122 Leesway Dr · Lexington-Fayette, KY 40511

$97,500

3 bd · 2.0 ba · 1,164 sqft · SingleFamily public records · 29 Days on market

Built 1952 0.29 ac 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.5/5.0
• Schools +3.4/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Absolute Auction Live On-Site Saturday, June 6th at 9:00 am Sharp. Doors will open at 8:00 am for final preview. Selling to the Highest Bidder Regardless of Listing Price. Estate Property-Contracted to Sell at Absolute Auction Only. Offers Prior to Auction Will Not Be Entertained. Please Visit www. bluegrassauction.com for Registration Form & Complete Terms & Conditions. This Generous . 294 Acre Lot Boasts a 3 Bedroom, 2 Full Bath Home with spacious finished basement, Sun Room, Open Living & Dining, Dine-In Kitchen. Exterior Features: Spacious Lightly Shaded Back Yard with Detached 2 Car Garage with Upper Garage Bonus Area. Don't Wait. .. .Book Your Showing Today! Chuck M

Key facts

• 0.29 acre lot
• 2 garage spots
• Built 1952

Property features AI

Exterior

• Parking: Detached garage; Driveway and off-street parking; Garage faces the front
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected; Sewer connected; Water connected
• Home design: House; Two levels
• Construction: Aluminum and vinyl siding; Composition/shingle roof; Block foundation; Total building area approximately 2,328
• Exterior features: Shed(s) and other outbuildings; Partial chain link fencing; Few trees on the lot; Not waterfront, no notable view

Interior

• Kitchen: Dishwasher; Refrigerator; Range; Vented exhaust fan
• Flooring: Carpet; Hardwood; Vinyl
• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating (natural gas); Electric cooling
• Interior features: Entrance foyer; Primary bedroom on the first floor; Finished walk-out basement with interior entry; Basement has a stubbed/full bath; Fireplace
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $98k.

Deal economics

• At list price, monthly cash flow is $929 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $98k).
• Recommended offer: $96k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.7% 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: Meadowthorpe Elementary School (math 55% / reading 55%, grade C, #63 of 676 statewide, top 9%, 480 students, 49% FRL); Leestown Middle School (math 28% / reading 44%, grade F, #91 of 217 statewide, top 43%, 966 students, 52% FRL); Bryan Station High School (math 18% / reading 25%, grade F, #209 of 254 statewide, top 82%, 1,893 students, 59% FRL).
• Market conditions: Rents rising (+3.9%/yr); 203 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 $674 of loan paydown is wiped out by about $3k 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 + 3.9% rent growth), your $27k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($96k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $96,037 (1.5% below list)

Questions for the listing agent

1. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 2.03% ✓
• Cap rate: 17.72%
• Cash-on-cash: 40.82%
• DSCR: 2.82
• GRM: 4.1

CMA / ARV

• ARV (on-the-fly): $260,736
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
268 Ferndale Pass	0.16mi	2/2.0 (-1)	1,126 (-3%)	0mo	$280,150	$249	82
2705 Michelle Park	0.31mi	2/2.0 (-1)	1,165 (+0%)	4mo	$220,000	$189	77
2561 Michelle Park	0.20mi	3/2.0	1,248 (+7%)	9mo	$280,000	$224	71
2776 Trailwood Ln	0.40mi	3/2.0	1,242 (+7%)	1mo	$280,000	$225	70
224 White Oak Trce	0.60mi	3/2.0	1,164 (0%)	4mo	$260,000	$223	69
2517 Buck Ln	0.33mi	3/2.0	1,275 (+10%)	2mo	$272,000	$213	67
2617 Buck Ln	0.24mi	3/2.0	1,333 (+14%)	6mo	$268,000	$201	60
236 Woodbrook Pl	0.64mi	3/2.0	1,276 (+10%)	2mo	$298,000	$234	52
101 White Oak Trce	0.48mi	3/2.0	1,322 (+14%)	7mo	$310,000	$234	49
221 Old Woolen Mill Ln	0.55mi	3/2.0	1,316 (+13%)	6mo	$275,000	$209	48
437 Lucille Dr	0.65mi	2/2.0 (-1)	1,268 (+9%)	4mo	$247,500	$195	46
2988 Masters View Rd	0.71mi	3/2.0	1,268 (+9%)	9mo	$305,000	$241	44

