411 Logan St · Frankfort, KY 40601

$164,900

4 bd · 2.0 ba · 2,285 sqft · Other · 94 Days on market

3,023 sqft lot

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Why this score? — see what drove the C+ 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 +25.7/30.0
• DSCR +8.6/10.0
• ARV discount +7.5/15.0
• 1% rule +5.5/10.0
• Rent growth +4.1/5.0
• Livability +3.7/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Special Capital-zoned duplex in highly desirable South Frankfort, just a half mile to the Capitol and an easy trip to Andy's Bakery! Each unit offers 2 bedrooms and 1 full bath, with a convenient laundry area located in the eat-in kitchen. Spacious living rooms and well-sized bedrooms provide comfortable living in both units. Historic zoning presents potential eligibility for Historic Tax Credits, adding value and opportunity for investors or owner-occupants alike. Great location with charm, convenience, and income potential! Sold as-is and as a package with 413 Logan (MLS#26005210). Agents read private remarks.

Key facts

• Income potential
• Laundry area
• 3,023 sq ft lot

Tags

• LAUNDRY AREA
• INCOME POTENTIAL

Property features AI

Exterior

• Utilities: Electricity connected; Natural gas connected; Water connected; Sewer connected
• Home design: Duplex; 2 stories
• Construction: 2,285 total building area
• Exterior features: Shingle roof

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Washer hookup; Electric dryer hookup; Central air
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $165k.

Deal economics

• At list price, monthly cash flow is $397 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $150k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 3.3% in Frankfort — 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 74/100 on livability (#111 in KY, #4,772 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment C-, amenities F, health & safety F.
• Frankfort Independent (town): math 35% / reading 42% proficiency, ranked #45 of 165 in KY (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Second Street School (math 30% / reading 38%, grade F, #329 of 676 statewide, top 49%, 571 students, 53% FRL); Frankfort High School (math 57% / reading 57%, grade C, #6 of 254 statewide, top 2%, 322 students, 40% FRL).
• Market conditions: Rents rising fast (+6.5%/yr); 303 active listings in the ZIP; 123 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).
• This rent runs 32% of the median local income ($66k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Franklin County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 6.5% rent growth), your $46k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $23k; list at $165k implies a 617% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $150,059 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 1.05% ✓
• Cap rate: 9.18%
• Cash-on-cash: 10.32%
• DSCR: 1.46
• GRM: 8.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.55% rent growth · sell at horizon

5-year hold

• IRR: 2.7%
• Equity multiple: 1.11×
• Total profit: $4,876
• Equity at exit: $24,587

10-year hold

• IRR: 15.1%
• Equity multiple: 2.40×
• Total profit: $64,670
• Equity at exit: $14,258

Cash invested: $46,172 (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 40601

• Home prices YoY: -26.1%
• Rents YoY: 6.5%
• Active inventory: 303
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,726 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$33 /mo · $392/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$362
• Net cashflow: $397

Break-even live

Break-even rent $1,223

Max offer price $164,900

Occupancy floor 72%

Sensitivity live

Price	-10% $490	-5% $444	+0% $397	+5% $350	+10% $304
Rent	-10% $261	-5% $329	+0% $397	+5% $465	+10% $533
Rate	-1.0pp $480	-0.5pp $439	base $397	+0.5pp $354	+1.0pp $311

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: $41,225
• Closing costs: $4,947
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-19
   days on market $164,900 Active 94 DOM
2. 2026-06-18
   days on market $164,900 Active 93 DOM
3. 2026-06-17
   days on market $164,900 Active 92 DOM
4. 2026-06-16
   days on market $164,900 Active 91 DOM
5. 2026-06-15
   days on market $164,900 Active 90 DOM
6. 2026-06-14
   days on market $164,900 Active 88 DOM
7. 2026-06-12
   days on market $164,900 Active 87 DOM
8. 2026-06-09
   days on market $164,900 Active 84 DOM
9. 2026-06-08
   days on market $164,900 Active 83 DOM
10. 2026-06-07
    days on market $164,900 Active 82 DOM
11. 2026-06-02
    days on market $164,900 Active 77 DOM
12. 2026-06-01
    days on market $164,900 Active 76 DOM
13. 2026-05-31
    days on market $164,900 Active 75 DOM
14. 2026-05-30
    days on market $164,900 Active 74 DOM
15. 2026-05-18
    price $164,900
16. 2026-04-07
    price $175,000
17. 2026-04-01
    status Active
18. 2026-03-27
    historical Contingent
19. 2026-03-17
    listed $185,000 Active
20. 1987-04-01
    soldstatus $23,000

ⓘ 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: $392 · $33/mo
• Projected year-2 tax: $1,418 · $118/mo
• Expected delta: +$1,026/yr (+$85/mo · 261.6%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥104°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,708
• − Mortgage interest: −$9,237
• − Property taxes: −$392
• − Insurance: −$824
• − Repairs & maintenance: −$1,657
• − Management: −$1,657
• − Depreciation: −$4,797
• Taxable income: $2,144
• Est. tax owed @ 24.0%: −$515
• After-tax cash flow: $4,251/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: Frankfort Independent
• NCES district ID: 2101980
• Math proficiency: 35% ▼ -14.00%
• Reading proficiency: 42% ▼ -14.00%
• Median HH income: $35,212
• Composite: 31.81/100
• National rank: #5882
• State rank: #45 of 165 in KY

Livability — Frankfort

• Score: 74/100
• State rank: #111
• US rank: #4772

Category grades

Amenities F Commute C Cost of living A+ Crime B Employment C- Housing A+ Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Frankfort, KY
• County: Franklin County · 51,893 people
• City population: 51,893
• Metro: Frankfort, KY
• Population (ZIP): 51,893
• Household income: $65,732
• Rent vs Own: 35.3% rent · 64.7% own
• Severe rent burden: 1621.0

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 52,996 people
• By 2030: 54,049 · +2.0%
• By 2040: 55,561 · +4.8%
• By 2050: 56,677 · +6.9%
• By 2075: 59,458 · +12.2%
• By 2100: 58,885 · +11.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Black 9% Two or more races 5% Hispanic / Latino 4% Asian 2%
• Common ancestry: Italian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 3% Other Asian/Pacific 1% Tagalog/Filipino 1%

Political lean MEDSL · Franklin

• 2024 margin: Toss-up / Even · D 46.6% · R 51.4% · Other 2.0%
• 2008→2024 swing: -4.2pp toward R · 2008: -0.6pp · 2024: -4.8pp
• All cycles: 2024: R+4.8 2020: R+0.9 2016: R+4.6 2012: D+0.8 2008: R+0.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -87.43%
• Current HPI: 248.0324
• Rent YoY: ▲ 6.55%
• Metro: Frankfort, 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

+617.0% since first listed

6 events — show timeline

• 2026-05-18 Price Changed $164,900 ImagineMLS
• 2026-04-07 Price Changed $175,000 ImagineMLS
• 2026-04-01 Relisted — ImagineMLS
• 2026-03-27 Contingent — ImagineMLS
• 2026-03-17 Listed $185,000 ImagineMLS
• 1987-04-01 Sold (Public Records) $23,000 Public Records

Property tax history

+1.8%/yr

Latest (2025): $392 · -0.1% YoY. Source: county tax records.