724 Florence Ave · Lexington-Fayette, KY 40508

$109,500

3 bd · 1.0 ba · 875 sqft · SingleFamily public records · 123 Days on market

Built 1920 3,250 sqft lot Est $162k · 32% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• Rent growth +5.0/5.0
• Schools +3.4/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great chance to become an investor in real estate! Has been rented for $550/mo! Several updates, but needs work. SOLD AS IS Seller says Bring Offers!

Key facts

• Location to bus line
• Location to downtown
• Location to parks

Tags

• LOCATION TO DOWNTOWN
• LOCATION TO NEW CIRCLE
• LOCATION TO BUS LINE
• LOCATION TO PARKS

Property features AI

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected
• Home design: House; Composition roof; Vinyl siding
• Construction: Block foundation
• Exterior features: Chain link fencing (partial)

Interior

• Kitchen: Range
• Bedrooms: 2 total rooms
• Flooring: Vinyl; Wood
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Window air conditioning units
• Interior features: Range; Washer hookup; Electric dryer hookup
• Laundry & utility: Washer hookup; Electric dryer hookup

🏷️ Possibly a rental listed for sale. The $109,500 price doesn't fit this home's estimated sale value (~$161,875) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $522 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $96k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.0% vs local median 3.8% in Lexington-Fayette — 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: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Fayette County (urban): math 35% / reading 45% proficiency, ranked #27 of 165 in KY (top 16%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Booker T Washington Elementary School (math 17% / reading 17%, grade F, #607 of 676 statewide, top 91%, 313 students, 83% FRL); Winburn Middle School (math 26% / reading 36%, grade F, #138 of 217 statewide, top 65%, 800 students, 66% FRL); Paul Laurence Dunbar High School (math 51% / reading 49%, grade D+, #12 of 254 statewide, top 4%, 1,946 students, 46% FRL) — zoned schools average 65% FRL vs 44% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+11.8%/yr); 83 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,036 units permitted in Fayette County in 2024 (542 in 5+ unit buildings).
• At $1,490/mo this rent would consume 61% of the median local household income ($29k/yr) (locally 2644% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $757 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Fayette County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $31k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 123 days — a 12% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 19y 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.
• Current owner paid $50k; list at $110k implies a 117% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $96,360 (12.0% below list)

Questions for the listing agent

1. It's been on market 123 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.36% ✓
• Cap rate: 12.01%
• Cash-on-cash: 20.42%
• DSCR: 1.91
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $161,875
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
430 Lindberg Dr	0.04mi	3/1.5	920 (+5%)	4mo	$170,000	$185	84
407 Glen Arvin Ave	0.13mi	3/1.0	896 (+2%)	19mo	$185,000	$206	74
869 Whitney Ave	0.32mi	2/1.0 (-1)	893 (+2%)	7mo	$70,000	$78	71
742 Breathitt Ave	0.06mi	2/1.0 (-1)	760 (-13%)	1mo	$155,000	$204	70
447 Greenwood Ave	0.22mi	2/1.0 (-1)	804 (-8%)	4mo	$115,000	$143	68
962 Waverly Dr	0.45mi	2/2.0 (-1)	900 (+3%)	3mo	$199,000	$221	63
806 Charles Ave	0.41mi	2/1.0 (-1)	882 (+1%)	17mo	$94,000	$107	60
481 Dominican Dr	0.52mi	3/1.0	925 (+6%)	10mo	$166,000	$179	58
482 Erie Rd	0.55mi	3/1.0	864 (-1%)	19mo	$177,900	$206	56
459 Erie Rd	0.57mi	3/1.0	952 (+9%)	3mo	$193,500	$203	56
826 Charles Ave	0.37mi	2/1.0 (-1)	800 (-9%)	16mo	$80,000	$100	51
101 Thompson Rd	0.70mi	2/1.0 (-1)	974 (+11%)	10mo	$150,000	$154	35

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

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 17.8%
• Equity multiple: 1.76×
• Total profit: $23,324
• Equity at exit: $16,327

