16690 Cook Rd · Warsaw, KY 47020

$154,900

2 bd · 2.0 ba · 1,144 sqft · Manufactured public records · 42 Days on market

Built 1938 0.41 ac lot $135/sqft · 8% below area Est $218k · 29% under ↓ 7% since listing

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Appreciation +6.9/10.0
• Cash flow +6.1/30.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• 1% rule +1.4/10.0
• DSCR +0.5/10.0

Listing remarks

Charming country home situated on a peaceful road in Switzerland County. This cozy 2-bedroom, 1-bath home features a comfortable living room, dining room, and quaint recently updated kitchen with butcher block counters. Laminate flooring and carpeting are only 3 years old. There is a versatile bonus room perfect for a home office, hobby space, or guest area. The attached 2-car garage provides convenience and additional storage. Peaceful country setting with plenty of room to relax and enjoy the outdoors.

Key facts

• Versatile bonus room
• Hobby space
• Guest area

Tags

• RECENTLY UPDATED KITCHEN
• BUTCHER BLOCK COUNTERS
• VERSATILE BONUS ROOM
• HOME OFFICE
• HOBBY SPACE
• GUEST AREA

Property features AI

Exterior

• Parking: Attached garage (2 car); Off-street parking; Shared driveway; Gravel parking surface
• Utilities: Public water; Septic tank sewer
• Home design: Single-family residence; One and one half levels; 1-story total
• Construction: Vinyl siding; Built with traditional construction materials
• Exterior features: Shingle roof; Has a view; Gravel road surface

Interior

• Kitchen: Gas cooktop, Range, Oven, Refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Gas cooktop, Range, Oven, Refrigerator, Electric water heater; Full unfinished basement with walk-out access
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $155k.

Deal economics

• At list price, monthly cash flow is $-287 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $113k (26.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $99k (36.0% below list).
• Recommended offer: $99k (36.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 61/100 on livability (#376 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment D+, amenities F, commute F.
• Switzerland County School Corporation (rural): math 25% / reading 31% proficiency, ranked #254 of 301 in IN (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Switzerland Co Middle School (math 17% / reading 28%, grade F, #266 of 330 statewide, top 81%, 244 students, 54% FRL); Switzerland Co Senior High School (math 22% / reading 47%, grade F, #270 of 369 statewide, top 77%, 435 students, 50% FRL).
• Market conditions: 80 units permitted in Switzerland County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($1k loan paydown + $6k appreciation (3.8% local appreciation)).
• Switzerland County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 5, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($150k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $99,137 (36.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
3. Built in 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 0.64% ✗
• Cap rate: 4.07%
• Cash-on-cash: -7.95%
• DSCR: 0.65
• GRM: 13.0

CMA / ARV

• ARV (median comp): $218,075
• List price: $154,900
• Delta: -28.97%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Projected returns pro-forma

3.8% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 2.7%
• Equity multiple: 1.16×
• Total profit: $7,000
• Equity at exit: $76,696

10-year hold

• IRR: 5.9%
• Equity multiple: 1.98×
• Total profit: $42,688
• Equity at exit: $123,995

Cash invested: $43,372 (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 47020

• Home prices YoY: 1.8%
• Price-to-rent: 13.0×

Monthly cashflow live

• Estimated rent: $991 medium
• Mortgage (P&I): −$812
• Tax est. 1.5%: −$194 /mo · $2,324/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$208
• Net cashflow: $-287

Break-even live

Break-even rent $1,355

Max offer price $113,328

Occupancy floor —

Sensitivity live

Price	-10% $-180	-5% $-234	+0% $-287	+5% $-341	+10% $-394
Rent	-10% $-366	-5% $-326	+0% $-287	+5% $-248	+10% $-209
Rate	-1.0pp $-209	-0.5pp $-248	base $-287	+0.5pp $-327	+1.0pp $-368

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: $38,725
• Closing costs: $4,647
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $154,900 Active 42 DOM
2. 2026-06-21
   days on market $154,900 Active 41 DOM
3. 2026-06-18
   days on market $154,900 Active 39 DOM
4. 2026-06-17
   days on market $154,900 Active 38 DOM
5. 2026-06-16
   days on market $154,900 Active 37 DOM
6. 2026-06-15
   days on market $154,900 Active 36 DOM
7. 2026-06-13
   days on market $154,900 Active 34 DOM
8. 2026-06-12
   days on market $154,900 Active 33 DOM
9. 2026-06-09
   days on market $154,900 Active 30 DOM
10. 2026-06-08
    days on market $154,900 Active 29 DOM
11. 2026-06-07
    days on market $154,900 Active 28 DOM
12. 2026-06-07
    days on market $154,900 Active 27 DOM
13. 2026-06-04
    days on market $154,900 Active 24 DOM
14. 2026-06-02
    pricedays on market $154,900 Active 23 DOM
15. 2026-06-01
    days on market $165,900 Active 22 DOM
16. 2026-05-31
    days on market $165,900 Active 21 DOM
17. 2026-05-31
    days on market $165,900 Active 20 DOM
18. 2026-05-11
    listed $165,900 Active 510-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥103°F today · 19 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: $11,896
• − Mortgage interest: −$8,677
• − Property taxes: −$2,324
• − Insurance: −$774
• − Repairs & maintenance: −$952
• − Management: −$952
• − Depreciation: −$4,506
• Taxable loss: −$6,288
• Est. tax savings @ 24.0%: +$1,509
• After-tax cash flow: $-1,938/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: Switzerland County School Corporation
• NCES district ID: 1811220
• Math proficiency: 25% ▼ -10.00%
• Reading proficiency: 31% ▼ -9.00%
• Median HH income: $44,127
• Composite: 23.96/100
• National rank: #7780
• State rank: #254 of 301 in IN

Livability — Warsaw

• Score: 61/100
• State rank: #376
• US rank: #17814

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 1,164

Population outlook (Switzerland County) Hauer SSP2

• Today (2025): 10,189 people
• By 2030: 9,909 · -2.7%
• By 2040: 9,347 · -8.3%
• By 2050: 8,721 · -14.4%
• By 2075: 7,542 · -26.0%
• By 2100: 6,601 · -35.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Romanian 1% Armenian 1%
• Foreign-born: 1%
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Switzerland

• 2024 margin: Solid R (+57.5) · D 20.5% · R 78.0% · Other 1.5%
• 2008→2024 swing: -49.2pp toward R · 2008: -8.3pp · 2024: -57.5pp
• All cycles: 2024: R+57.5 2020: R+52.2 2016: R+44.7 2012: R+12.8 2008: R+8.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.80%
• Current HPI: 210.6771
• Rent YoY: —
• Metro: —
• 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

-6.6% since first listed

2 events — show timeline

• 2026-06-01 Price Changed $154,900 SEIBR
• 2026-05-11 Listed $165,900 SEIBR

Property tax history

-10.2%/yr

Latest (2024): $52 · +2.0% YoY. Source: county tax records.