234 Merravay Dr · Florence, KY 41042

$272,500

4 bd · 2.5 ba · 1,768 sqft · SingleFamily public records · 2 Days on market

Built 1971 10,096 sqft lot Est $286k · at est.

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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).

• Cash flow +14.7/30.0
• ARV discount +9.7/15.0
• DSCR +4.5/10.0
• Schools +4.1/10.0
• Livability +3.9/5.0
• 1% rule +3.4/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nicely done 4 bed 2 and a half bath HOME! Many newer features including updated kitchen, newer HVAC, hot water heater. Home sits on a large lot with a private fenced in back yard. Great location close to shopping, schools, and more!

Key facts

• Ensuite bath
• Updated kitchen
• Cherry cabinetry

Tags

• LARGE LEVEL FENCED YARD
• UPDATED KITCHEN
• CHERRY CABINETRY
• STAINLESS STEEL APPLIANCES
• OUTDOOR SPACE
• ENSUITE BATH

Property features AI

Exterior

• Parking: Driveway; Off-street parking; On-street parking; Garage faces front; 1-car garage
• Utilities: Public water; Public sewer; Natural gas available
• Home design: Two-story house; Single-family residence; Existing structure; Has a view
• Construction: Built in 1971; Brick and vinyl siding; Shingle roof; Poured concrete foundation
• Exterior features: Deck; Porch; Chain link fencing; Level, partially wooded lot; City street frontage; Paved road

Interior

• Kitchen: Electric oven; Electric range; Dishwasher; Disposal; Refrigerator; Eat-in layout
• Bedrooms: Primary bedroom (13 x 12); Bedroom 2 (12 x 11); Bedroom 3 (11 x 10); Bedroom 4 (10 x 10)
• Bathrooms: 2 full bathrooms; 1 half bathroom; Primary bath (6 x 5); Bathroom (8 x 7); Bathroom (6 x 5)
• Heating & cooling: Central air; Forced air heating
• Interior features: Entrance foyer; Eat-in kitchen; Chandelier; Ceiling fan(s); Multi-panel doors
• Laundry & utility: Washer; Dryer; Laundry in basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $272k.

Deal economics

• At list price, monthly cash flow is $72 ($866/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $228k (16.4% below list).
• Recommended offer: $228k (16.4% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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.

Location & tenants

• 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.
• Market conditions: Rents rising (+3.4%/yr); 271 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,430 units permitted in Boone County in 2024 (928 in 5+ unit buildings).
• This rent runs 34% of the median local income ($80k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Boone County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 9y 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 $233k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $227,862 (16.4% below list)

Questions for the listing agent

1. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.84% ✗
• Cap rate: 6.61%
• Cash-on-cash: 1.14%
• DSCR: 1.05
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $286,416
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7775 Cedar Wood Cir	0.54mi	4/2.5	1,720 (-3%)	2mo	$243,000	$141	69
7066 Manderlay Dr	0.38mi	4/2.5	1,664 (-6%)	9mo	$274,900	$165	65
311 Merravay Dr	0.24mi	3/2.5 (-1)	1,906 (+8%)	13mo	$295,000	$155	60
6 Spruce Dr	0.18mi	3/2.0 (-1)	1,520 (-14%)	3mo	$255,000	$168	59
108 Berkley Dr	0.38mi	4/1.0	1,590 (-10%)	2mo	$249,900	$157	58
17 Shenandoah Dr	0.71mi	4/2.0	1,704 (-4%)	2mo	$306,500	$180	57
7069 Manderlay Dr	0.36mi	3/1.5 (-1)	1,526 (-14%)	10mo	$274,900	$180	43
26 Locust Ln	0.47mi	3/2.0 (-1)	1,595 (-10%)	18mo	$265,000	$166	40
6 Ann St	0.70mi	3/2.0 (-1)	1,994 (+13%)	2mo	$275,000	$138	37
5 Lee St	0.68mi	3/1.0 (-1)	1,684 (-5%)	19mo	$273,000	$162	34
132 Berkley Dr	0.48mi	3/1.0 (-1)	1,540 (-13%)	19mo	$250,000	$162	29
137 Roger Ln	0.60mi	3/1.0 (-1)	1,542 (-13%)	14mo	$240,000	$156	28

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.42% rent growth · sell at horizon

5-year hold

• IRR: -14.1%
• Equity multiple: 0.49×
• Total profit: $-38,654
• Equity at exit: $40,631

10-year hold

• IRR: -4.7%
• Equity multiple: 0.69×
• Total profit: $-23,986
• Equity at exit: $23,561

Cash invested: $76,300 (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 41042

• Rents YoY: 3.4%
• Active inventory: 271
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $2,279 medium
• Mortgage (P&I): −$1,429
• Tax from tax record: −$185 /mo · $2,224/yr
• Insurance: −$114
• HOA: −$0
• Vacancy / Maint / Mgmt: −$479
• Net cashflow: $72

