780 Richmond St · Mount Vernon, KY 40456

$89,900

2 bd · 1.0 ba · 960 sqft · SingleFamily public records · 105 Days on market

Built 1940 3.78 ac lot $94/sqft · 28% below area Est $140k · 36% 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 +15.1/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +4.6/10.0
• 1% rule +3.2/10.0
• Livability +3.2/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Charming country-style home located within the city limits of Mount Vernon, KY, offering privacy and convenience just minutes from local amenities. This well-constructed and well-insulated home features two spacious bedrooms with hardwood flooring and one full bathroom with laundry hookups. A mini-split system provides efficient and adequate heating and cooling for year-round comfort. The property sits on just under 4 acres, within the city limits, with an estimated 300 feet of road frontage along Richmond Street and additional frontage along Town Branch Rd. Outdoor features include an oversized detached one-car garage, a freestanding gazebo, and three additional outbuildings that offer potential for storage or workshop space with repairs. With its combination of acreage, location, and versatility, this property presents an excellent opportunity for first-time homebuyers, investors, or anyone seeking a home with room to grow.

Key facts

• Country style home
• Freestanding gazebo
• Mini split system

Tags

• COUNTRY STYLE HOME
• MINI SPLIT SYSTEM
• DETACHED ONE CAR GARAGE
• FREESTANDING GAZEBO
• OUTBUILDINGS FOR STORAGE
• 300 FEET OF ROAD FRONTAGE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $30 ($357/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 $74k (18.0% below list).
• Recommended offer: $74k (18.0% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 2.9% in Mount Vernon — 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 63/100 on livability (#321 in KY) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+; Watch: housing C-, schools D+, amenities F.
• Rockcastle County (rural): math 23% / reading 40% proficiency, ranked #102 of 165 in KY (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 63 active listings in the ZIP.

Forward outlook

• In year one you build about $10k of equity ($622 loan paydown + $9k appreciation (10.0% local appreciation)).
• Rockcastle County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 105 days — a 9% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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 $65k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $73,762 (18.0% below list)

Questions for the listing agent

1. It's been on market 105 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — 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. 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?
6. 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.
7. 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.
8. 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: 0.82% ✗
• Cap rate: 6.69%
• Cash-on-cash: 1.42%
• DSCR: 1.06
• GRM: 10.2

CMA / ARV

• ARV (median comp): $140,234
• List price: $89,900
• Delta: -35.89%
• Verdict: UNDERPRICED
• Comps: 18 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
90 Lovell Court Ct	0.61mi	2/1.0	914 (-5%)	14mo	$139,000	$152	52
270 Newcomb Ave	0.44mi	3/1.0 (+1)	1,056 (+10%)	12mo	$155,000	$147	48

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.3%
• Equity multiple: 3.02×
• Total profit: $50,825
• Equity at exit: $80,989

10-year hold

• IRR: 22.3%
• Equity multiple: 6.88×
• Total profit: $148,120
• Equity at exit: $174,656

Cash invested: $25,172 (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 40456

• Home prices YoY: 11.6%
• Active inventory: 63
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $738 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$44 /mo · $529/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$155
• Net cashflow: $30

Break-even live

Break-even rent $700

Max offer price $89,900

Occupancy floor 91%

Sensitivity live

Price	-10% $81	-5% $55	+0% $30	+5% $4	+10% $-21
Rent	-10% $-29	-5% $1	+0% $30	+5% $59	+10% $88
Rate	-1.0pp $75	-0.5pp $53	base $30	+0.5pp $6	+1.0pp $-17

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-19
   days on market $89,900 Active 105 DOM
2. 2026-06-18
   days on market $89,900 Active 104 DOM
3. 2026-06-17
   days on market $89,900 Active 103 DOM
4. 2026-06-16
   days on market $89,900 Active 102 DOM
5. 2026-06-15
   days on market $89,900 Active 101 DOM
6. 2026-06-14
   days on market $89,900 Active 99 DOM
7. 2026-06-13
   days on market $89,900 Active 98 DOM
8. 2026-06-10
   days on market $89,900 Active 96 DOM
9. 2026-06-09
   days on market $89,900 Active 95 DOM
10. 2026-06-08
    days on market $89,900 Active 94 DOM
11. 2026-06-07
    days on market $89,900 Active 93 DOM
12. 2026-06-05
    days on market $89,900 Active 90 DOM
13. 2026-06-03
    days on market $89,900 Active 89 DOM
14. 2026-06-02
    days on market $89,900 Active 88 DOM
15. 2026-06-01
    days on market $89,900 Active 87 DOM
16. 2026-05-31
    days on market $89,900 Active 86 DOM
17. 2026-05-30
    days on market $89,900 Active 85 DOM
18. 2026-03-06
    listed $89,900 Active 939-char remark

    Show marketing remark (939 chars)

    Charming country-style home located within the city limits of Mount Vernon, KY, offering privacy and convenience just minutes from local amenities. This well-constructed and well-insulated home features two spacious bedrooms with hardwood flooring and one full bathroom with laundry hookups. A mini-split system provides efficient and adequate heating and cooling for year-round comfort. The property sits on just under 4 acres, within the city limits, with an estimated 300 feet of road frontage along Richmond Street and additional frontage along Town Branch Rd. Outdoor features include an oversized detached one-car garage, a freestanding gazebo, and three additional outbuildings that offer potential for storage or workshop space with repairs. With its combination of acreage, location, and versatility, this property presents an excellent opportunity for first-time homebuyers, investors, or anyone seeking a home with room to grow.

