726-728 Cline St · Frankfort, KY 40601

$139,900

4 bd · 4.0 ba · 1,856 sqft · MultiFamily · 25 Days on market

6,969 sqft lot Est $230k · 39% under

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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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• Rent growth +4.1/5.0
• Livability +3.7/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Cash - flowing, fully occupied duplex with total current rents at $1575 per month. 1 Bedroom with an unfinished basement. Older property being sold as-is and priced accordingly. Offers immediate income potential for future improvements. Tenants pay utilities and are metered separately.

Key facts

• 6,969 sq ft lot
• Listed 25 days

🏷️ Possibly a rental listed for sale. The $139,900 price doesn't fit this home's estimated sale value (~$230,144) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $140k.

Deal economics

• At list price, monthly cash flow is $709 ($9k/yr) — positive. Per door: $355/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $138k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.4% vs local median 3.3% in Frankfort — 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 74/100 on livability (#111 in KY, #4,772 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment C-, amenities F, health & safety F.
• Frankfort Independent (town): math 35% / reading 42% proficiency, ranked #45 of 165 in KY (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Second Street School (math 30% / reading 38%, grade F, #329 of 676 statewide, top 49%, 571 students, 53% FRL); Frankfort High School (math 57% / reading 57%, grade C, #6 of 254 statewide, top 2%, 322 students, 40% FRL).
• Market conditions: Rents rising fast (+6.5%/yr); 303 active listings in the ZIP; 123 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).
• This rent runs 36% of the median local income ($66k/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 $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Franklin County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 6.5% rent growth), your $39k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $120k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $137,801 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.40% ✓
• Cap rate: 12.38%
• Cash-on-cash: 21.73%
• DSCR: 1.97
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $230,144
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
819 Brawner St	0.12mi	4/4.0	1,900 (+2%)	17mo	$236,250	$124	76

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 · 6.55% rent growth · sell at horizon

5-year hold

• IRR: 18.0%
• Equity multiple: 1.76×
• Total profit: $29,697
• Equity at exit: $20,860

10-year hold

• IRR: 28.7%
• Equity multiple: 3.96×
• Total profit: $115,801
• Equity at exit: $12,096

Cash invested: $39,172 (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 40601

• Home prices YoY: -26.1%
• Rents YoY: 6.5%
• Active inventory: 303
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $1,958 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$46 /mo · $547/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$411
• Net cashflow: $709

Break-even live

Break-even rent $1,060

Max offer price $139,900

Occupancy floor 59%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$1,958
Total (2 units)			$1,958

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-04-21
   status Pending
2. 2026-03-27
   historical
3. 2026-02-12
   price $139,900
4. 2026-01-16
   listed $139,900 Active
5. 2026-01-16
   listed $149,900 Active
6. 2024-08-20
   soldstatus $120,000
7. 2021-11-01
   soldstatus $1,220,000
8. 1994-09-15
   soldstatus $51,700
9. 1985-04-01
   soldstatus $34,500

ⓘ 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: $547 · $46/mo
• Projected year-2 tax: $1,203 · $100/mo
• Expected delta: +$656/yr (+$55/mo · 119.9%)

ⓘ 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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥103°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,496
• − Mortgage interest: −$7,837
• − Property taxes: −$547
• − Insurance: −$700
• − Repairs & maintenance: −$1,880
• − Management: −$1,880
• − Depreciation: −$4,070
• Taxable income: $6,584
• Est. tax owed @ 24.0%: −$1,580
• After-tax cash flow: $6,931/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: Frankfort Independent
• NCES district ID: 2101980
• Math proficiency: 35% ▼ -14.00%
• Reading proficiency: 42% ▼ -14.00%
• Median HH income: $35,212
• Composite: 31.81/100
• National rank: #5882
• State rank: #45 of 165 in KY

Livability — Frankfort

• Score: 74/100
• State rank: #111
• US rank: #4772

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Frankfort, KY
• County: Franklin County · 51,893 people
• City population: 51,893
• Metro: Frankfort, KY
• Population (ZIP): 51,893
• Household income: $65,732
• Rent vs Own: 35.3% rent · 64.7% own
• Severe rent burden: 1621.0

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 52,996 people
• By 2030: 54,049 · +2.0%
• By 2040: 55,561 · +4.8%
• By 2050: 56,677 · +6.9%
• By 2075: 59,458 · +12.2%
• By 2100: 58,885 · +11.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Black 9% Two or more races 5% Hispanic / Latino 4% Asian 2%
• Common ancestry: Italian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 3% Other Asian/Pacific 1% Tagalog/Filipino 1%

Political lean MEDSL · Franklin

• 2024 margin: Toss-up / Even · D 46.6% · R 51.4% · Other 2.0%
• 2008→2024 swing: -4.2pp toward R · 2008: -0.6pp · 2024: -4.8pp
• All cycles: 2024: R+4.8 2020: R+0.9 2016: R+4.6 2012: D+0.8 2008: R+0.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -87.43%
• Current HPI: 248.0324
• Rent YoY: ▲ 6.55%
• Metro: Frankfort, KY
• 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

+305.5% since first listed

9 events — show timeline

• 2026-04-21 Pending — ImagineMLS
• 2026-03-27 Listing Removed — ImagineMLS
• 2026-02-12 Price Changed $139,900 ImagineMLS
• 2026-01-16 Listed $149,900 ImagineMLS
• 2026-01-16 Listed $139,900 ImagineMLS
• 2024-08-20 Sold (Public Records) $120,000 Public Records
• 2021-11-01 Sold (Public Records) $1,220,000 Public Records
• 1994-09-15 Sold (Public Records) $51,700 Public Records
• 1985-04-01 Sold (Public Records) $34,500 Public Records

Property tax history

+3.7%/yr

Latest (2025): $547 · -0.1% YoY. Source: county tax records.