585 Grand View Dr #13

Taylorsville, KY 40071

$154,999B

2 bd · 2.0 ba · 991 sqft · Built 2005 · Condo · Active · 164 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,921/mo
• Mortgage (P&I): −$813
• Tax + insurance: −$258
• HOA: −$33
• Vac / Maint / Mgmt: −$403
• Net cashflow: $414/mo
• Annual: $4,964/yr
• Cap rate: 9.50%
• Cash-on-cash: 11.44%
• DSCR: 1.51
• 1% rule: 1.24%
• Cash to close: $43,400

Investor read

• This is a 2-bed/2.0-bath condo listed at $155k.
• At list price, monthly cash flow is $414 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• It's been on market 164 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $136k (12.0% below list) — sets the bar for market timing.
• 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.
• Location reads 71/100 on livability (#149 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.
• Spencer County (rural): math 41% / reading 46% proficiency, ranked #18 of 165 in KY (top 11%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Taylorsville Elementary School (math 46% / reading 44%, grade D-, #143 of 676 statewide, top 22%, 628 students, 53% FRL); Spencer County Middle School (math 37% / reading 50%, grade D, #42 of 217 statewide, top 19%, 721 students, 39% FRL); Spencer County High School (math 35% / reading 43%, grade F, #51 of 254 statewide, top 21%, 992 students, 35% FRL) — zoned schools at 42% FRL track the district average.
• Market conditions: 113 active listings in the ZIP; 126 units permitted in Spencer County in 2024 (0 in 5+ unit buildings).
• Spencer County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 8y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $45k; list at $155k implies a 244% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $43k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 9.5% vs local median 3.9% in Taylorsville — 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.

Questions for listing agent

• It's been on market 164 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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 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.