340 Sandy Ct

Bowling Green, KY 42101

$264,900D

4 bd · 4.0 ba · 2,006 sqft · Built 2006 · MultiFamily · Active · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,433/mo
• Mortgage (P&I): −$1,389
• Tax + insurance: −$442
• HOA: −$0
• Vac / Maint / Mgmt: −$511
• Net cashflow: $91/mo
• Annual: $1,097/yr
• Cap rate: 6.71%
• Cash-on-cash: 1.48%
• DSCR: 1.07
• 1% rule: 0.92%
• Cash to close: $74,172

Investor read

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $265k. Condition is rated good.
• At list price, monthly cash flow is $91 ($1k/yr) — positive. Per door: $46/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $243k (8.2% below list).
• It's been on market 31 days — a 3% lower offer ($257k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $243k (8.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#255 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, amenities F, commute F.
• Warren County (rural): math 30% / reading 43% proficiency, ranked #48 of 165 in KY (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Oakland Elementary (math 8% / reading 17%, grade F, #630 of 676 statewide, top 95%, 380 students, 79% FRL); Warren East Middle School (math 23% / reading 40%, grade F, #125 of 217 statewide, top 63%, 487 students, 65% FRL); Warren East High School (math 22% / reading 31%, grade F, #174 of 254 statewide, top 69%, 1,031 students, 60% FRL) — zoned schools average 68% FRL vs 42% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 23% at this address vs 36% district-wide (-13 pts) — the specific schools serving this property underperform the Warren County average; the district grade overstates school quality for this exact location.
• Market conditions: Rents flat; 639 active listings in the ZIP; 2,286 units permitted in Warren County in 2024 (1,410 in 5+ unit buildings).
• Warren County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 2y 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.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.7% vs local median 3.0% in Bowling Green — 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.
• At $2,433/mo this rent would consume 61% of the median local household income ($48k/yr) (locally 3855% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 31 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Landscaping — The landscaping appears overgrown and could benefit from trimming and planting.
• Minor: Curb appeal — The lack of landscaping and curb appeal could be improved with some landscaping and curb appeal enhancements.
• Minor: Flooring — The carpeted flooring in the living room and kitchen could be replaced with hardwood or tile for a more modern look and increased value.