230 Lisman St

Clay, KY 42404

$12,000C-

4 bd · 1.0 ba · 1,357 sqft · Built 1930 · Other · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,181/mo
• Mortgage (P&I): −$63
• Tax + insurance: −$21
• HOA: −$0
• Vac / Maint / Mgmt: −$248
• Net cashflow: $849/mo
• Annual: $10,188/yr
• Cap rate: 91.19%
• Cash-on-cash: 303.21%
• DSCR: 14.49
• 1% rule: 9.84%
• Cash to close: $3,360

Investor read

• This is a 4-bed/1.0-bath other listed at $12k.
• At list price, monthly cash flow is $849 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $12k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $1k of equity ($83 loan paydown + $1k appreciation (10.0% local appreciation)).
• Location reads 62/100 on livability (#348 in KY) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Webster County (rural): math 25% / reading 34% proficiency, ranked #114 of 165 in KY (top 69%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Clay Elementary School (math 37% / reading 42%, grade F, #208 of 676 statewide, top 34%, 194 students, 65% FRL); Webster County Middle School (math 22% / reading 36%, grade F, #156 of 217 statewide, top 74%, 315 students, 66% FRL); Webster County High School (math 22% / reading 27%, grade F, #179 of 254 statewide, top 78%, 676 students, 61% FRL).
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 19 active listings in the ZIP; 6 units permitted in Webster County in 2024 (0 in 5+ unit buildings).
• Webster County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $6k; list at $12k implies a 85% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $3k cash investment doubles in ~1 year — after that, you're playing with house money.
• 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.

Questions for listing agent

• Built in 1930 — 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.
• 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?
• 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.