308 Charlotte St

Smithland, KY 42081

$85,000B+

2 bd · 1.0 ba · 2,748 sqft · Built 1902 · SingleFamily · Active · 63 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,051/mo
• Mortgage (P&I): −$446
• Tax + insurance: −$53
• HOA: −$0
• Vac / Maint / Mgmt: −$221
• Net cashflow: $332/mo
• Annual: $3,984/yr
• Cap rate: 10.98%
• Cash-on-cash: 16.74%
• DSCR: 1.74
• 1% rule: 1.24%
• Cash to close: $23,800

Investor read

• This is a 2-bed/1.0-bath single-family listed at $85k.
• At list price, monthly cash flow is $332 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• It's been on market 63 days — a 6% lower offer ($80k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $80k (6.0% below list) — sets the bar for market timing.
• In year one you build about $9k of equity ($588 loan paydown + $8k appreciation (10.0% local appreciation)).
• Location reads 64/100 on livability (#283 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: schools F, amenities F, commute F.
• Livingston County (rural): math 27% / reading 39% proficiency, ranked #80 of 165 in KY (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1902 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 16 active listings in the ZIP.
• Livingston County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $26k; list at $85k implies a 232% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1902 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.