19. 2023-08-21
    soldstatus $65,000
20. 2023-08-18
    soldstatus $65,000 Closed 478-char remark

    Show marketing remark (478 chars)

    Acreage in town!!!!! Check out this rare find! This 2 bedroom, 1 bath home consists of a living room, eat-in kitchen with appliances to stay, office, and foyer. The home is situated on 3.7 surveyed acres located in the city limits of Mt. Vernon. The property is improved with a 13x22 detached garage, covered picnic shelter with concrete floor, and storage buildings. Other amenities include: electric heat and air, hardwood and tile flooring, city water, and so much more.

21. 2023-08-01
    status Pending 478-char remark

    Show marketing remark (478 chars)

    Acreage in town!!!!! Check out this rare find! This 2 bedroom, 1 bath home consists of a living room, eat-in kitchen with appliances to stay, office, and foyer. The home is situated on 3.7 surveyed acres located in the city limits of Mt. Vernon. The property is improved with a 13x22 detached garage, covered picnic shelter with concrete floor, and storage buildings. Other amenities include: electric heat and air, hardwood and tile flooring, city water, and so much more.

22. 2023-06-02
    status Active 478-char remark

    Show marketing remark (478 chars)

    Acreage in town!!!!! Check out this rare find! This 2 bedroom, 1 bath home consists of a living room, eat-in kitchen with appliances to stay, office, and foyer. The home is situated on 3.7 surveyed acres located in the city limits of Mt. Vernon. The property is improved with a 13x22 detached garage, covered picnic shelter with concrete floor, and storage buildings. Other amenities include: electric heat and air, hardwood and tile flooring, city water, and so much more.

23. 2023-05-29
    historical Contingent 478-char remark

    Show marketing remark (478 chars)

    Acreage in town!!!!! Check out this rare find! This 2 bedroom, 1 bath home consists of a living room, eat-in kitchen with appliances to stay, office, and foyer. The home is situated on 3.7 surveyed acres located in the city limits of Mt. Vernon. The property is improved with a 13x22 detached garage, covered picnic shelter with concrete floor, and storage buildings. Other amenities include: electric heat and air, hardwood and tile flooring, city water, and so much more.

24. 2023-05-25
    listed $83,900 Active 478-char remark

    Show marketing remark (478 chars)

    Acreage in town!!!!! Check out this rare find! This 2 bedroom, 1 bath home consists of a living room, eat-in kitchen with appliances to stay, office, and foyer. The home is situated on 3.7 surveyed acres located in the city limits of Mt. Vernon. The property is improved with a 13x22 detached garage, covered picnic shelter with concrete floor, and storage buildings. Other amenities include: electric heat and air, hardwood and tile flooring, city water, and so much more.

ⓘ 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: $529 · $44/mo
• Projected year-2 tax: $773 · $64/mo
• Expected delta: +$244/yr (+$20/mo · 46.2%)

ⓘ 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 5/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥100°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% 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: $8,851
• − Mortgage interest: −$5,036
• − Property taxes: −$529
• − Insurance: −$450
• − Repairs & maintenance: −$708
• − Management: −$708
• − Depreciation: −$2,615
• Taxable loss: −$1,194
• Est. tax savings @ 24.0%: +$287
• After-tax cash flow: $643/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: Rockcastle County
• NCES district ID: 2105070
• Math proficiency: 23% ▼ -21.00%
• Reading proficiency: 40% ▼ -18.00%
• Median HH income: $30,809
• Composite: 25.55/100
• National rank: #7430
• State rank: #102 of 165 in KY

Livability — Mount Vernon

• Score: 63/100
• State rank: #321
• US rank: #15406

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mount Vernon, KY
• Population (ZIP): 8,324

Population outlook (Rockcastle County) Hauer SSP2

• Today (2025): 17,003 people
• By 2030: 16,913 · -0.5%
• By 2040: 16,504 · -2.9%
• By 2050: 15,697 · -7.7%
• By 2075: 13,724 · -19.3%
• By 2100: 11,369 · -33.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Slovak 3% Serbian 1% Italian 1%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Rockcastle

• 2024 margin: Solid R (+73.1) · D 12.8% · R 85.9% · Other 1.3%
• 2008→2024 swing: -19.8pp toward R · 2008: -53.4pp · 2024: -73.1pp
• All cycles: 2024: R+73.1 2020: R+69.9 2016: R+70.2 2012: R+63.2 2008: R+53.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 23.63%
• Current HPI: 227.3369
• 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

+7.2% since first listed

7 events — show timeline

• 2026-03-06 Listed $89,900 ImagineMLS
• 2023-08-21 Sold (Public Records) $65,000 Public Records
• 2023-08-18 Sold (MLS) $65,000 ImagineMLS
• 2023-08-01 Pending — ImagineMLS
• 2023-06-02 Relisted — ImagineMLS
• 2023-05-29 Contingent — ImagineMLS
• 2023-05-25 Listed $83,900 ImagineMLS

Property tax history

+7.3%/yr

Latest (2025): $529 · -0.6% YoY. Source: county tax records.