2005 Sharkey Rd · Morehead, KY 40351

$115,000

3 bd · 1.0 ba · 1,386 sqft · SingleFamily public records · 182 Days on market

Built 1996 8,712 sqft lot $83/sqft · 39% below area Est $151k · 24% under ↓ 51% since listing

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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 +26.9/30.0
• ARV discount +15.0/15.0
• DSCR +9.3/10.0
• 1% rule +7.3/10.0
• 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 MLS

Check out this great opportunity in one of Morehead's most desirable areas! This spacious double-wide offers 3 bedrooms, 2 full bathrooms, an inviting eat-in kitchen, and a convenient utility room. Currently used as a rental, the home is being sold as-is, making it an ideal option for a first-time home buyer, someone looking to downsize, or an investor wanting to expand their rental portfolio. The layout is functional and comfortable, featuring a bright living area perfect for relaxing or spending time with family. The eat-in kitchen provides plenty of room for meals and everyday living, while the utility room adds valuable space for storage and laundry needs. The primary bedroom includes its own private bath, and the additional bedrooms offer flexibility for guests, kids, or a home office. Located in a sought-after part of Morehead, this home offers quick access to the interstate, local shopping, dining, and essential services. Outdoor lovers will appreciate being just minutes from Cave Run Lake, with boating, fishing, hiking, and recreation close by. Whether you're looking for an affordable starter home, a low-maintenance place to simplify your lifestyle, or a solid investment with proven rental history, this property delivers great potential and convenience. With its practical floor plan, excellent location, and as-is pricing, opportunities like this don't come often. Schedule your private showing today and see the possibilities this home has to offer!

Key facts

• Cave run lake
• Utility room
• Private bath

Tags

• EAT-IN KITCHEN
• UTILITY ROOM
• PRIVATE BATH
• QUICK ACCESS TO INTERSTATE
• LOCAL SHOPPING
• CAVE RUN LAKE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $318 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.6% 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-, schools D, housing D.
• 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.
• Market conditions: 147 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 15 units permitted in Rowan County in 2024 (0 in 5+ unit buildings).
• This rent runs 33% of the median local income ($52k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k 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 $32k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 182 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $101,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 182 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.23% ✓
• Cap rate: 9.62%
• Cash-on-cash: 11.87%
• DSCR: 1.53
• GRM: 6.8

CMA / ARV

• ARV (median comp): $151,490
• List price: $115,000
• Delta: -24.09%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2205 Sharkey Rd	0.17mi	3/1.0	1,202 (-13%)	17mo	$190,000	$158	56
275 Johnson Rd	0.40mi	3/2.0	1,590 (+15%)	12mo	$311,000	$196	43

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: 1.4%
• Equity multiple: 1.05×
• Total profit: $1,667
• Equity at exit: $17,147

10-year hold

• IRR: 11.0%
• Equity multiple: 1.86×
• Total profit: $27,652
• Equity at exit: $9,943

Cash invested: $32,200 (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: 6.8×

Monthly cashflow live

• Estimated rent: $1,409 medium
• Mortgage (P&I): −$603
• Tax est. 1.5%: −$144 /mo · $1,725/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$296
• Net cashflow: $318

Break-even live

Break-even rent $1,006

Max offer price $115,000

Occupancy floor 72%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
50 Kad Ct Morehead, KY	2.0	2.0	912	$1,000	$1.10	14d	1	0.26mi

Listing history 8 events

1. 2026-03-19
   price $115,000 1479-char remark

   Show marketing remark (1479 chars)

   Check out this great opportunity in one of Morehead's most desirable areas! This spacious double-wide offers 3 bedrooms, 2 full bathrooms, an inviting eat-in kitchen, and a convenient utility room. Currently used as a rental, the home is being sold as-is, making it an ideal option for a first-time home buyer, someone looking to downsize, or an investor wanting to expand their rental portfolio. The layout is functional and comfortable, featuring a bright living area perfect for relaxing or spending time with family. The eat-in kitchen provides plenty of room for meals and everyday living, while the utility room adds valuable space for storage and laundry needs. The primary bedroom includes its own private bath, and the additional bedrooms offer flexibility for guests, kids, or a home office. Located in a sought-after part of Morehead, this home offers quick access to the interstate, local shopping, dining, and essential services. Outdoor lovers will appreciate being just minutes from Cave Run Lake, with boating, fishing, hiking, and recreation close by. Whether you're looking for an affordable starter home, a low-maintenance place to simplify your lifestyle, or a solid investment with proven rental history, this property delivers great potential and convenience. With its practical floor plan, excellent location, and as-is pricing, opportunities like this don't come often. Schedule your private showing today and see the possibilities this home has to offer!

