101 E 3rd St

Silver Grove, KY 41085

$179,000B-

2 bd · 1.0 ba · 2,080 sqft · Built 1928 · Other · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,200/mo
• Mortgage (P&I): −$939
• Tax + insurance: −$220
• HOA: −$0
• Vac / Maint / Mgmt: −$462
• Net cashflow: $579/mo
• Annual: $6,950/yr
• Cap rate: 10.18%
• Cash-on-cash: 13.87%
• DSCR: 1.62
• 1% rule: 1.23%
• Cash to close: $50,120

Investor read

• This is a 2-bed/1.0-bath other listed at $179k.
• At list price, monthly cash flow is $579 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $179k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#391 in KY) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A-; Watch: amenities F, commute F, employment F.
• Campbell County (suburban): math 43% / reading 47% proficiency, ranked #15 of 165 in KY (top 9%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Crossroads Elementary School (math 39% / reading 37%, grade F, #242 of 676 statewide, top 37%, 613 students, 58% FRL); Campbell County Middle School (math 37% / reading 45%, grade F, #54 of 217 statewide, top 25%, 1,184 students, 45% FRL); Campbell County High School (math 35% / reading 43%, grade F, #51 of 254 statewide, top 21%, 1,551 students, 41% FRL).
• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 247 units permitted in Campbell County in 2024 (77 in 5+ unit buildings).
• Current owner paid $100k; list at $179k implies a 79% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-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.
• 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.