299 Igo Rd

Lakeview Heights, KY 40351

$119,900C-

2 bd · 1.0 ba · 800 sqft · Built 2022 · Other · Active · 37 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,125/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$200
• HOA: −$0
• Vac / Maint / Mgmt: −$236
• Net cashflow: $60/mo
• Annual: $722/yr
• Cap rate: 6.90%
• Cash-on-cash: 2.15%
• DSCR: 1.10
• 1% rule: 0.94%
• Cash to close: $33,572

Investor read

• This is a 2-bed/1.0-bath other listed at $120k. Condition is rated poor.
• At list price, monthly cash flow is $60 ($722/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $113k (6.2% below list).
• It's been on market 37 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $113k (6.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#167 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety C-, amenities F, commute F.
• Rowan County (rural): math 28% / reading 41% proficiency, ranked #74 of 165 in KY (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Rowan County Preschool Center (174 students, 62% FRL); Rowan County Middle School (math 31% / reading 46%, grade F, #68 of 217 statewide, top 32%, 716 students, 62% FRL); Rowan County Senior High School (math 29% / reading 31%, grade F, #122 of 254 statewide, top 49%, 1,017 students, 60% FRL).
• Market conditions: 150 active listings in the ZIP; 15 units permitted in Rowan County in 2024 (0 in 5+ unit buildings).
• Rowan County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $54k; list at $120k implies a 121% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate wildfire risk — 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 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Signs of significant damage
• Major: exterior siding — Severe peeling and wear
• Major: HVAC/mechanicals — No visible systems, likely outdated or non-functional