2. 2026-03-04
   price $120,000 1479-char remark

   Show marketing remark (1479 chars)

   Check out this great opportunity in one of Morehead's most desirable areas! This spacious double-wide offers 3 bedrooms, 2 full bathrooms, an inviting eat-in kitchen, and a convenient utility room. Currently used as a rental, the home is being sold as-is, making it an ideal option for a first-time home buyer, someone looking to downsize, or an investor wanting to expand their rental portfolio. The layout is functional and comfortable, featuring a bright living area perfect for relaxing or spending time with family. The eat-in kitchen provides plenty of room for meals and everyday living, while the utility room adds valuable space for storage and laundry needs. The primary bedroom includes its own private bath, and the additional bedrooms offer flexibility for guests, kids, or a home office. Located in a sought-after part of Morehead, this home offers quick access to the interstate, local shopping, dining, and essential services. Outdoor lovers will appreciate being just minutes from Cave Run Lake, with boating, fishing, hiking, and recreation close by. Whether you're looking for an affordable starter home, a low-maintenance place to simplify your lifestyle, or a solid investment with proven rental history, this property delivers great potential and convenience. With its practical floor plan, excellent location, and as-is pricing, opportunities like this don't come often. Schedule your private showing today and see the possibilities this home has to offer!

3. 2026-02-19
   price $122,900 1479-char remark

   Show marketing remark (1479 chars)

   Check out this great opportunity in one of Morehead's most desirable areas! This spacious double-wide offers 3 bedrooms, 2 full bathrooms, an inviting eat-in kitchen, and a convenient utility room. Currently used as a rental, the home is being sold as-is, making it an ideal option for a first-time home buyer, someone looking to downsize, or an investor wanting to expand their rental portfolio. The layout is functional and comfortable, featuring a bright living area perfect for relaxing or spending time with family. The eat-in kitchen provides plenty of room for meals and everyday living, while the utility room adds valuable space for storage and laundry needs. The primary bedroom includes its own private bath, and the additional bedrooms offer flexibility for guests, kids, or a home office. Located in a sought-after part of Morehead, this home offers quick access to the interstate, local shopping, dining, and essential services. Outdoor lovers will appreciate being just minutes from Cave Run Lake, with boating, fishing, hiking, and recreation close by. Whether you're looking for an affordable starter home, a low-maintenance place to simplify your lifestyle, or a solid investment with proven rental history, this property delivers great potential and convenience. With its practical floor plan, excellent location, and as-is pricing, opportunities like this don't come often. Schedule your private showing today and see the possibilities this home has to offer!

4. 2025-11-26
   listed $124,900 Active 1479-char remark

   Show marketing remark (1479 chars)

   Check out this great opportunity in one of Morehead's most desirable areas! This spacious double-wide offers 3 bedrooms, 2 full bathrooms, an inviting eat-in kitchen, and a convenient utility room. Currently used as a rental, the home is being sold as-is, making it an ideal option for a first-time home buyer, someone looking to downsize, or an investor wanting to expand their rental portfolio. The layout is functional and comfortable, featuring a bright living area perfect for relaxing or spending time with family. The eat-in kitchen provides plenty of room for meals and everyday living, while the utility room adds valuable space for storage and laundry needs. The primary bedroom includes its own private bath, and the additional bedrooms offer flexibility for guests, kids, or a home office. Located in a sought-after part of Morehead, this home offers quick access to the interstate, local shopping, dining, and essential services. Outdoor lovers will appreciate being just minutes from Cave Run Lake, with boating, fishing, hiking, and recreation close by. Whether you're looking for an affordable starter home, a low-maintenance place to simplify your lifestyle, or a solid investment with proven rental history, this property delivers great potential and convenience. With its practical floor plan, excellent location, and as-is pricing, opportunities like this don't come often. Schedule your private showing today and see the possibilities this home has to offer!

5. 2025-11-20
   historical
6. 2025-09-19
   price $225,000
7. 2025-08-26
   price $230,000
8. 2025-08-14
   listed $235,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°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: $16,909
• − Mortgage interest: −$6,442
• − Property taxes: −$1,725
• − Insurance: −$575
• − Repairs & maintenance: −$1,353
• − Management: −$1,353
• − Depreciation: −$3,345
• Taxable income: $2,116
• Est. tax owed @ 24.0%: −$508
• After-tax cash flow: $3,313/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

-51.1% since first listed

8 events — show timeline

• 2026-03-19 Price Changed $115,000 ImagineMLS
• 2026-03-04 Price Changed $120,000 ImagineMLS
• 2026-02-19 Price Changed $122,900 ImagineMLS
• 2025-11-26 Listed $124,900 ImagineMLS
• 2025-11-20 Listing Removed — ImagineMLS
• 2025-09-19 Price Changed $225,000 ImagineMLS
• 2025-08-26 Price Changed $230,000 ImagineMLS
• 2025-08-14 Listed $235,000 ImagineMLS