27 Bait Shop Rd · Farmers, KY 40371

$119,000

3 bd · 1.0 ba · 1,384 sqft · SingleFamily public records · 35 Days on market

Built 2006 8,712 sqft lot Est $202k · 41% under

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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 +22.4/30.0
• ARV discount +15.0/15.0
• DSCR +7.2/10.0
• 1% rule +4.8/10.0
• Appreciation +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Livability +2.2/5.0

Listing remarks MLS

This move in ready home was just updated with a new heat pump (outside unit), new flooring, moldings, paint and more. The home sit's on a mostly level lot and would be great for first time home buyers or anyone looking for a very nice home at an unbelievable price point! The kitchen has room for a dining table and the large living room leads out to the back deck. Call today to set up your showing.

Key facts

• Ranch home
• Front porch
• I-64 access

Tags

• RANCH HOME
• FRONT PORCH
• REAR DECK
• I-64 ACCESS

Property features AI

Exterior

• Parking: Driveway
• Utilities: Public sewer
• Home design: Single-story house; Vinyl siding; Shingle roof
• Construction: Block foundation; Built with vinyl siding
• Exterior features: Yard shed(s); Public water; No waterfront; No view

Interior

• Bedrooms: 7 total rooms (bedroom count not specified)
• Flooring: Laminate flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Heat pump for heating and cooling
• Interior features: Entrance foyer; Crawl space basement
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $119k.

Deal economics

• At list price, monthly cash flow is $198 ($2k/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 $116k (2.4% below list).
• Recommended offer: $115k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 44/100 on livability (#524 in KY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: health & safety D+, amenities F, commute F.
• Bath County (rural): math 19% / reading 34% proficiency, ranked #139 of 165 in KY (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Crossroads Elementary School (math 27% / reading 37%, grade F, #348 of 676 statewide, top 55%, 395 students, 80% FRL); Bath County Middle School (math 16% / reading 33%, grade F, #189 of 217 statewide, top 89%, 416 students, 78% FRL); Bath County High School (math 32% / reading 37%, grade F, #76 of 254 statewide, top 34%, 618 students, 77% FRL) — zoned schools average 78% FRL vs 60% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 17 active listings in the ZIP.

Forward outlook

• Local home prices are declining (-2.6%/yr); year-one equity from $823 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Bath County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($115k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 14y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $115,430 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.98% ✗
• Cap rate: 8.29%
• Cash-on-cash: 7.15%
• DSCR: 1.32
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $202,064
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
56 Christina Dr	0.58mi	3/2.0	1,274 (-8%)	6mo	$162,000	$127	50
93 Wright Rd	0.54mi	3/2.0	1,540 (+11%)	2mo	$225,000	$146	50

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-2.62% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -3.7%
• Equity multiple: 0.86×
• Total profit: $-4,812
• Equity at exit: $19,741

10-year hold

• IRR: 5.2%
• Equity multiple: 1.41×
• Total profit: $13,520
• Equity at exit: $13,753

Cash invested: $33,320 (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 40371

• Home prices YoY: -0.9%
• Active inventory: 17
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,161 medium
• Mortgage (P&I): −$624
• Tax from tax record: −$45 /mo · $541/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$244
• Net cashflow: $198

Break-even live

Break-even rent $910

Max offer price $119,000

Occupancy floor 78%

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-19
   days on market $119,000 Active 35 DOM
2. 2026-06-18
   days on market $119,000 Active 34 DOM
3. 2026-06-17
   days on market $119,000 Active 33 DOM
4. 2026-06-17
   price $119,000 Active 32 DOM
5. 2026-06-16
   days on market $129,000 Active 32 DOM
6. 2026-06-15
   days on market $129,000 Active 31 DOM
7. 2026-06-14
   days on market $129,000 Active 29 DOM
8. 2026-06-12
   days on market $129,000 Active 28 DOM
9. 2026-06-09
   days on market $129,000 Active 25 DOM
10. 2026-06-08
    days on market $129,000 Active 24 DOM
11. 2026-06-07
    days on market $129,000 Active 23 DOM
12. 2026-06-07
    days on market $129,000 Active 22 DOM
13. 2026-06-04
    days on market $129,000 Active 19 DOM
14. 2026-06-02
    days on market $129,000 Active 18 DOM
15. 2026-06-01
    days on market $129,000 Active 17 DOM
16. 2026-05-31
    days on market $129,000 Active 16 DOM
17. 2026-05-31
    days on market $129,000 Active 15 DOM
18. 2026-05-15
    listed $129,000 Active
19. 2025-08-21
    historical
20. 2025-06-04
    price $164,000
21. 2025-05-12
    listed $171,000 Active
22. 2023-08-02
    soldstatus $134,000
23. 2023-07-31
    soldstatus $134,000 Closed 400-char remark

    Show marketing remark (400 chars)

    This move in ready home was just updated with a new heat pump (outside unit), new flooring, moldings, paint and more. The home sit's on a mostly level lot and would be great for first time home buyers or anyone looking for a very nice home at an unbelievable price point! The kitchen has room for a dining table and the large living room leads out to the back deck. Call today to set up your showing.

