124 Pleasant Vly · Morehead, KY 40351

$30,500

2 bd · 1.0 ba · 1,125 sqft · SingleFamily · 4 Days on market

Built 1997 0.52 ac lot

---

Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.1/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor special with serious upside potential! This property is ready for renovation and priced to allow room for strong returns. Desirable layout, and located in a high-demand area with strong resale comps. Perfect for a fix-and-flip or buy-and-hold strategy. Don't miss this value-add opportunity!

Key facts

• 0.52 acre lot
• Pool
• Built 1997

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $30k.

Deal economics

• At list price, monthly cash flow is $826 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $30k).
• Cap rate 38.8% vs local median 4.7% in Morehead — 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 62/100 on livability (#345 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A; Watch: health & safety C-, housing D, amenities F.
• Rowan County (rural): math 28% / reading 41% proficiency, ranked #74 of 165 in KY (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Rowan County Preschool Center (174 students, 62% FRL); Rowan County Middle School (math 31% / reading 46%, grade F, #68 of 217 statewide, top 32%, 716 students, 62% FRL); Rowan County Senior High School (math 29% / reading 31%, grade F, #122 of 254 statewide, top 49%, 1,017 students, 60% FRL).
• Market conditions: 147 active listings in the ZIP; 15 units permitted in Rowan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $211 of loan paydown is wiped out by about $915 of value loss. Plan a longer hold.
• Rowan County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $9k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $30,500

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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
3. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
4. 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.
5. 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.
6. 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: 4.20% ✓
• Cap rate: 38.79%
• Cash-on-cash: 116.05%
• DSCR: 6.16
• GRM: 2.0

CMA / ARV

• ARV (on-the-fly): $163,125
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
191 Pleasant Vly	0.07mi	3/2.0 (+1)	1,100 (-2%)	5mo	$108,000	$98	80
275 Pleasant Vly	0.15mi	3/1.0 (+1)	1,040 (-8%)	14mo	$151,000	$145	64
500 Pleasant Valley Rd	0.36mi	3/1.0 (+1)	988 (-12%)	1mo	$135,000	$137	57
32 West Scott Ct	0.72mi	3/1.5 (+1)	1,208 (+7%)	23mo	$190,000	$157	28

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.58×
• Total profit: $47,663
• Equity at exit: $4,548

10-year hold

• IRR: —
• Equity multiple: 13.79×
• Total profit: $109,254
• Equity at exit: $2,637

Cash invested: $8,540 (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 40351

• Home prices YoY: -22.6%
• Active inventory: 147
• Price-to-rent: 2.0×

Monthly cashflow live

• Estimated rent: $1,281 medium
• Mortgage (P&I): −$160
• Tax from tax record: −$13 /mo · $158/yr
• Insurance: −$13
• HOA: −$0
• Vacancy / Maint / Mgmt: −$269
• Net cashflow: $826

Break-even live

Break-even rent $235

Max offer price $30,500

Occupancy floor 31%

Sensitivity live

Price	-10% $843	-5% $835	+0% $826	+5% $817	+10% $809
Rent	-10% $725	-5% $775	+0% $826	+5% $876	+10% $927
Rate	-1.0pp $841	-0.5pp $834	base $826	+0.5pp $818	+1.0pp $810

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: $7,625
• Closing costs: $915
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-02-28
   status Pending
2. 2026-02-23
   listed $30,500 Active

ⓘ 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: $158 · $13/mo
• Projected year-2 tax: $262 · $22/mo
• Expected delta: +$104/yr (+$9/mo · 66.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥101°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,368
• − Mortgage interest: −$1,708
• − Property taxes: −$158
• − Insurance: −$152
• − Repairs & maintenance: −$1,229
• − Management: −$1,229
• − Depreciation: −$887
• Taxable income: $10,003
• Est. tax owed @ 24.0%: −$2,401
• After-tax cash flow: $7,510/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: Rowan County
• NCES district ID: 2105100
• Math proficiency: 28% ▼ -19.00%
• Reading proficiency: 41% ▼ -12.00%
• Median HH income: $35,139
• Composite: 28.47/100
• National rank: #6742
• State rank: #74 of 165 in KY

Livability — Morehead

• Score: 62/100
• State rank: #345
• US rank: #16479

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Rowan County · 22,322 people
• City population: 22,322
• Metro: nan
• Population (ZIP): 22,322
• Household income: $51,835
• Rent vs Own: 37.6% rent · 62.4% own
• Severe rent burden: 589.0

Population outlook (Rowan County) Hauer SSP2

• Today (2025): 27,518 people
• By 2030: 29,242 · +6.3%
• By 2040: 32,949 · +19.7%
• By 2050: 37,128 · +34.9%
• By 2075: 49,130 · +78.5%
• By 2100: 59,014 · +114.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 2% Two or more races 2% Black 1%
• Common ancestry: Slovak 2% Serbian 1% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Rowan

• 2024 margin: Strong R (+27.8) · D 35.3% · R 63.0% · Other 1.7%
• 2008→2024 swing: -29.8pp toward R · 2008: 2.0pp · 2024: -27.8pp
• All cycles: 2024: R+27.8 2020: R+21.0 2016: R+21.3 2012: R+7.8 2008: D+2.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -59.28%
• Current HPI: 203.0786
• Rent YoY: —
• Metro: nan
• 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

2 events — show timeline

• 2026-02-28 Pending — ImagineMLS
• 2026-02-23 Listed $30,500 ImagineMLS