928 Nepton Rd

Elizaville, KY 41039

$42,000B

3 bd · 1.0 ba · 1,647 sqft · Built — · SingleFamily · Active · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,195/mo
• Mortgage (P&I): −$220
• Tax + insurance: −$89
• HOA: −$0
• Vac / Maint / Mgmt: −$251
• Net cashflow: $635/mo
• Annual: $7,618/yr
• Cap rate: 26.02%
• Cash-on-cash: 70.45%
• DSCR: 4.13
• 1% rule: 2.85%
• Cash to close: $11,760

Investor read

• This is a 3-bed/1.0-bath single-family listed at $42k.
• At list price, monthly cash flow is $635 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $42k).
• It's been on market 28 days — a 2% lower offer ($41k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $41k (1.5% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($290 loan paydown + $1k appreciation (3.0% local appreciation)).
• Location reads 40/100 on livability (#535 in KY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: amenities F, commute F, employment F.
• Fleming County (rural): math 26% / reading 41% proficiency, ranked #83 of 165 in KY (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Simons Middle School (math 26% / reading 43%, grade F, #99 of 217 statewide, top 47%, 325 students, 65% FRL).
• Watch-outs: flood insurance adds $56/mo.
• Market conditions: 13 active listings in the ZIP; 2 units permitted in Fleming County in 2024 (0 in 5+ unit buildings).
• Current owner paid $11k; list at $42k implies a 285% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.