201-203 W Campbell St Unit A-D · Frankfort, KY 40601

$420,000

16 bd · 16.0 ba · 3,400 sqft · MultiFamily · 30 Days on market

Built 1926 Fair condition 7,840 sqft lot

---

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).

• Cash flow +11.4/30.0
• ARV discount +7.5/15.0
• Rent growth +4.1/5.0
• Livability +3.7/5.0
• 1% rule +3.3/10.0
• DSCR +3.3/10.0
• Schools +3.2/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

201-203 Campbell is a well-located 4-unit multifamily property in Frankfort with strong current cash flow and additional upside potential. Each unit features a large 1 bedroom, 1 bathroom layout with oversized living rooms that could potentially function as a second bedroom or flex space. Current rents total $3,425 per month with room to increase rents toward market rates. Property is conveniently located near downtown Frankfort and the Kentucky State Capitol area. Can also be packaged together with 506 Steele for investors looking to add multiple multifamily properties in one acquisition. Group showing June 13th, 2:30-3:00. Contact agent to let them know you are coming.

Key facts

• Multifamily property
• 7,840 sq ft lot
• Built 1926

Tags

• MULTIFAMILY PROPERTY
• STRONG CURRENT CASH FLOW
• ADDITIONAL UPSIDE POTENTIAL
• OVERSIZED LIVING ROOMS

Property features AI

Finance

• Other: Parcel number 062-14-04-008.00

Exterior

• Home design: Multi-unit property (address shows Units A–D); Total building area approximately 3,400
• Exterior features: Lot in the Capital View subdivision; Lot approximately 0.18 acres

Interior

• Bathrooms: Four full bathrooms
• Interior features: Central air conditioning; Electric heating

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1.0-bath units multifamily listed at $420k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-148 ($-2k/yr) — negative. Per door: $-37/mo.
• To cash-flow at today's rent, offer at most $399k (5.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $349k (17.0% below list).
• Recommended offer: $349k (17.0% below list) — sets the bar for 1% rule.
• Cap rate 5.9% 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) — zoned schools at 53% FRL track the district average.
• Market conditions: Rents rising fast (+6.5%/yr); 306 active listings in the ZIP; 123 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).
• At $3,487/mo this rent would consume 64% of the median local household income ($66k/yr) (locally 1621% 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 $3k of loan paydown is wiped out by about $13k 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.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($414k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $348,700 (17.0% 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. 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.83% ✗
• Cap rate: 5.87%
• Cash-on-cash: -1.51%
• DSCR: 0.93
• GRM: 10.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.55% rent growth · sell at horizon

5-year hold

• IRR: -14.9%
• Equity multiple: 0.45×
• Total profit: $-64,520
• Equity at exit: $62,623

10-year hold

• IRR: -1.2%
• Equity multiple: 0.91×
• Total profit: $-11,147
• Equity at exit: $36,314

Cash invested: $117,600 (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: 306
• Price-to-rent: 40.2×

Monthly cashflow live

• Estimated rent: $3,487 medium
• Mortgage (P&I): −$2,203
• Tax est. 1.5%: −$525 /mo · $6,300/yr
• Insurance: −$175
• HOA: −$0
• Vacancy / Maint / Mgmt: −$732
• Net cashflow: $-148

Break-even live

Break-even rent $3,674

Max offer price $398,614

Occupancy floor 99%

Sensitivity live

Price	-10% $142	-5% $-3	+0% $-148	+5% $-293	+10% $-438
Rent	-10% $-423	-5% $-286	+0% $-148	+5% $-10	+10% $128
Rate	-1.0pp $64	-0.5pp $-41	base $-148	+0.5pp $-257	+1.0pp $-367

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$3,488
Total (4 units)			$3,487

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: $105,000
• Closing costs: $12,600
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-19
   days on market $420,000 Active 30 DOM
2. 2026-06-18
   days on market $420,000 Active 29 DOM
3. 2026-06-17
   days on market $420,000 Active 28 DOM
4. 2026-06-16
   days on market $420,000 Active 27 DOM
5. 2026-06-15
   days on market $420,000 Active 26 DOM
6. 2026-06-14
   days on market $420,000 Active 24 DOM
7. 2026-06-12
   remarks 680-char remark
8. 2026-06-12
   days on market $420,000 Active 23 DOM
9. 2026-06-09
   days on market $420,000 Active 20 DOM
10. 2026-06-08
    days on market $420,000 Active 19 DOM
11. 2026-06-07
    days on market $420,000 Active 18 DOM
12. 2026-06-02
    days on market $420,000 Active 13 DOM
13. 2026-06-01
    days on market $420,000 Active 12 DOM
14. 2026-05-31
    days on market $420,000 Active 11 DOM
15. 2026-05-30
    days on market $420,000 Active 10 DOM
16. 2026-05-20
    listed $420,000 Active

ⓘ 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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥104°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: $41,844
• − Mortgage interest: −$23,527
• − Property taxes: −$6,300
• − Insurance: −$2,100
• − Repairs & maintenance: −$3,348
• − Management: −$3,348
• − Depreciation: −$12,218
• Taxable loss: −$8,996
• Est. tax savings @ 24.0%: +$2,159
• After-tax cash flow: $385/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.

Condition & rehab AI · 13 photos

Fair 45/100 Moderate rehab

The property is in fair condition with some minor repairs and maintenance needed. The exterior and landscaping are in good condition, and the interior could benefit from cleaning and organization to improve its appearance and functionality.

Repairs flagged

• Minor Kitchen counters — The kitchen counters are cluttered with various items, indicating a need for cleaning and organization.
• Minor Bathroom counters — The bathroom counters are cluttered with various items, indicating a need for cleaning and organization.

Value-add opportunities

• Both Clean and organize the kitchen and bathrooms — A clean and organized kitchen and bathrooms will improve the overall appearance and functionality of the property, making it more attractive to potential buyers and renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen counters · The kitchen counters are cluttered with various items, indicating a need for cleaning and organization.	Minor	$500–3,000
Bathroom counters · The bathroom counters are cluttered with various items, indicating a need for cleaning and organization.	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Clean and organize the kitchen and bathrooms — A clean and organized kitchen and bathrooms will improve the overall appearance and functionality of the property, making it more attractive to potential buyers and renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

1 event — show timeline

• 2026-05-20 Listed $420,000 ImagineMLS