10-year hold

• IRR: 29.4%
• Equity multiple: 4.22×
• Total profit: $98,776
• Equity at exit: $9,468

Cash invested: $30,660 (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 40508

• Rents YoY: 11.8%
• Active inventory: 83
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,490 high
• Mortgage (P&I): −$574
• Tax from tax record: −$35 /mo · $423/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$313
• Net cashflow: $522

Break-even live

Break-even rent $829

Max offer price $109,500

Occupancy floor 60%

Sensitivity live

Price	-10% $584	-5% $553	+0% $522	+5% $491	+10% $460
Rent	-10% $404	-5% $463	+0% $522	+5% $581	+10% $640
Rate	-1.0pp $577	-0.5pp $550	base $522	+0.5pp $493	+1.0pp $465

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: $27,375
• Closing costs: $3,285
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
405 Roosevelt Blvd Lexington, KY	3.0	1.0	960	$1,495	$1.56	15d	1	0.09mi
723 Charles Ave Lexington, KY	3.0	1.0	992	$1,300	$1.31	15d	1	0.46mi
330 Newtown Pike Lexington, KY	1.0–3.0	1.0–2.0	976	$1,377	$1.41	25d	1	0.60mi
345 Blackburn Ave Lexington, KY	2.0	2.0	946	$1,925	$2.03	15d	1	0.72mi
301 Thompson Rd Lexington, KY	3.0	1.0	1008	$1,450	$1.44	15d	1	0.83mi
208 Clyde St Lexington, KY	2.0	1.0	982	$1,100	$1.12	22d	1	0.92mi
832 W High St Unit 1 Lexington, KY	3.0	1.5	900	$1,400	$1.56	25d	1	1.07mi
222 W Sixth St Lexington, KY	3.0	1.5	1050	$1,150	$1.10	25d	1	1.24mi
115 W Loudon Ave Unit L97 Lexington, KY	3.0	2.0	960	$980	$1.02	25d	1	1.42mi
434 N Martin Luther King Blvd #201 Lexington, KY	2.0	2.0	950	$1,450	$1.53	25d	1	1.49mi
149 Old Towne Walk Lexington, KY	1.0–3.0	1.0–3.0	906	$1,964	$2.17	25d	1	1.49mi

Listing history 29 events

1. 2026-06-22
   days on market $109,500 Active 123 DOM
2. 2026-06-18
   days on market $109,500 Active 120 DOM
3. 2026-06-17
   days on market $109,500 Active 119 DOM
4. 2026-06-16
   days on market $109,500 Active 118 DOM
5. 2026-06-15
   days on market $109,500 Active 117 DOM
6. 2026-06-14
   days on market $109,500 Active 115 DOM
7. 2026-06-13
   days on market $109,500 Active 114 DOM
8. 2026-06-10
   days on market $109,500 Active 112 DOM
9. 2026-06-09
   days on market $109,500 Active 111 DOM
10. 2026-06-08
    days on market $109,500 Active 110 DOM
11. 2026-06-07
    days on market $109,500 Active 109 DOM
12. 2026-06-05
    days on market $109,500 Active 106 DOM
13. 2026-06-03
    days on market $109,500 Active 105 DOM
14. 2026-06-02
    days on market $109,500 Active 104 DOM
15. 2026-06-01
    days on market $109,500 Active 103 DOM
16. 2026-05-31
    days on market $109,500 Active 102 DOM
17. 2026-02-13
    listed $109,500 Active
18. 2021-07-29
    soldstatus $50,400
19. 2020-01-24
    soldstatus $24,000
20. 2016-04-21
    soldstatus $35,000
21. 2016-04-21
    soldstatus $24,000
22. 2016-04-20
    soldstatus $24,000 Sold 149-char remark

    Show marketing remark (149 chars)

    Great chance to become an investor in real estate! Has been rented for $550/mo! Several updates, but needs work. SOLD AS IS Seller says Bring Offers!

