318 First St · Midway, KY 40347

$200,000

3 bd · 1.0 ba · 1,068 sqft · Other public records · 9 Days on market

4,800 sqft lot

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Why this score? — see what drove the C+ 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 +26.3/30.0
• DSCR +8.9/10.0
• ARV discount +7.5/15.0
• 1% rule +6.0/10.0
• Schools +4.2/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Sweet home on First in Midway! Being sold as, family home for approx 45 years. Living room, dining room, two bedrooms, (one no closet) fully equipped kitchen, large bath, utility room, front porch and back deck with walkway to carport. Lovely perennials, storage shed and set up for a generator! This will sell quickly. No contingent offers. Priced for quick sale. Midway!!! Sold as is

Key facts

• Walkway to carport
• Large bath
• Front porch

Tags

• FULLY EQUIPPED KITCHEN
• LARGE BATH
• FRONT PORCH
• BACK DECK
• WALKWAY TO CARPORT
• STORAGE SHED

Property features AI

Finance

• Other: Building total area: 1,068 (source provided); Lot size approximately 0.1237 acres (4,800 sq ft)

Exterior

• Parking: Detached carport; Driveway; Off-street parking
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected; Phone connected
• Home design: Single-story house
• Construction: Vinyl siding; Block foundation; Composition roof; Built as a house
• Exterior features: Shed(s); Partially fenced yard with privacy fencing; Landscaped lot

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Range
• Bedrooms: Primary bedroom on the first floor
• Flooring: Carpet; Hardwood; Laminate; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Floor furnace; Forced air; Natural gas heating; Dual fuel system; Central air conditioning
• Interior features: Eat-in kitchen; Primary bedroom on the first floor; Ceiling fan(s); Insulated windows; Crawl space basement; No fireplace; 6 total rooms
• Laundry & utility: Washer hookup on main level; Electric dryer hookup on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $200k.

Deal economics

• At list price, monthly cash flow is $517 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Cap rate 9.4% vs local median 3.1% in Midway — 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 71/100 on livability (#151 in KY) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Woodford County (town): math 45% / reading 52% proficiency, ranked #9 of 165 in KY (top 6%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Northside Elementary School (math 52% / reading 47%, grade D, #100 of 676 statewide, top 16%, 376 students, 54% FRL); Woodford County Middle School (math 42% / reading 57%, grade C, #25 of 217 statewide, top 12%, 889 students, 46% FRL); Woodford County High School (math 41% / reading 43%, grade F, #32 of 254 statewide, top 13%, 1,300 students, 41% FRL).
• Market conditions: 19 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 102 units permitted in Woodford County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Woodford County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 16y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $200,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.10% ✓
• Cap rate: 9.40%
• Cash-on-cash: 11.09%
• DSCR: 1.49
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 0.2%
• Equity multiple: 1.01×
• Total profit: $474
• Equity at exit: $29,821

10-year hold

• IRR: 9.8%
• Equity multiple: 1.76×
• Total profit: $42,571
• Equity at exit: $17,292

Cash invested: $56,000 (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 40347

• Active inventory: 19
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $2,200 medium
• Mortgage (P&I): −$1,049
• Tax from tax record: −$89 /mo · $1,062/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$462
• Net cashflow: $517

Break-even live

Break-even rent $1,545

Max offer price $200,000

Occupancy floor 71%

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
421 Elkton Pl Midway, KY	3.0	1.0	1056	$2,200	$2.08	44d	1	0.75mi

Listing history 8 events

1. 2026-06-18
   status $200,000 Pending 9 DOM
2. 2026-06-17
   days on market $200,000 Active 9 DOM
3. 2026-06-16
   days on market $200,000 Active 8 DOM
4. 2026-06-15
   days on market $200,000 Active 7 DOM
5. 2026-06-14
   days on market $200,000 Active 5 DOM
6. 2026-06-10
   days on market $200,000 Active 2 DOM
7. 2026-06-09
   remarks 386-char remark
8. 2026-06-09
   listed $200,000 Active 1 DOM

ⓘ 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: $1,062 · $89/mo
• Projected year-2 tax: $1,720 · $143/mo
• Expected delta: +$658/yr (+$55/mo · 61.9%)

ⓘ 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 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥102°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,400
• − Mortgage interest: −$11,203
• − Property taxes: −$1,062
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,112
• − Management: −$2,112
• − Depreciation: −$5,818
• Taxable income: $3,092
• Est. tax owed @ 24.0%: −$742
• After-tax cash flow: $5,466/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: Woodford County
• NCES district ID: 2106000
• Math proficiency: 45% ▼ -15.00%
• Reading proficiency: 52% ▼ -14.00%
• Median HH income: $57,392
• Composite: 42.23/100
• National rank: #3281
• State rank: #9 of 165 in KY

Livability — Midway

• Score: 71/100
• State rank: #151
• US rank: #7212

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment D+ Housing A+ Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Midway, KY
• Population (ZIP): 4,004

Population outlook (Woodford County) Hauer SSP2

• Today (2025): 27,906 people
• By 2030: 28,718 · +2.9%
• By 2040: 29,854 · +7.0%
• By 2050: 30,537 · +9.4%
• By 2075: 32,563 · +16.7%
• By 2100: 32,186 · +15.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 5% Black 5% Hispanic / Latino 4%
• Common ancestry: Slovak 4% Italian 3% Serbian 3%
• Foreign-born: 9% · Canada
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · Woodford

• 2024 margin: R (+14.3) · D 41.9% · R 56.2% · Other 1.9%
• 2008→2024 swing: +2.8pp toward D · 2008: -17.1pp · 2024: -14.3pp
• All cycles: 2024: R+14.3 2020: R+12.0 2016: R+20.2 2012: R+18.9 2008: R+17.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -113.33%
• Current HPI: 131.147
• Rent YoY: —
• Metro: —
• 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

+100.0% since first listed

3 events — show timeline

• 2026-06-08 Listed $200,000 ImagineMLS
• 2010-11-21 Listing Removed — ImagineMLS
• 2010-05-23 Listed $100,000 ImagineMLS

Property tax history

+6.9%/yr

Latest (2025): $1,062 · +111.6% YoY. Source: county tax records.