24. 2023-07-27
    status Pending 400-char remark

    Show marketing remark (400 chars)

    This move in ready home was just updated with a new heat pump (outside unit), new flooring, moldings, paint and more. The home sit's on a mostly level lot and would be great for first time home buyers or anyone looking for a very nice home at an unbelievable price point! The kitchen has room for a dining table and the large living room leads out to the back deck. Call today to set up your showing.

25. 2023-06-29
    historical Contingent 400-char remark

    Show marketing remark (400 chars)

    This move in ready home was just updated with a new heat pump (outside unit), new flooring, moldings, paint and more. The home sit's on a mostly level lot and would be great for first time home buyers or anyone looking for a very nice home at an unbelievable price point! The kitchen has room for a dining table and the large living room leads out to the back deck. Call today to set up your showing.

26. 2023-06-25
    price $124,900 400-char remark

    Show marketing remark (400 chars)

    This move in ready home was just updated with a new heat pump (outside unit), new flooring, moldings, paint and more. The home sit's on a mostly level lot and would be great for first time home buyers or anyone looking for a very nice home at an unbelievable price point! The kitchen has room for a dining table and the large living room leads out to the back deck. Call today to set up your showing.

27. 2023-06-24
    listed $119,900 Active 400-char remark

    Show marketing remark (400 chars)

    This move in ready home was just updated with a new heat pump (outside unit), new flooring, moldings, paint and more. The home sit's on a mostly level lot and would be great for first time home buyers or anyone looking for a very nice home at an unbelievable price point! The kitchen has room for a dining table and the large living room leads out to the back deck. Call today to set up your showing.

28. 2023-05-22
    soldstatus $55,000
29. 2014-11-21
    historical
30. 2014-05-21
    listed $84,900
31. 2012-07-30
    historical
32. 2012-01-30
    listed $109,500
33. 2007-01-25
    soldstatus $108,000

ⓘ 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: $541 · $45/mo
• Projected year-2 tax: $1,023 · $85/mo
• Expected delta: +$482/yr (+$40/mo · 89.2%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥102°F today · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 5% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,932
• − Mortgage interest: −$6,666
• − Property taxes: −$541
• − Insurance: −$595
• − Repairs & maintenance: −$1,115
• − Management: −$1,115
• − Depreciation: −$3,462
• Taxable income: $439
• Est. tax owed @ 24.0%: −$105
• After-tax cash flow: $2,276/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: Bath County
• NCES district ID: 2100330
• Math proficiency: 19% ▼ -22.00%
• Reading proficiency: 34% ▼ -21.00%
• Median HH income: $33,531
• Composite: 21.67/100
• National rank: #8278
• State rank: #139 of 165 in KY

Livability — Farmers

• Score: 44/100
• State rank: #524
• US rank: #26800

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,587

Population outlook (Bath County) Hauer SSP2

• Today (2025): 13,605 people
• By 2030: 14,240 · +4.7%
• By 2040: 15,454 · +13.6%
• By 2050: 16,499 · +21.3%
• By 2075: 18,706 · +37.5%
• By 2100: 19,022 · +39.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (99%)
• Race & ethnicity: White 99%
• Common ancestry: Serbian 3%
• Foreign-born: 0%

Political lean MEDSL · Bath

• 2024 margin: Solid R (+51.3) · D 23.7% · R 75.0% · Other 1.3%
• 2008→2024 swing: -50.8pp toward R · 2008: -0.5pp · 2024: -51.3pp
• All cycles: 2024: R+51.3 2020: R+42.9 2016: R+37.6 2012: R+12.2 2008: R+0.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -2.62%
• Current HPI: 290.6709
• 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

+19.4% since first listed

16 events — show timeline

• 2026-05-15 Listed $129,000 ImagineMLS
• 2025-08-21 Listing Removed — ImagineMLS
• 2025-06-04 Price Changed $164,000 ImagineMLS
• 2025-05-12 Listed $171,000 ImagineMLS
• 2023-08-02 Sold (Public Records) $134,000 Public Records
• 2023-07-31 Sold (MLS) $134,000 ImagineMLS
• 2023-07-27 Pending — ImagineMLS
• 2023-06-29 Contingent — ImagineMLS
• 2023-06-25 Price Changed $124,900 ImagineMLS
• 2023-06-24 Listed $119,900 ImagineMLS
• 2023-05-22 Sold (Public Records) $55,000 Public Records
• 2014-11-21 Listing Removed — ImagineMLS
• 2014-05-21 Listed $84,900 ImagineMLS
• 2012-07-30 Listing Removed — ImagineMLS
• 2012-01-30 Listed $109,500 ImagineMLS
• 2007-01-25 Sold (Public Records) $108,000 Public Records

Property tax history

+1.4%/yr

Latest (2022): $541 · +1.4% YoY. Source: county tax records.