37 Goodridge Dr

Florence, KY 41042

$63,700B

1 bd · 1.0 ba · 1,120 sqft · Built 1948 · SingleFamily · Active · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,245/mo
• Mortgage (P&I): −$334
• Tax + insurance: −$113
• HOA: −$0
• Vac / Maint / Mgmt: −$261
• Net cashflow: $537/mo
• Annual: $6,443/yr
• Cap rate: 16.41%
• Cash-on-cash: 36.12%
• DSCR: 2.61
• 1% rule: 1.95%
• Cash to close: $17,836

Investor read

• This is a 1-bed/1.0-bath single-family listed at $64k.
• At list price, monthly cash flow is $537 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $64k).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $440 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#82 in KY, #2,763 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime C-.
• Boone County (suburban): math 43% / reading 49% proficiency, ranked #12 of 165 in KY (top 7%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hillard Collins Elementary School (math 22% / reading 25%, grade F, #515 of 676 statewide, top 77%, 483 students, 65% FRL); Rector A. Jones Middle School (math 11% / reading 29%, grade F, #206 of 217 statewide, top 95%, 679 students, 74% FRL); Boone County High School (math 21% / reading 32%, grade F, #174 of 254 statewide, top 69%, 1,279 students, 53% FRL) — zoned schools average 64% FRL vs 30% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 23% at this address vs 46% district-wide (-23 pts) — the specific schools serving this property underperform the Boone County average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.4%/yr); 269 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,430 units permitted in Boone County in 2024 (928 in 5+ unit buildings).
• Boone County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 11y 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 $36k; list at $64k implies a 75% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.4% rent growth), your $18k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 16.4% vs local median 3.4% in Florence — 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.

Questions for listing agent

• Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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 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.