1223 Glass Pike

Stamping Ground, KY 40379

$189,000B-

3 bd · 2.0 ba · 1,120 sqft · Built 2024 · Manufactured · Pending · 52 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,002/mo
• Mortgage (P&I): −$991
• Tax + insurance: −$181
• HOA: −$0
• Vac / Maint / Mgmt: −$420
• Net cashflow: $409/mo
• Annual: $4,914/yr
• Cap rate: 8.89%
• Cash-on-cash: 9.29%
• DSCR: 1.41
• 1% rule: 1.06%
• Cash to close: $52,920

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $189k.
• At list price, monthly cash flow is $409 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $189k).
• It's been on market 52 days — a 3% lower offer ($183k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $183k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#110 in KY, #4,760 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, schools D-, amenities F.
• Scott County (town): math 32% / reading 44% proficiency, ranked #31 of 165 in KY (top 19%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 21 active listings in the ZIP; 546 units permitted in Scott County in 2024 (98 in 5+ unit buildings).
• Scott County population projected at +45% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $11k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $77k; list at $189k implies a 145% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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.