619 Sandy Ln

Morganfield, KY 42437

$374,900D-

12 bd · 8.0 ba · 1,280 sqft · Built 1991 · MultiFamily · Active · 230 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,002/mo
• Mortgage (P&I): −$1,966
• Tax + insurance: −$625
• HOA: −$0
• Vac / Maint / Mgmt: −$630
• Net cashflow: $-219/mo
• Annual: $-2,631/yr
• Cap rate: 5.59%
• Cash-on-cash: -2.51%
• DSCR: 0.89
• 1% rule: 0.80%
• Cash to close: $104,972

Investor read

• This is a 4 × 2-bed/1-bath units multifamily listed at $375k. Condition is rated fair.
• At list price, monthly cash flow is $-219 ($-3k/yr) — negative. Per door: $-55/mo.
• To cash-flow at today's rent, offer at most $343k (8.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $300k (19.9% below list).
• It's been on market 230 days — a 12% lower offer ($330k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $300k (19.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-1.6%/yr); year-one equity from $3k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#336 in KY) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment D-.
• Union County (rural): math 20% / reading 33% proficiency, ranked #134 of 165 in KY (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Morganfield Elementary School (math 22% / reading 17%, grade F, #572 of 676 statewide, top 88%, 307 students, 71% FRL); Union County Middle School (math 15% / reading 36%, grade F, #181 of 217 statewide, top 84%, 437 students, 58% FRL); Union County High School (math 22% / reading 42%, grade F, #97 of 254 statewide, top 46%, 630 students, 50% FRL).
• Market conditions: 24 active listings in the ZIP.
• Union County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 230 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?

Repairs flagged (vision-AI assessment)

• Minor: Painting — Siding and exterior walls show signs of weathering
• Minor: Landscaping — Overgrown vegetation needs trimming