1055 N Buckman St

Shepherdsville, KY 40165

$5,990,000C

2 bd · 1.0 ba · 900 sqft · Built 1995 · MultiFamily · Active · 123 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $67,590/mo
• Mortgage (P&I): −$31,412
• Tax + insurance: −$9,983
• HOA: −$0
• Vac / Maint / Mgmt: −$14,194
• Net cashflow: $12,001/mo
• Annual: $144,007/yr
• Cap rate: 8.70%
• Cash-on-cash: 8.59%
• DSCR: 1.38
• 1% rule: 1.13%
• Cash to close: $1,677,200

Investor read

• This is a 2-bed/1.0-bath multifamily listed at $5.99M. Condition is rated good.
• At list price, monthly cash flow is $12k ($144k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($68k rent vs $5.99M).
• It's been on market 123 days — a 12% lower offer ($5.27M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $5.27M (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $41k of loan paydown is wiped out by about $180k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#119 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: amenities F, commute F.
• Bullitt County (suburban): math 29% / reading 41% proficiency, ranked #55 of 165 in KY (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Shepherdsville Elementary (math 21% / reading 31%, grade F, #473 of 676 statewide, top 70%, 516 students, 72% FRL); Bullitt Lick Middle School (math 17% / reading 32%, grade F, #189 of 217 statewide, top 89%, 461 students, 67% FRL); Bullitt Central High School (math 28% / reading 25%, grade F, #174 of 254 statewide, top 69%, 1,363 students, 53% FRL) — zoned schools average 64% FRL vs 41% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 270 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 380 units permitted in Bullitt County in 2024 (8 in 5+ unit buildings).
• Bullitt County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 8.7% vs local median 3.5% in Shepherdsville — 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.
• At $67,590/mo this rent would consume 1020% of the median local household income ($80k/yr) (locally 800% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 123 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.