23. 2016-04-01
    status Pending 149-char remark

    Show marketing remark (149 chars)

    Great chance to become an investor in real estate! Has been rented for $550/mo! Several updates, but needs work. SOLD AS IS Seller says Bring Offers!

24. 2016-03-02
    price $33,000 149-char remark

    Show marketing remark (149 chars)

    Great chance to become an investor in real estate! Has been rented for $550/mo! Several updates, but needs work. SOLD AS IS Seller says Bring Offers!

25. 2016-01-18
    listed $38,000 Active 149-char remark

    Show marketing remark (149 chars)

    Great chance to become an investor in real estate! Has been rented for $550/mo! Several updates, but needs work. SOLD AS IS Seller says Bring Offers!

26. 2010-02-18
    historical
27. 2009-08-22
    listed $55,000
28. 2008-09-30
    historical
29. 2007-12-11
    listed $55,000

ⓘ 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: $423 · $35/mo
• Projected year-2 tax: $942 · $78/mo
• Expected delta: +$519/yr (+$43/mo · 122.8%)

ⓘ 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 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,877
• − Mortgage interest: −$6,134
• − Property taxes: −$423
• − Insurance: −$548
• − Repairs & maintenance: −$1,430
• − Management: −$1,430
• − Depreciation: −$3,185
• Taxable income: $4,727
• Est. tax owed @ 24.0%: −$1,135
• After-tax cash flow: $5,127/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: Fayette County
• NCES district ID: 2101860
• Math proficiency: 35% ▼ -16.00%
• Reading proficiency: 45% ▼ -13.00%
• Median HH income: $49,245
• Composite: 34.38/100
• National rank: #5211
• State rank: #27 of 165 in KY

Livability — Lexington-Fayette

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Lexington-Fayette, KY
• County: Fayette County · 317,143 people
• City population: 321,882
• Metro: Lexington-Fayette, KY
• Population (ZIP): 23,756
• Household income: $29,440
• Rent vs Own: 70.5% rent · 29.5% own
• Severe rent burden: 2644.0

Population outlook (Fayette County) Hauer SSP2

• Today (2025): 363,454 people
• By 2030: 388,270 · +6.8%
• By 2040: 438,688 · +20.7%
• By 2050: 490,667 · +35.0%
• By 2075: 625,394 · +72.1%
• By 2100: 721,354 · +98.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 60% Black 22% Hispanic / Latino 9% Two or more races 7% Asian 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Serbian 2% Italian 2% Lithuanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 87% English-only · Spanish 8% Chinese 1% Other Indo-European 1%

Political lean MEDSL · Fayette

• 2024 margin: D (+18.1) · D 58.0% · R 39.9% · Other 2.1%
• 2008→2024 swing: +13.3pp toward D · 2008: 4.8pp · 2024: 18.1pp
• All cycles: 2024: D+18.1 2020: D+20.8 2016: D+9.5 2012: D+1.0 2008: D+4.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -251.04%
• Current HPI: 204.3994
• Rent YoY: ▲ 11.83%
• Metro: Lexington-Fayette, KY
• 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

+99.1% since first listed

13 events — show timeline

• 2026-02-13 Listed $109,500 ImagineMLS
• 2021-07-29 Sold (Public Records) $50,400 Public Records
• 2020-01-24 Sold (Public Records) $24,000 Public Records
• 2016-04-21 Sold (Public Records) $24,000 Public Records
• 2016-04-21 Sold (Public Records) $35,000 Public Records
• 2016-04-20 Sold (MLS) $24,000 ImagineMLS
• 2016-04-01 Pending — ImagineMLS
• 2016-03-02 Price Changed $33,000 ImagineMLS
• 2016-01-18 Listed $38,000 ImagineMLS
• 2010-02-18 Listing Removed — ImagineMLS
• 2009-08-22 Listed $55,000 ImagineMLS
• 2008-09-30 Listing Removed — ImagineMLS
• 2007-12-11 Listed $55,000 ImagineMLS

Property tax history

+1.8%/yr

Latest (2015): $423 · +1.8% YoY. Source: county tax records.