Break-even live

Break-even rent $2,187

Max offer price $272,500

Occupancy floor 92%

Sensitivity live

Price	-10% $226	-5% $149	+0% $72	+5% $-5	+10% $-82
Rent	-10% $-108	-5% $-18	+0% $72	+5% $162	+10% $252
Rate	-1.0pp $209	-0.5pp $141	base $72	+0.5pp $2	+1.0pp $-70

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: $68,125
• Closing costs: $8,175
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3000 Stoneybrook Ln Elsmere, KY	1.0–3.0	1.0–2.0	1163	$1,850	$1.59	0d	19	1.34mi
3924 Trappers Ct Florence, KY	3.0	1.5	1384	$2,380	$1.72	46d	1	1.46mi

Listing history 12 events

1. 2026-05-31
   status $272,500 Pending 2 DOM
2. 2026-05-28
   listed $272,500 Active
3. 2021-11-10
   soldstatus $233,000
4. 2021-11-05
   soldstatus $233,000 Closed 233-char remark

   Show marketing remark (233 chars)

   Nicely done 4 bed 2 and a half bath HOME! Many newer features including updated kitchen, newer HVAC, hot water heater. Home sits on a large lot with a private fenced in back yard. Great location close to shopping, schools, and more!

5. 2021-09-13
   status Pending 233-char remark

   Show marketing remark (233 chars)

   Nicely done 4 bed 2 and a half bath HOME! Many newer features including updated kitchen, newer HVAC, hot water heater. Home sits on a large lot with a private fenced in back yard. Great location close to shopping, schools, and more!

6. 2021-09-10
   listed $224,900 Active 233-char remark

   Show marketing remark (233 chars)

   Nicely done 4 bed 2 and a half bath HOME! Many newer features including updated kitchen, newer HVAC, hot water heater. Home sits on a large lot with a private fenced in back yard. Great location close to shopping, schools, and more!

7. 2020-01-31
   historical
8. 2019-08-02
   listed $172,500
9. 2017-10-06
   soldstatus $156,500
10. 2017-09-28
    soldstatus $156,500
11. 2017-06-21
    listed $159,500
12. 1987-03-31
    soldstatus $65,500

ⓘ 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: $2,224 · $185/mo
• Projected year-2 tax: $2,344 · $195/mo
• Expected delta: +$119/yr (+$10/mo · 5.4%)

ⓘ 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 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,343
• − Mortgage interest: −$15,264
• − Property taxes: −$2,224
• − Insurance: −$1,362
• − Repairs & maintenance: −$2,187
• − Management: −$2,187
• − Depreciation: −$7,927
• Taxable loss: −$3,810
• Est. tax savings @ 24.0%: +$914
• After-tax cash flow: $1,781/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: Boone County
• NCES district ID: 2100510
• Math proficiency: 43% ▼ -10.00%
• Reading proficiency: 49% ▼ -12.00%
• Median HH income: $68,096
• Composite: 41.18/100
• National rank: #3550
• State rank: #12 of 165 in KY

Livability — Florence

• Score: 78/100
• State rank: #82
• US rank: #2763

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Florence, KY
• County: Boone County · 99,563 people
• City population: 57,634
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 57,634
• Household income: $79,712
• Rent vs Own: 33.2% rent · 66.8% own
• Severe rent burden: 1397.0

Population outlook (Boone County) Hauer SSP2

• Today (2025): 144,066 people
• By 2030: 152,005 · +5.5%
• By 2040: 166,776 · +15.8%
• By 2050: 178,974 · +24.2%
• By 2075: 204,515 · +42.0%
• By 2100: 215,306 · +49.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Hispanic / Latino 8% Black 7% Two or more races 7% Asian 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 3% Slovak 2% Iranian 2%
• Foreign-born: 9% · Canada, Vietnam
• Languages at home: 89% English-only · Spanish 5% French/Haitian/Cajun 2% Other Indo-European 2%

Political lean MEDSL · Boone

• 2024 margin: Solid R (+37.2) · D 30.6% · R 67.8% · Other 1.7%
• 2008→2024 swing: -2.7pp toward R · 2008: -34.5pp · 2024: -37.2pp
• All cycles: 2024: R+37.2 2020: R+35.7 2016: R+41.8 2012: R+38.7 2008: R+34.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -195.07%
• Current HPI: 206.3259
• Rent YoY: ▲ 3.42%
• Metro: Cincinnati, OH-KY-IN
• 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

+316.0% since first listed

11 events — show timeline

• 2026-05-28 Listed $272,500 NKMLS
• 2021-11-10 Sold (Public Records) $233,000 Public Records
• 2021-11-05 Sold (MLS) $233,000 NKMLS
• 2021-09-13 Pending — NKMLS
• 2021-09-10 Listed $224,900 NKMLS
• 2020-01-31 Listing Removed — NKMLS
• 2019-08-02 Listed $172,500 NKMLS
• 2017-10-06 Sold (Public Records) $156,500 Public Records
• 2017-09-28 Sold (MLS) $156,500 NKMLS
• 2017-06-21 Listed $159,500 NKMLS
• 1987-03-31 Sold (Public Records) $65,500 Public Records

Property tax history

+6.9%/yr

Latest (2025): $2,224 · +2.0% YoY. Source: county tax records.