208 Gale Dr · Lancaster, KY 40444

$149,000

2 bd · 1.0 ba · 1,032 sqft · Other · 57 Days on market

Built 1964 0.26 ac lot ↓ 6% since listing

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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 +29.7/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• Livability +3.2/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +1.0/10.0

Listing remarks

2-bedroom, 1-bath brick home offering 1,032 sq ft of living space plus an additional 1,032 sq ft unfinished basement full of potential. Situated on a generous 0.26-acre lot, this property provides room to grow both inside and out. Hardwood floors throughout are ready to be refinished and restored to their original beauty. The spacious walk-out basement offers the possibility for a third bedroom, home office, or expanded living area. Durable metal roof adds long-term value and peace of mind. With solid construction and great bones, this home is a fantastic opportunity for buyers looking to customize and add value.

Key facts

• 0.26-acre lot
• Metal roof
• Unfinished basement

Tags

• BRICK HOME
• UNFINISHED BASEMENT
• 0.26-ACRE LOT
• HARDWOOD FLOORS
• WALK-OUT BASEMENT
• METAL ROOF

Property features AI

Finance

• Other: Building total area: 1,032; Lot size approximately 0.26 acres (public records)

Exterior

• Parking: Attached carport; Driveway; Carport present
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected
• Home design: Single-story house
• Construction: Brick veneer exterior; Metal roof; Block foundation; Built as a house
• Exterior features: Few trees on lot; Neighborhood view

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: 6 total rooms (bedrooms/other rooms included in total)
• Flooring: Hardwood flooring; Vinyl flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Eat-in kitchen; Insulated windows
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry on lower level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $149k.

Deal economics

• At list price, monthly cash flow is $542 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• Recommended offer: $145k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#314 in KY) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A-; Watch: health & safety D+, amenities F, commute F.
• Garrard County (rural): math 28% / reading 42% proficiency, ranked #63 of 165 in KY (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lancaster Elementary School (math 37% / reading 37%, grade F, #255 of 676 statewide, top 42%, 469 students, 80% FRL); Garrard County High School (math 27% / reading 37%, grade F, #97 of 254 statewide, top 46%, 801 students, 59% FRL) — zoned schools average 70% FRL vs 50% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 168 active listings in the ZIP.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.

Recommended offer $144,530 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.24% ✓
• Cap rate: 10.66%
• Cash-on-cash: 15.60%
• DSCR: 1.69
• GRM: 6.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 6.4%
• Equity multiple: 1.25×
• Total profit: $10,348
• Equity at exit: $22,216

10-year hold

• IRR: 15.7%
• Equity multiple: 2.28×
• Total profit: $53,303
• Equity at exit: $12,883

Cash invested: $41,720 (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 40444

• Home prices YoY: -2.6%
• Active inventory: 168
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,842 medium
• Mortgage (P&I): −$781
• Tax from tax record: −$70 /mo · $836/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$387
• Net cashflow: $542

Break-even live

Break-even rent $1,156

Max offer price $149,000

Occupancy floor 66%

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $149,000 Active 57 DOM
2. 2026-06-18
   days on market $149,000 Active 56 DOM
3. 2026-06-17
   days on market $149,000 Active 55 DOM
4. 2026-06-16
   days on market $149,000 Active 54 DOM
5. 2026-06-15
   days on market $149,000 Active 53 DOM
6. 2026-06-14
   days on market $149,000 Active 51 DOM
7. 2026-06-13
   days on market $149,000 Active 50 DOM
8. 2026-06-10
   days on market $149,000 Active 48 DOM
9. 2026-06-09
   days on market $149,000 Active 47 DOM
10. 2026-06-09
    price $149,000 Active 46 DOM
11. 2026-06-08
    days on market $159,000 Active 46 DOM
12. 2026-06-07
    days on market $159,000 Active 45 DOM
13. 2026-06-05
    days on market $159,000 Active 42 DOM
14. 2026-06-03
    days on market $159,000 Active 41 DOM
15. 2026-06-02
    days on market $159,000 Active 40 DOM
16. 2026-06-01
    days on market $159,000 Active 39 DOM
17. 2026-05-31
    days on market $159,000 Active 38 DOM
18. 2026-05-30
    days on market $159,000 Active 37 DOM
19. 2026-04-23
    listed $159,000 Active 620-char remark

ⓘ 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: $836 · $70/mo
• Projected year-2 tax: $1,281 · $107/mo
• Expected delta: +$445/yr (+$37/mo · 53.2%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥102°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% 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: $22,107
• − Mortgage interest: −$8,346
• − Property taxes: −$836
• − Insurance: −$745
• − Repairs & maintenance: −$1,769
• − Management: −$1,769
• − Depreciation: −$4,335
• Taxable income: $4,308
• Est. tax owed @ 24.0%: −$1,034
• After-tax cash flow: $5,473/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: Garrard County
• NCES district ID: 2102160
• Math proficiency: 28% ▼ -12.00%
• Reading proficiency: 42% ▼ -11.00%
• Median HH income: $43,411
• Composite: 29.67/100
• National rank: #6462
• State rank: #63 of 165 in KY

Livability — Lancaster

• Score: 63/100
• State rank: #314
• US rank: #15040

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lancaster, KY
• Population (ZIP): 14,207

Population outlook (Garrard County) Hauer SSP2

• Today (2025): 17,852 people
• By 2030: 18,018 · +0.9%
• By 2040: 18,076 · +1.3%
• By 2050: 17,592 · -1.5%
• By 2075: 16,128 · -9.7%
• By 2100: 13,489 · -24.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Hispanic / Latino 3% Black 3%
• Common ancestry: Italian 1% Subsaharan African 1% Slovak 1%
• Foreign-born: 3% · Canada, Dominican Republic
• Languages at home: 97% English-only · Spanish 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Garrard

• 2024 margin: Solid R (+60.2) · D 19.3% · R 79.5% · Other 1.3%
• 2008→2024 swing: -17.1pp toward R · 2008: -43.1pp · 2024: -60.2pp
• All cycles: 2024: R+60.2 2020: R+56.6 2016: R+58.5 2012: R+51.6 2008: R+43.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -8.08%
• Current HPI: 297.6233
• 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

-6.3% since first listed

2 events — show timeline

• 2026-06-08 Price Changed $149,000 ImagineMLS
• 2026-04-23 Listed $159,000 ImagineMLS

Property tax history

+0.8%/yr

Latest (2025): $836 · -0.4% YoY. Source: county tax records.