400 Flint Rd

Richmond, KY 40385

$42,900B+

2 bd · 1.0 ba · 1,330 sqft · Built — · SingleFamily · Pending · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,090/mo
• Mortgage (P&I): −$225
• Tax + insurance: −$134
• HOA: −$0
• Vac / Maint / Mgmt: −$229
• Net cashflow: $502/mo
• Annual: $6,021/yr
• Cap rate: 20.33%
• Cash-on-cash: 50.13%
• DSCR: 3.23
• 1% rule: 2.54%
• Cash to close: $12,012

Investor read

• This is a 2-bed/1.0-bath single-family listed at $43k.
• At list price, monthly cash flow is $502 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $43k).
• It's been on market 21 days — a 2% lower offer ($42k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $42k (1.5% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($297 loan paydown + $2k appreciation (4.3% local appreciation)).
• Location reads 69/100 on livability (#163 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities F, commute F, employment F.
• Madison County (town): math 31% / reading 47% proficiency, ranked #35 of 165 in KY (top 21%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Waco Elementary School (math 22% / reading 32%, grade F, #434 of 676 statewide, top 69%, 428 students, 57% FRL); Clark Moores Middle School (math 16% / reading 47%, grade F, #125 of 217 statewide, top 63%, 546 students, 60% FRL); Madison Central High School (math 29% / reading 44%, grade F, #70 of 254 statewide, top 27%, 2,226 students, 47% FRL).
• Watch-outs: property tax is 3.3% of price.
• Market conditions: 24 active listings in the ZIP; 453 units permitted in Madison County in 2024 (64 in 5+ unit buildings).
• Madison County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 9y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (4.3% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 20.3% vs local median 3.1% in Richmond — 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.

Questions for listing agent

• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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 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.