27 Bait Shop Rd

Farmers, KY 40371

$119,000C+

3 bd · 1.0 ba · 1,384 sqft · Built 2006 · SingleFamily · Active · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,161/mo
• Mortgage (P&I): −$624
• Tax + insurance: −$95
• HOA: −$0
• Vac / Maint / Mgmt: −$244
• Net cashflow: $198/mo
• Annual: $2,381/yr
• Cap rate: 8.29%
• Cash-on-cash: 7.15%
• DSCR: 1.32
• 1% rule: 0.98%
• Cash to close: $33,320

Investor read

• This is a 3-bed/1.0-bath single-family listed at $119k.
• 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).
• It's been on market 35 days — a 3% lower offer ($115k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $115k (3.0% below list) — sets the bar for market timing.
• 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.
• 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.
• Bath County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.

Questions for listing agent

• 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?
• 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 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.