129 Griggs Rd · Richmond, KY 40385

$255,000

3 bd · 2.0 ba · 2,078 sqft · Other public records · 32 Days on market

Built 1996 2.00 ac lot $123/sqft · 17% below area Est $306k · 17% under

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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 +7.1/10.0
• Cash flow +5.3/30.0
• Livability +3.5/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

*Home is back on the market due to no fault of its own, don't miss your second chance at this amazing opportunity!*Looking for an updated 2,000+ square foot one-level home on 2 acres? Want a completely remodeled garage with new roof, metal siding, gutters, and a mini-split? Well this property is the one for you! Conveniently located between Richmond and Irvine, this home offers convenience, low maintenance, and plenty of room to spread out. Updates on the home in the last year include updated bathrooms, new flooring throughout, new lighting and fixtures throughout, and fresh paint. The 900 square foot detached garage features new insulation, new plywood walls and ceilings, a new mini-split, new metal roof and siding, and new gutters. The front porch is perfect for morning coffee, while the large back deck overlooks a large pond on the neighboring property. This rare property offers so much and won't last long!

Key facts

• 2 acre lot
• 2 garage spots
• Built 1996

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $255k.

Deal economics

• At list price, monthly cash flow is $-572 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $154k (39.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $123k (51.7% below list).
• Recommended offer: $123k (51.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 69/100 on livability (#163 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: schools D+, amenities F, commute F.
• Madison County (town): math 31% / reading 47% proficiency, ranked #35 of 165 in KY (top 21%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 24 active listings in the ZIP; 453 units permitted in Madison County in 2024 (64 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($2k loan paydown + $11k appreciation (4.3% local appreciation)).
• Madison County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($247k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 6y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $185k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $123,078 (51.7% 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 32 days. Have you received any prior offers? Is the seller open to a 52% concession, seller financing, or rate buy-down credit?
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. 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?
6. 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.
7. 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.
8. 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: 0.48% ✗
• Cap rate: 3.60%
• Cash-on-cash: -9.61%
• DSCR: 0.57
• GRM: 17.3

CMA / ARV

• ARV (median comp): $305,900
• List price: $255,000
• Delta: -16.64%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Projected returns pro-forma

4.29% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 2.7%
• Equity multiple: 1.17×
• Total profit: $11,987
• Equity at exit: $133,580

10-year hold

• IRR: 5.8%
• Equity multiple: 2.02×
• Total profit: $72,811
• Equity at exit: $221,976

Cash invested: $71,400 (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 40385

• Home prices YoY: 1.8%
• Active inventory: 24
• Price-to-rent: 17.3×

Monthly cashflow live

• Estimated rent: $1,231 medium
• Mortgage (P&I): −$1,337
• Tax from tax record: −$100 /mo · $1,204/yr
• Insurance: −$106
• HOA: −$0
• Vacancy / Maint / Mgmt: −$258
• Net cashflow: $-572

Break-even live

Break-even rent $1,954

Max offer price $154,036

Occupancy floor —

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: $63,750
• Closing costs: $7,650
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-05-15
   status Active 923-char remark

   Show marketing remark (923 chars)

   *Home is back on the market due to no fault of its own, don't miss your second chance at this amazing opportunity!*Looking for an updated 2,000+ square foot one-level home on 2 acres? Want a completely remodeled garage with new roof, metal siding, gutters, and a mini-split? Well this property is the one for you! Conveniently located between Richmond and Irvine, this home offers convenience, low maintenance, and plenty of room to spread out. Updates on the home in the last year include updated bathrooms, new flooring throughout, new lighting and fixtures throughout, and fresh paint. The 900 square foot detached garage features new insulation, new plywood walls and ceilings, a new mini-split, new metal roof and siding, and new gutters. The front porch is perfect for morning coffee, while the large back deck overlooks a large pond on the neighboring property. This rare property offers so much and won't last long!

