6461 Ky-66

Arjay, KY 40902

$80,000B

6 bd · 4.0 ba · 2,064 sqft · Built 1980 · MultiFamily · Active · 68 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,271/mo
• Mortgage (P&I): −$420
• Tax + insurance: −$133
• HOA: −$0
• Vac / Maint / Mgmt: −$267
• Net cashflow: $451/mo
• Annual: $5,412/yr
• Cap rate: 13.06%
• Cash-on-cash: 24.16%
• DSCR: 2.07
• 1% rule: 1.59%
• Cash to close: $22,400

Investor read

• This is a 6-bed/4.0-bath multifamily listed at $80k. Condition is rated fair.
• At list price, monthly cash flow is $451 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• It's been on market 68 days — a 6% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $75k (6.0% below list) — sets the bar for market timing.
• In year one you build about $871 of equity ($553 loan paydown + $318 appreciation (0.4% local appreciation)).
• Location reads 50/100 on livability (#505 in KY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A, housing B; Watch: schools F, amenities F, commute F.
• Bell County (rural): math 27% / reading 40% proficiency, ranked #91 of 165 in KY (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 6 active listings in the ZIP; 44 units permitted in Bell County in 2024 (0 in 5+ unit buildings).
• Bell County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.
• At projected returns (0.4% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — The exterior siding appears weathered and stained, indicating a need for replacement.
• Major: roof — The satellite image shows a large roof footprint, which could indicate a need for inspection and potential replacement.
• Major: landscaping — The landscaping appears to be overgrown and in need of maintenance, which could improve the curb appeal and overall property value.
• Major: HVAC/mechanicals — The satellite image shows a large roof footprint, which could indicate a need for inspection and potential replacement of the HVAC system.
• Minor: interior walls/paint — The interior walls and paint appear to be in good condition, with no visible damage.
• Minor: windows — The windows appear to be in good condition, with no visible damage.