63 Augusta Dr

Mount Olivet, KY 41031

$154,900B-

3 bd · 1.0 ba · 1,786 sqft · Built 1913 · SingleFamily · Active · 292 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,621/mo
• Mortgage (P&I): −$812
• Tax + insurance: −$265
• HOA: −$0
• Vac / Maint / Mgmt: −$340
• Net cashflow: $203/mo
• Annual: $2,435/yr
• Cap rate: 8.83%
• Cash-on-cash: 9.08%
• DSCR: 1.40
• 1% rule: 1.05%
• Cash to close: $43,372

Investor read

• This is a 3-bed/1.0-bath single-family listed at $155k.
• At list price, monthly cash flow is $203 ($2k/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 292 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.
• In year one you build about $17k of equity ($1k loan paydown + $15k appreciation (10.0% local appreciation)).
• Location reads 52/100 on livability (#491 in KY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: amenities F, commute F, employment F.
• Harrison County (town): math 21% / reading 32% proficiency, ranked #133 of 165 in KY (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Harrison County Middle School (math 19% / reading 35%, grade F, #172 of 217 statewide, top 80%, 607 students, 58% FRL); Harrison County High School (math 29% / reading 41%, grade F, #74 of 254 statewide, top 29%, 865 students, 46% FRL) — zoned schools at 52% FRL track the district average.
• Watch-outs: flood insurance adds $125/mo; built in 1913 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 95 active listings in the ZIP; 69 units permitted in Harrison County in 2024 (0 in 5+ unit buildings).
• Harrison County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 7 sale attempts since 17y ago; this cycle's ask has dropped $14k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $63k; list at $155k implies a 146% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $43k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 292 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1913 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 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?
• 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.