2. 2026-05-13
   status Pending 923-char remark

   Show marketing remark (923 chars)

   *Home is back on the market due to no fault of its own, don't miss your second chance at this amazing opportunity!*Looking for an updated 2,000+ square foot one-level home on 2 acres? Want a completely remodeled garage with new roof, metal siding, gutters, and a mini-split? Well this property is the one for you! Conveniently located between Richmond and Irvine, this home offers convenience, low maintenance, and plenty of room to spread out. Updates on the home in the last year include updated bathrooms, new flooring throughout, new lighting and fixtures throughout, and fresh paint. The 900 square foot detached garage features new insulation, new plywood walls and ceilings, a new mini-split, new metal roof and siding, and new gutters. The front porch is perfect for morning coffee, while the large back deck overlooks a large pond on the neighboring property. This rare property offers so much and won't last long!

3. 2026-05-01
   price $255,000 923-char remark

   Show marketing remark (923 chars)

   *Home is back on the market due to no fault of its own, don't miss your second chance at this amazing opportunity!*Looking for an updated 2,000+ square foot one-level home on 2 acres? Want a completely remodeled garage with new roof, metal siding, gutters, and a mini-split? Well this property is the one for you! Conveniently located between Richmond and Irvine, this home offers convenience, low maintenance, and plenty of room to spread out. Updates on the home in the last year include updated bathrooms, new flooring throughout, new lighting and fixtures throughout, and fresh paint. The 900 square foot detached garage features new insulation, new plywood walls and ceilings, a new mini-split, new metal roof and siding, and new gutters. The front porch is perfect for morning coffee, while the large back deck overlooks a large pond on the neighboring property. This rare property offers so much and won't last long!

4. 2026-04-17
   listed $259,900 Active 923-char remark

   Show marketing remark (923 chars)

   *Home is back on the market due to no fault of its own, don't miss your second chance at this amazing opportunity!*Looking for an updated 2,000+ square foot one-level home on 2 acres? Want a completely remodeled garage with new roof, metal siding, gutters, and a mini-split? Well this property is the one for you! Conveniently located between Richmond and Irvine, this home offers convenience, low maintenance, and plenty of room to spread out. Updates on the home in the last year include updated bathrooms, new flooring throughout, new lighting and fixtures throughout, and fresh paint. The 900 square foot detached garage features new insulation, new plywood walls and ceilings, a new mini-split, new metal roof and siding, and new gutters. The front porch is perfect for morning coffee, while the large back deck overlooks a large pond on the neighboring property. This rare property offers so much and won't last long!

5. 2025-06-23
   soldstatus $185,000
6. 2025-06-20
   soldstatus $185,000 Closed 543-char remark

   Show marketing remark (543 chars)

   Escape to peace and privacy with this spacious 3 bedroom, 2 bathroom manufactured home nestled on 2 acres of beautiful countryside! This 1996 Clayton Elkton offers a generous layout with a living room, dining room, kitchen and utility room, providing plenty of space for family and guests. Step out onto the back deck and soak in the serene view of farmland and a pond - perfect for drinking your morning coffee or evening sunsets. Also included with the property is a storage shed and a 900 sq. ft. detached 2 car garage. Selling As Is

7. 2025-06-07
   status Pending 543-char remark

   Show marketing remark (543 chars)

   Escape to peace and privacy with this spacious 3 bedroom, 2 bathroom manufactured home nestled on 2 acres of beautiful countryside! This 1996 Clayton Elkton offers a generous layout with a living room, dining room, kitchen and utility room, providing plenty of space for family and guests. Step out onto the back deck and soak in the serene view of farmland and a pond - perfect for drinking your morning coffee or evening sunsets. Also included with the property is a storage shed and a 900 sq. ft. detached 2 car garage. Selling As Is

8. 2025-06-05
   listed $199,900 Active 543-char remark

   Show marketing remark (543 chars)

   Escape to peace and privacy with this spacious 3 bedroom, 2 bathroom manufactured home nestled on 2 acres of beautiful countryside! This 1996 Clayton Elkton offers a generous layout with a living room, dining room, kitchen and utility room, providing plenty of space for family and guests. Step out onto the back deck and soak in the serene view of farmland and a pond - perfect for drinking your morning coffee or evening sunsets. Also included with the property is a storage shed and a 900 sq. ft. detached 2 car garage. Selling As Is

