662 Happyville Rd

Greensburg, KY 42743

$101,000B-

3 bd · 1.0 ba · 1,308 sqft · Built 1984 · SingleFamily · Active · 37 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,067/mo
• Mortgage (P&I): −$530
• Tax + insurance: −$148
• HOA: −$0
• Vac / Maint / Mgmt: −$224
• Net cashflow: $165/mo
• Annual: $1,976/yr
• Cap rate: 9.04%
• Cash-on-cash: 9.81%
• DSCR: 1.44
• 1% rule: 1.06%
• Cash to close: $28,280

Investor read

• This is a 3-bed/1.0-bath single-family listed at $101k.
• At list price, monthly cash flow is $165 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $101k).
• It's been on market 37 days — a 3% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $98k (3.0% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($698 loan paydown + $5k appreciation (5.0% local appreciation)).
• Location reads 71/100 on livability (#146 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, amenities F, commute F.
• Green County (rural): math 39% / reading 43% proficiency, ranked #30 of 165 in KY (top 18%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 55 active listings in the ZIP; 3 units permitted in Green County in 2024 (0 in 5+ unit buildings).
• Green County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk; major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.