1117 Oak St

Elizabethtown, KY 42701

$173,000C

3 bd · 2.0 ba · 1,831 sqft · Built 1965 · SingleFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,682/mo
• Mortgage (P&I): −$907
• Tax + insurance: −$236
• HOA: −$0
• Vac / Maint / Mgmt: −$353
• Net cashflow: $186/mo
• Annual: $2,228/yr
• Cap rate: 7.58%
• Cash-on-cash: 4.60%
• DSCR: 1.20
• 1% rule: 0.97%
• Cash to close: $48,440

Investor read

• This is a 3-bed/2.0-bath single-family listed at $173k.
• At list price, monthly cash flow is $186 ($2k/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 $168k (2.8% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $168k (2.8% below list) — sets the bar for 1% rule.
• 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 72/100 on livability (#131 in KY) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: employment D, amenities F, commute F.
• Elizabethtown Independent (urban): math 26% / reading 45% proficiency, ranked #66 of 165 in KY (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Helmwood Heights Elementary School (math 27% / reading 42%, grade F, #301 of 676 statewide, top 48%, 408 students, 52% FRL); Talton K Stone Middle School (math 26% / reading 51%, grade F, #68 of 217 statewide, top 32%, 545 students, 42% FRL); Elizabethtown High School (math 35% / reading 45%, grade F, #39 of 254 statewide, top 15%, 824 students, 36% FRL) — zoned schools at 43% FRL track the district average.
• Market conditions: Rents rising (+3.3%/yr); 548 active listings in the ZIP; 946 units permitted in Hardin County in 2024 (464 in 5+ unit buildings).
• Hardin County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $150k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 7.6% vs local median 3.5% in Elizabethtown — 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.

Questions for listing agent

• Built in 1965 — 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.
• 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.