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.94% rent growth · sell at horizon

5-year hold

• IRR: 38.3%
• Equity multiple: 2.66×
• Total profit: $45,242
• Equity at exit: $14,538

10-year hold

• IRR: 45.3%
• Equity multiple: 5.52×
• Total profit: $123,466
• Equity at exit: $8,430

Cash invested: $27,300 (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 40511

• Home prices YoY: -26.9%
• Rents YoY: 3.9%
• Active inventory: 203
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $1,975 high
• Mortgage (P&I): −$511
• Tax from tax record: −$80 /mo · $959/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$415
• Net cashflow: $929

Break-even live

Break-even rent $800

Max offer price $97,500

Occupancy floor 48%

Sensitivity live

Price	-10% $984	-5% $956	+0% $929	+5% $901	+10% $874
Rent	-10% $773	-5% $851	+0% $929	+5% $1,007	+10% $1,085
Rate	-1.0pp $978	-0.5pp $954	base $929	+0.5pp $903	+1.0pp $878

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: $24,375
• Closing costs: $2,925
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2740 Michelle Park Lexington, KY	2.0	2.0	1133	$1,795	$1.58	24d	1	0.25mi
2740 Hayden Park Ln Lexington, KY	2.0	2.5	1134	$1,550	$1.37	24d	1	0.33mi
2720 Hayden Park Ln Lexington, KY	2.0	2.5	1176	$1,600	$1.36	14d	1	0.34mi
333 Spring Valley Ln Lexington, KY	3.0	2.0	1346	$1,895	$1.41	24d	1	0.36mi
2880 Summerfield Dr Lexington, KY	1.0–3.0	1.0–3.0	911	$2,195	$2.41	14d	13	0.36mi
2945 Trailwood Ln Lexington, KY	3.0–4.0	2.0–3.0	1754	$1,835	$1.05	14d	26	0.67mi
3021 Caddis Ln Lexington, KY	3.0	2.0	1100	$1,795	$1.63	24d	1	0.80mi
1024 Greendale Rd Lexington, KY	2.0–3.0	2.0	1307	$1,765	$1.35	24d	4	1.39mi
149 Old Towne Walk Lexington, KY	1.0–3.0	1.0–3.0	906	$1,964	$2.17	24d	1	1.45mi

Listing history 7 events

1. 2026-06-07
   statusdays on market $97,500 Pending 29 DOM
2. 2026-06-05
   days on market $97,500 Active 27 DOM
3. 2026-06-03
   days on market $97,500 Active 26 DOM
4. 2026-06-02
   days on market $97,500 Active 25 DOM
5. 2026-06-01
   days on market $97,500 Active 24 DOM
6. 2026-05-31
   pricedays on market $97,500 Active 23 DOM
7. 2026-05-08
   listed $100,000 Active

ⓘ 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: $959 · $80/mo
• Projected year-2 tax: $959 · $80/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥101°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 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,705
• − Mortgage interest: −$5,462
• − Property taxes: −$959
• − Insurance: −$488
• − Repairs & maintenance: −$1,896
• − Management: −$1,896
• − Depreciation: −$2,836
• Taxable income: $10,168
• Est. tax owed @ 24.0%: −$2,440
• After-tax cash flow: $8,704/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): 38,176
• Household income: $79,540
• Rent vs Own: 38.9% rent · 61.1% own
• Severe rent burden: 1195.0

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: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 50% Black 26% Hispanic / Latino 17% Two or more races 12% Asian 3%
• Hispanic origin (detail): Mexican 12% Puerto Rican 1%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 16% · Canada, India
• Languages at home: 76% English-only · Spanish 15% French/Haitian/Cajun 2% Other Indo-European 2%

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: ▼ -91.18%
• Current HPI: 247.0959
• Rent YoY: ▲ 3.94%
• 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

1 event — show timeline

• 2026-05-08 Listed $100,000 ImagineMLS

Property tax history

+0.7%/yr

Latest (2015): $959 · +0.7% YoY. Source: county tax records.