1318 Highland Park Dr · Lexington-Fayette, KY 40505

$209,900

6 bd · 1.0 ba · 1,344 sqft · MultiFamily public records · 53 Days on market

Built 1944 7,492 sqft lot

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Rent growth +3.6/5.0
• Schools +3.4/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Attention investors! Don't miss your next Lexington opportunity—this duplex offers 1,344 sq ft of living space plus 846 sq ft of unfinished basement space with strong value-add potential. The lower 2 bed / 1 bath unit is a spacious 894 sq ft and rented for $975/month through March 2027, while the upper 1 bed / 1 bath unit is 450 sq ft and rented for $910/month through June 2026. The property also features a large backyard, detached garage and off-street parking. Financial statements available on Flex documents.

Key facts

• 7,492 sq ft lot
• Built 1944
• Listed 53 days

Property features AI

Finance

• Other: Parcel number 12408200

Exterior

• Home design: Duplex; 2-story building; Total building area about 1,344
• Exterior features: Lot in The Meadows subdivision; Lot size about 0.17 acres

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning; Window air conditioning units
• Interior features: Central air conditioning and window units; Forced air heating

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $210k.

Deal economics

• At list price, monthly cash flow is $927 ($11k/yr) — positive. Per door: $463/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $210k).
• Recommended offer: $204k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.6% vs local median 3.8% in Lexington-Fayette — 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.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Fayette County (urban): math 35% / reading 45% proficiency, ranked #27 of 165 in KY (top 16%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Northern Elementary School (math 12% / reading 17%, grade F, #627 of 676 statewide, top 93%, 439 students, 71% FRL); Bryan Station Middle School (math 23% / reading 42%, grade F, #116 of 217 statewide, top 55%, 815 students, 56% FRL); Bryan Station High School (math 18% / reading 25%, grade F, #209 of 254 statewide, top 82%, 1,893 students, 59% FRL) — zoned schools average 62% FRL vs 44% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 23% at this address vs 40% district-wide (-17 pts) — the specific schools serving this property underperform the Fayette County average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+4.3%/yr); 68 active listings in the ZIP; 1,036 units permitted in Fayette County in 2024 (542 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Fayette County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.3% rent growth), your $59k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($204k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 18y 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.
• Current owner paid $105k; list at $210k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1944 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $203,603 (3.0% below list)

Questions for the listing agent

1. It's been on market 53 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1944 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 1.32% ✓
• Cap rate: 11.59%
• Cash-on-cash: 18.92%
• DSCR: 1.84
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.31% rent growth · sell at horizon

5-year hold

• IRR: 12.1%
• Equity multiple: 1.49×
• Total profit: $28,634
• Equity at exit: $31,297

10-year hold

• IRR: 22.0%
• Equity multiple: 2.98×
• Total profit: $116,249
• Equity at exit: $18,148

Cash invested: $58,772 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Kentucky: 83 Strongly Landlord-Friendly · R+16
• County: — inherits STATE
• City: — inherits STATE

7-day pay-or-quit (URLTA cities); generally landlord-friendly.

Methodology + full state rankings →

ZIP-level market 40505

• Rents YoY: 4.3%
• Active inventory: 68
• Price-to-rent: 12.6×

Monthly cashflow live

• Estimated rent: $2,775 high
• Mortgage (P&I): −$1,101
• Tax from tax record: −$77 /mo · $930/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$583
• Net cashflow: $927

Break-even live

Break-even rent $1,602

Max offer price $209,900

Occupancy floor 62%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,774
Total (2 units)			$2,775

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $52,475
• Closing costs: $6,297
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $209,900 Active 53 DOM
2. 2026-06-17
   days on market $209,900 Active 52 DOM
3. 2026-06-16
   days on market $209,900 Active 51 DOM
4. 2026-06-15
   days on market $209,900 Active 50 DOM
5. 2026-06-14
   days on market $209,900 Active 48 DOM
6. 2026-06-13
   statusdays on market $209,900 Active 47 DOM
7. 2026-05-18
   status Active
8. 2026-04-30
   status Pending
9. 2026-04-16
   price $209,900
10. 2026-03-26
    listed $219,900 Active
11. 2022-09-29
    soldstatus $105,000
12. 2011-04-12
    historical
13. 2010-07-10
    historical
14. 2010-01-13
    listed $87,500
15. 2010-01-11
    listed $87,500
16. 2010-01-09
    historical
17. 2009-06-19
    historical
18. 2009-01-19
    listed $92,000
19. 2009-01-08
    listed $89,900
20. 2008-12-09
    historical
21. 2008-12-09
    historical
22. 2008-11-03
    listed $96,000
23. 2008-11-03
    listed $96,000
24. 2008-07-02
    soldstatus $77,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast KY · Resets to sale price

