156 E Harmons Ferry Rd

Utica, KY 42376

$129,000B

2 bd · 1.0 ba · 1,292 sqft · Built 1976 · SingleFamily · Active · 91 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,704/mo
• Mortgage (P&I): −$676
• Tax + insurance: −$180
• HOA: −$0
• Vac / Maint / Mgmt: −$358
• Net cashflow: $490/mo
• Annual: $5,877/yr
• Cap rate: 10.85%
• Cash-on-cash: 16.27%
• DSCR: 1.72
• 1% rule: 1.32%
• Cash to close: $36,120

Investor read

• This is a 2-bed/1.0-bath single-family listed at $129k.
• At list price, monthly cash flow is $490 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $129k).
• It's been on market 91 days — a 9% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $117k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $892 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#400 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, housing B; Watch: amenities F, commute F, health & safety F.
• Daviess County (suburban): math 33% / reading 41% proficiency, ranked #43 of 165 in KY (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Southern Oaks Elementary School (math 52% / reading 42%, grade D-, #119 of 676 statewide, top 19%, 465 students, 53% FRL); College View Middle School (math 24% / reading 39%, grade F, #125 of 217 statewide, top 63%, 863 students, 50% FRL); Apollo High School (math 33% / reading 34%, grade F, #92 of 254 statewide, top 36%, 1,440 students, 55% FRL).
• Market conditions: 52 active listings in the ZIP; 226 units permitted in Daviess County in 2024 (6 in 5+ unit buildings).
• Daviess County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 13y ago; this cycle's ask has dropped $20k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~8 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.