

• In year one you build about $6k of equity ($380 loan paydown + $6k appreciation (10.0% local appreciation)).
• Clay County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 491 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $48,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 491 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.59% ✓
• Cap rate: 13.06%
• Cash-on-cash: 24.17%
• DSCR: 2.08
• GRM: 5.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 42.5%
• Equity multiple: 4.23×
• Total profit: $49,720
• Equity at exit: $49,548

10-year hold

• IRR: 36.7%
• Equity multiple: 9.50×
• Total profit: $130,910
• Equity at exit: $106,853

Cash invested: $15,400 (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 40962

• Home prices YoY: 21.0%
• Active inventory: 84
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $874 medium
• Mortgage (P&I): −$288
• Tax est. 1.5%: −$69 /mo · $825/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$183
• Net cashflow: $310

Break-even live

Break-even rent $481

Max offer price $55,000

Occupancy floor 60%

Sensitivity live

Price	-10% $348	-5% $329	+0% $310	+5% $291	+10% $272
Rent	-10% $241	-5% $276	+0% $310	+5% $345	+10% $379
Rate	-1.0pp $338	-0.5pp $324	base $310	+0.5pp $296	+1.0pp $281

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $55,000 Active 491 DOM
2. 2026-06-18
   days on market $55,000 Active 489 DOM
3. 2026-06-17
   days on market $55,000 Active 488 DOM
4. 2026-06-16
   days on market $55,000 Active 487 DOM
5. 2026-06-15
   days on market $55,000 Active 486 DOM
6. 2026-06-13
   days on market $55,000 Active 484 DOM
7. 2026-06-12
   days on market $55,000 Active 483 DOM
8. 2026-06-09
   days on market $55,000 Active 480 DOM
9. 2026-06-08
   days on market $55,000 Active 479 DOM
10. 2026-06-07
    days on market $55,000 Active 478 DOM
11. 2026-06-07
    days on market $55,000 Active 477 DOM
12. 2026-06-04
    days on market $55,000 Active 474 DOM
13. 2026-06-02
    days on market $55,000 Active 473 DOM
14. 2026-06-01
    days on market $55,000 Active 472 DOM
15. 2026-05-31
    days on market $55,000 Active 471 DOM
16. 2026-05-31
    days on market $55,000 Active 470 DOM
17. 2026-02-12
    status Active
18. 2026-02-12
    price $55,000
19. 2025-12-31
    historical
20. 2025-01-02
    listed $65,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥100°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% 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: $10,484
• − Mortgage interest: −$3,081
• − Property taxes: −$825
• − Insurance: −$275
• − Repairs & maintenance: −$839
• − Management: −$839
• − Depreciation: −$1,600
• Taxable income: $3,026
• Est. tax owed @ 24.0%: −$726
• After-tax cash flow: $2,995/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: Clay County
• NCES district ID: 2101230
• Math proficiency: 21% ▼ -30.00%
• Reading proficiency: 37% ▼ -20.00%
• Median HH income: $23,180
• Composite: 22.75/100
• National rank: #8031
• State rank: #130 of 165 in KY

Livability — Manchester

• Score: 64/100
• State rank: #299
• US rank: #14340

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 17,390

Population outlook (Clay County) Hauer SSP2

• Today (2025): 20,004 people
• By 2030: 19,285 · -3.6%
• By 2040: 17,619 · -11.9%
• By 2050: 15,782 · -21.1%
• By 2075: 11,489 · -42.6%
• By 2100: 7,949 · -60.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Black 5% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Slovak 2% Italian 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Clay

• 2024 margin: Solid R (+80.3) · D 9.2% · R 89.5% · Other 1.3%
• 2008→2024 swing: -23.9pp toward R · 2008: -56.5pp · 2024: -80.3pp
• All cycles: 2024: R+80.3 2020: R+77.0 2016: R+75.6 2012: R+68.6 2008: R+56.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 50.40%
• Current HPI: 290.0025
• 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

-15.4% since first listed

4 events — show timeline

• 2026-02-12 Relisted — ImagineMLS
• 2026-02-12 Price Changed $55,000 ImagineMLS
• 2025-12-31 Listing Removed — ImagineMLS
• 2025-01-02 Listed $65,000 ImagineMLS