• Current annual tax: $930 · $77/mo
• Projected year-2 tax: $1,805 · $150/mo
• Expected delta: +$875/yr (+$73/mo · 94.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥101°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,300
• − Mortgage interest: −$11,758
• − Property taxes: −$930
• − Insurance: −$1,050
• − Repairs & maintenance: −$2,664
• − Management: −$2,664
• − Depreciation: −$6,106
• Taxable income: $8,129
• Est. tax owed @ 24.0%: −$1,951
• After-tax cash flow: $9,168/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Fayette County
• NCES district ID: 2101860
• Math proficiency: 35% ▼ -16.00%
• Reading proficiency: 45% ▼ -13.00%
• Median HH income: $49,245
• Composite: 34.38/100
• National rank: #5211
• State rank: #27 of 165 in KY

Livability — Lexington-Fayette

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Lexington-Fayette, KY
• County: Fayette County · 317,143 people
• City population: 321,882
• Metro: Lexington-Fayette, KY
• Population (ZIP): 25,594
• Household income: $58,206
• Rent vs Own: 40.2% rent · 59.8% own
• Severe rent burden: 1232.0

Population outlook (Fayette County) Hauer SSP2

• Today (2025): 363,454 people
• By 2030: 388,270 · +6.8%
• By 2040: 438,688 · +20.7%
• By 2050: 490,667 · +35.0%
• By 2075: 625,394 · +72.1%
• By 2100: 721,354 · +98.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (65%)
• Race & ethnicity: White 65% Black 17% Hispanic / Latino 13% Two or more races 10%
• Hispanic origin (detail): Mexican 9% Cuban 2%
• Common ancestry: Italian 3% Serbian 2% Slovak 1%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Spanish 10%

Political lean MEDSL · Fayette

• 2024 margin: D (+18.1) · D 58.0% · R 39.9% · Other 2.1%
• 2008→2024 swing: +13.3pp toward D · 2008: 4.8pp · 2024: 18.1pp
• All cycles: 2024: D+18.1 2020: D+20.8 2016: D+9.5 2012: D+1.0 2008: D+4.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -191.31%
• Current HPI: 249.2066
• Rent YoY: ▲ 4.31%
• Metro: Lexington-Fayette, KY
• State GDP YoY: ▲ 1.81%
• F500 in state: 4

Industry mix (Fortune 500 HQ in KY)

Industry	F500 HQs	Revenue
▸Healthcare	1	$118B
▸Food / Beverage	1	$7B

Price history

+172.6% since first listed

18 events — show timeline

• 2026-05-18 Relisted — ImagineMLS
• 2026-04-30 Pending — ImagineMLS
• 2026-04-16 Price Changed $209,900 ImagineMLS
• 2026-03-26 Listed $219,900 ImagineMLS
• 2022-09-29 Sold (Public Records) $105,000 Public Records
• 2011-04-12 Listing Removed — ImagineMLS
• 2010-07-10 Listing Removed — ImagineMLS
• 2010-01-13 Listed $87,500 ImagineMLS
• 2010-01-11 Listed $87,500 ImagineMLS
• 2010-01-09 Listing Removed — ImagineMLS
• 2009-06-19 Listing Removed — ImagineMLS
• 2009-01-19 Listed $92,000 ImagineMLS
• 2009-01-08 Listed $89,900 ImagineMLS
• 2008-12-09 Listing Removed — ImagineMLS
• 2008-12-09 Listing Removed — ImagineMLS
• 2008-11-03 Listed $96,000 ImagineMLS
• 2008-11-03 Listed $96,000 ImagineMLS
• 2008-07-02 Sold (Public Records) $77,000 Public Records

Property tax history

+1.8%/yr

Latest (2015): $930 · +1.8% YoY. Source: county tax records.