6612 Clore Ln

Crestwood, KY 40014

$1F

3 bd · 3.0 ba · 4,650 sqft · Built 1976 · SingleFamily · Pending · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,001/mo
• Mortgage (P&I): −$3,958
• Tax + insurance: −$1,258
• HOA: −$0
• Vac / Maint / Mgmt: −$420
• Net cashflow: $-3,635/mo
• Annual: $-43,624/yr
• Cap rate: 0.51%
• Cash-on-cash: -20.64%
• DSCR: 0.08
• 1% rule: 0.27%
• Cash to close: $211,327

Investor read

• This is a 3-bed/3.0-bath single-family listed at $1. Condition is rated good.
• At list price, monthly cash flow is $-4k ($-44k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $1).
• It's been on market 19 days — a 2% lower offer ($0) is reasonable based on typical stale-listing flexibility.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $23k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#136 in KY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Oldham County (suburban): math 48% / reading 55% proficiency, ranked #6 of 165 in KY (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Watch-outs: property tax is 1132109.2% of price.
• Market conditions: 144 active listings in the ZIP; high-income renter base; 402 units permitted in Oldham County in 2024 (56 in 5+ unit buildings).
• Oldham County population projected at +32% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 0.5% vs local median 1.8% in Crestwood — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?
• 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.