9. 2021-06-03
   soldstatus $127,700
10. 2021-05-26
    soldstatus $127,700 Closed
11. 2021-04-30
    status Pending
12. 2021-04-30
    status Active
13. 2021-04-29
    status Pending
14. 2021-04-16
    listed $129,900 Active
15. 2020-09-08
    soldstatus $110,750
16. 2020-06-10
    historical
17. 2020-04-12
    price $149,900
18. 2020-03-19
    listed $165,000 Active
19. 2012-05-01
    soldstatus $60,000
20. 2010-06-18
    soldstatus $60,000

ⓘ 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: $1,204 · $100/mo
• Projected year-2 tax: $2,193 · $183/mo
• Expected delta: +$989/yr (+$82/mo · 82.1%)

ⓘ 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 6/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥102°F today · 19 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% 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: $14,769
• − Mortgage interest: −$14,284
• − Property taxes: −$1,204
• − Insurance: −$1,275
• − Repairs & maintenance: −$1,182
• − Management: −$1,182
• − Depreciation: −$7,418
• Taxable loss: −$11,775
• Est. tax savings @ 24.0%: +$2,826
• After-tax cash flow: $-4,032/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: Madison County
• NCES district ID: 2103720
• Math proficiency: 31% ▼ -16.00%
• Reading proficiency: 47% ▼ -14.00%
• Median HH income: $43,590
• Composite: 32.99/100
• National rank: #5580
• State rank: #35 of 165 in KY

Livability — Richmond

• Score: 69/100
• State rank: #163
• US rank: #8196

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 65,961
• Population (ZIP): 2,378

Population outlook (Madison County) Hauer SSP2

• Today (2025): 99,241 people
• By 2030: 104,927 · +5.7%
• By 2040: 116,079 · +17.0%
• By 2050: 127,293 · +28.3%
• By 2075: 155,644 · +56.8%
• By 2100: 176,488 · +77.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (99%)
• Race & ethnicity: White 99%
• Common ancestry: Slovak 2% Serbian 1% Lithuanian 1%
• Foreign-born: 1%
• Languages at home: 99% English-only · German/W. Germanic 1%

Political lean MEDSL · Madison

• 2024 margin: Solid R (+30.9) · D 33.6% · R 64.5% · Other 1.9%
• 2008→2024 swing: -8.4pp toward R · 2008: -22.4pp · 2024: -30.9pp
• All cycles: 2024: R+30.9 2020: R+26.8 2016: R+31.2 2012: R+28.9 2008: R+22.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.29%
• Current HPI: 248.2775
• 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

+325.0% since first listed

20 events — show timeline

• 2026-05-15 Relisted — ImagineMLS
• 2026-05-13 Pending — ImagineMLS
• 2026-05-01 Price Changed $255,000 ImagineMLS
• 2026-04-17 Listed $259,900 ImagineMLS
• 2025-06-23 Sold (Public Records) $185,000 Public Records
• 2025-06-20 Sold (MLS) $185,000 ImagineMLS
• 2025-06-07 Pending — ImagineMLS
• 2025-06-05 Listed $199,900 ImagineMLS
• 2021-06-03 Sold (Public Records) $127,700 Public Records
• 2021-05-26 Sold (MLS) $127,700 ImagineMLS
• 2021-04-30 Pending — ImagineMLS
• 2021-04-30 Relisted — ImagineMLS
• 2021-04-29 Pending — ImagineMLS
• 2021-04-16 Listed $129,900 ImagineMLS
• 2020-09-08 Sold (Public Records) $110,750 Public Records
• 2020-06-10 Listing Removed — ImagineMLS
• 2020-04-12 Price Changed $149,900 ImagineMLS
• 2020-03-19 Listed $165,000 ImagineMLS
• 2012-05-01 Sold (Public Records) $60,000 Public Records
• 2010-06-18 Sold (Public Records) $60,000 Public Records

Property tax history

+5.9%/yr

Latest (2025): $1,204 · -1.6% YoY. Source: county tax records.