905 Byars Ave · Lexington-Fayette, KY 40505

$168,500

4 bd · 2.0 ba · 1,527 sqft · MultiFamily public records · 150 Days on market

Built 1948 6,229 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.6/5.0
• Schools +3.4/10.0
• Livability +2.5/5.0
• 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 MLS

One side is vacant.

Key facts

• 6,229 sq ft lot
• Built 1948
• Listed 149 days

Property features AI

Exterior

• Utilities: Electricity connected; Sewer connected; Water connected
• Home design: Duplex; 1,527 total building area
• Construction: R-1 zoning
• Exterior features: Shingle roof

Interior

• Bathrooms: 2 full bathrooms
• Interior features: Baseboard heating; Wall unit cooling

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $168k.

Deal economics

• At list price, monthly cash flow is $995 ($12k/yr) — positive. Per door: $497/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $168k).
• Recommended offer: $148k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.4% vs local median 3.8% in Lexington-Fayette — 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: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Fayette County (urban): math 35% / reading 45% proficiency, ranked #27 of 165 in KY (top 16%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Crawford Middle School (math 15% / reading 31%, grade F, #197 of 217 statewide, top 92%, 751 students, 68% FRL); Frederick Douglass High School (math 36% / reading 42%, grade F, #51 of 254 statewide, top 21%, 1,667 students, 43% FRL).
• Market conditions: Rents rising fast (+4.3%/yr); 68 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 1,036 units permitted in Fayette County in 2024 (542 in 5+ unit buildings).
• At $2,539/mo this rent would consume 52% of the median local household income ($58k/yr) (locally 1232% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Fayette County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.3% rent growth), your $47k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 150 days — a 12% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 12y ago; this cycle's ask has dropped $21k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $148,280 (12.0% below list)

Questions for the listing agent

1. It's been on market 150 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 1.51% ✓
• Cap rate: 13.38%
• Cash-on-cash: 25.30%
• DSCR: 2.13
• GRM: 5.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.31% rent growth · sell at horizon

5-year hold

• IRR: 20.2%
• Equity multiple: 1.83×
• Total profit: $39,377
• Equity at exit: $25,124

10-year hold

• IRR: 29.2%
• Equity multiple: 3.75×
• Total profit: $129,920
• Equity at exit: $14,569

Cash invested: $47,180 (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 40505

• Rents YoY: 4.3%
• Active inventory: 68
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $2,539 high
• Mortgage (P&I): −$884
• Tax from tax record: −$57 /mo · $688/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$533
• Net cashflow: $995

Break-even live

Break-even rent $1,280

Max offer price $168,500

Occupancy floor 56%

Sensitivity live

Price	-10% $1,090	-5% $1,042	+0% $995	+5% $947	+10% $899
Rent	-10% $794	-5% $894	+0% $995	+5% $1,095	+10% $1,195
Rate	-1.0pp $1,079	-0.5pp $1,037	base $995	+0.5pp $951	+1.0pp $907

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,540
Total (2 units)			$2,539

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: $42,125
• Closing costs: $5,055
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
324 Hillcrest Ave Unit Z1 Lexington, KY	3.0	2.0	1550	$1,499	$0.97	22d	1	0.14mi
1105 Sparks Rd Lexington, KY	3.0	1.0	1302	$1,575	$1.21	24d	1	0.40mi
1120 Sparks Rd Lexington, KY	3.0	1.0	1200	$1,600	$1.33	22d	1	0.48mi
303 Owsley Ave Lexington, KY	3.0	2.0	1188	$2,100	$1.77	15d	1	0.65mi
425 Hawkins Ave Lexington, KY	3.0	1.5	1124	$1,570	$1.40	15d	1	0.81mi
658 Elm Tree Ln Lexington, KY	3.0	2.0	1350	$1,800	$1.33	24d	1	0.81mi
706 Lancaster Ave Lexington, KY	3.0	3.0	1050	$1,495	$1.42	15d	1	0.81mi
458 Morgan Ave Lexington, KY	3.0	1.0	1275	$1,325	$1.04	24d	1	0.85mi
443 Shawnee Ave Lexington, KY	4.0	1.0	1435	$1,600	$1.11	24d	1	0.93mi
211 E Sixth St Lexington, KY	3.0	1.0	1400	$1,500	$1.07	24d	1	0.93mi
411 Morgan Ave Lexington, KY	3.0	2.0	1160	$1,600	$1.38	22d	1	0.97mi
170 E Loudon Ave Unit 2 Lexington, KY	3.0	1.0	1500	$1,350	$0.90	24d	1	0.97mi
627 N Martin Luther King Blvd Lexington, KY	4.0	2.0	1440	$1,400	$0.97	24d	1	0.98mi
132 Bassett Ave Lexington, KY	3.0	2.0	1850	$2,900	$1.57	22d	1	1.01mi
222 W Sixth St Lexington, KY	3.0	1.5	1050	$1,150	$1.10	24d	1	1.24mi
1211 N Limestone Lexington, KY	3.0	1.0	1300	$1,050	$0.81	24d	1	1.26mi
444 N Broadway Lexington, KY	3.0	1.0	1160	$1,595	$1.38	24d	1	1.39mi
374 Park Ave Lexington, KY	4.0	2.0	1513	$3,500	$2.31	15d	1	1.49mi

