207 W 4th St

Millersburg, KY 40348

$139,900C-

3 bd · 1.0 ba · 1,008 sqft · Built — · Other · Active · 112 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,123/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$104
• HOA: −$0
• Vac / Maint / Mgmt: −$236
• Net cashflow: $50/mo
• Annual: $598/yr
• Cap rate: 6.72%
• Cash-on-cash: 1.53%
• DSCR: 1.07
• 1% rule: 0.80%
• Cash to close: $39,172

Investor read

• This is a 3-bed/1.0-bath other listed at $140k.
• At list price, monthly cash flow is $50 ($598/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $112k (19.7% below list).
• It's been on market 112 days — a 9% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $112k (19.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#274 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, amenities F, commute F.
• Bourbon County (town): math 26% / reading 32% proficiency, ranked #108 of 165 in KY (top 66%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 4 active listings in the ZIP; 90 units permitted in Bourbon County in 2024 (0 in 5+ unit buildings).
• 3 sale attempts; this cycle's ask is 10662% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $68k; list at $140k implies a 106% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• It's been on market 112 days. Have you received any prior offers? Is the seller open to a 20% 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 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.