148 Applewood Ln

Radcliff, KY 42701

$230,000D+

2 bd · 2.0 ba · 1,192 sqft · Built 2007 · MultiFamily · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,211/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$195
• HOA: −$0
• Vac / Maint / Mgmt: −$464
• Net cashflow: $345/mo
• Annual: $4,145/yr
• Cap rate: 8.10%
• Cash-on-cash: 6.44%
• DSCR: 1.29
• 1% rule: 0.96%
• Cash to close: $64,400

Investor read

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $230k.
• At list price, monthly cash flow is $345 ($4k/yr) — positive. Per door: $173/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $221k (3.9% below list).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $221k (3.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#367 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: amenities F, commute F, employment F.
• Hardin County (suburban): math 30% / reading 43% proficiency, ranked #47 of 165 in KY (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: New Highland Elementary School (math 22% / reading 27%, grade F, #489 of 676 statewide, top 76%, 501 students, 62% FRL); Bluegrass Middle School (math 22% / reading 40%, grade F, #138 of 217 statewide, top 65%, 578 students, 52% FRL); John Hardin High School (math 27% / reading 42%, grade F, #76 of 254 statewide, top 34%, 790 students, 52% FRL).
• Market conditions: Rents rising (+3.3%/yr); 539 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 946 units permitted in Hardin County in 2024 (464 in 5+ unit buildings).
• Hardin County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $124k; list at $230k implies a 85% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.1% vs local median 3.5% in Radcliff — 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.
• This rent runs 38% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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 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.