Listing history 12 events

1. 2026-05-04
   price $168,500
2. 2026-04-22
   price $169,900
3. 2026-03-06
   price $174,900
4. 2026-02-12
   price $179,900
5. 2026-02-04
   price $184,900
6. 2025-12-30
   listed $189,900 Active
7. 2025-09-22
   soldstatus $155,000
8. 2017-05-03
   soldstatus $75,000
9. 2014-10-13
   soldstatus $57,000
10. 2014-10-08
    soldstatus $57,000 19-char remark

    Show marketing remark (19 chars)

    One side is vacant.

11. 2014-09-21
    historical 19-char remark

    Show marketing remark (19 chars)

    One side is vacant.

12. 2014-09-05
    listed $70,000 19-char remark

    Show marketing remark (19 chars)

    One side is vacant.

ⓘ 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: $688 · $57/mo
• Projected year-2 tax: $1,449 · $121/mo
• Expected delta: +$761/yr (+$63/mo · 110.5%)

ⓘ 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 4/10 Moderate 7 d/yr ≥101°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,468
• − Mortgage interest: −$9,439
• − Property taxes: −$688
• − Insurance: −$842
• − Repairs & maintenance: −$2,437
• − Management: −$2,437
• − Depreciation: −$4,902
• Taxable income: $9,722
• Est. tax owed @ 24.0%: −$2,333
• After-tax cash flow: $9,602/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: Fayette County
• NCES district ID: 2101860
• Math proficiency: 35% ▼ -16.00%
• Reading proficiency: 45% ▼ -13.00%
• Median HH income: $49,245
• Composite: 34.38/100
• National rank: #5211
• State rank: #27 of 165 in KY

Livability — Lexington-Fayette

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Lexington-Fayette, KY
• County: Fayette County · 317,143 people
• City population: 321,882
• Metro: Lexington-Fayette, KY
• Population (ZIP): 25,594
• Household income: $58,206
• Rent vs Own: 40.2% rent · 59.8% own
• Severe rent burden: 1232.0

Population outlook (Fayette County) Hauer SSP2

• Today (2025): 363,454 people
• By 2030: 388,270 · +6.8%
• By 2040: 438,688 · +20.7%
• By 2050: 490,667 · +35.0%
• By 2075: 625,394 · +72.1%
• By 2100: 721,354 · +98.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (65%)
• Race & ethnicity: White 65% Black 17% Hispanic / Latino 13% Two or more races 10%
• Hispanic origin (detail): Mexican 9% Cuban 2%
• Common ancestry: Italian 3% Serbian 2% Slovak 1%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Spanish 10%

Political lean MEDSL · Fayette

• 2024 margin: D (+18.1) · D 58.0% · R 39.9% · Other 2.1%
• 2008→2024 swing: +13.3pp toward D · 2008: 4.8pp · 2024: 18.1pp
• All cycles: 2024: D+18.1 2020: D+20.8 2016: D+9.5 2012: D+1.0 2008: D+4.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -191.31%
• Current HPI: 249.2066
• Rent YoY: ▲ 4.31%
• Metro: Lexington-Fayette, 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

+140.7% since first listed

12 events — show timeline

• 2026-05-04 Price Changed $168,500 ImagineMLS
• 2026-04-22 Price Changed $169,900 ImagineMLS
• 2026-03-06 Price Changed $174,900 ImagineMLS
• 2026-02-12 Price Changed $179,900 ImagineMLS
• 2026-02-04 Price Changed $184,900 ImagineMLS
• 2025-12-30 Listed $189,900 ImagineMLS
• 2025-09-22 Sold (Public Records) $155,000 Public Records
• 2017-05-03 Sold (Public Records) $75,000 Public Records
• 2014-10-13 Sold (Public Records) $57,000 Public Records
• 2014-10-08 Sold (MLS) $57,000 ImagineMLS
• 2014-09-21 Listing Removed — ImagineMLS
• 2014-09-05 Listed $70,000 ImagineMLS

Property tax history

-22.7%/yr

Latest (2015): $688 · -22.7% YoY. Source: county tax records.