203 Broadway St · Somerset, KY 42501

$26,900

2 bd · 1.0 ba · 964 sqft · SingleFamily public records · 6 Days on market

Built 1970 0.58 ac lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.4/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Lots of potential to tear this down and build something nice on this . 58 acre lot in town. The lot sits nicely and feels larger than it seems. And you might find buried treasure. Home is not livable and is a total gut job.

Key facts

• 0.58 acre lot
• Listed 6 days

Property features AI

Finance

• Other: Located in Downtown subdivision; Pulaski County

Exterior

• Utilities: Public sewer
• Home design: One-story home
• Construction: Vinyl siding; Block foundation; Metal roof; 1,152 total building area
• Exterior features: Corner lot; Public water

Interior

• Flooring: Wood flooring
• Bathrooms: One full bathroom
• Interior features: Wood flooring; No fireplace; Two total rooms

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $27k.

Deal economics

• At list price, monthly cash flow is $691 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $27k).
• Cap rate 37.1% vs local median 3.1% in Somerset — 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 67/100 on livability (#208 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety B+, crime B; Watch: amenities F, commute F, employment F.
• Somerset Independent (town): math 36% / reading 44% proficiency, ranked #42 of 165 in KY (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hopkins Elementary School (math 48% / reading 48%, grade D, #115 of 676 statewide, top 17%, 650 students, 71% FRL); Meece Middle School (math 31% / reading 44%, grade F, #73 of 217 statewide, top 36%, 444 students, 67% FRL); Somerset High School (math 32% / reading 32%, grade F, #97 of 254 statewide, top 46%, 521 students, 54% FRL).
• Market conditions: 192 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 117 units permitted in Pulaski County in 2024 (50 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $186 of loan paydown is wiped out by about $807 of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $26,900

Questions for the listing agent

1. Built in 1970 — 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. 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.
5. 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.
6. 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: 4.02% ✓
• Cap rate: 37.11%
• Cash-on-cash: 110.07%
• DSCR: 5.90
• GRM: 2.1

CMA / ARV

• ARV (on-the-fly): $150,384
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
108 Adams St	0.35mi	2/1.0	950 (-2%)	1mo	$104,000	$109	80
161 Griffin Ave	0.16mi	2/1.0	896 (-7%)	2mo	$140,000	$156	80
345 Race St	0.15mi	2/1.0	960 (-0%)	19mo	$150,700	$157	76
101 Early Ave	0.38mi	2/1.0	918 (-5%)	8mo	$155,000	$169	68
426 S Main St	0.36mi	2/1.0	1,020 (+6%)	8mo	$152,000	$149	67
111 White St	0.10mi	3/1.0 (+1)	1,040 (+8%)	19mo	$145,100	$140	61
509 Haley St	0.25mi	2/1.0	1,100 (+14%)	6mo	$161,000	$146	60
313 Grove St	0.38mi	3/1.5 (+1)	1,025 (+6%)	17mo	$170,000	$166	50
100 Vermillion Ave	0.57mi	3/2.0 (+1)	1,056 (+10%)	2mo	$161,000	$152	47
300 Vaught St	0.50mi	3/1.0 (+1)	1,042 (+8%)	17mo	$159,000	$153	44
227 Jacksboro St	0.75mi	2/1.0	1,071 (+11%)	5mo	$189,500	$177	42
105 Summitt Ave	0.56mi	2/1.0	823 (-15%)	9mo	$131,000	$159	42

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.26×
• Total profit: $39,645
• Equity at exit: $4,011

10-year hold

• IRR: —
• Equity multiple: 13.11×
• Total profit: $91,190
• Equity at exit: $2,326

Cash invested: $7,532 (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 42501

• Home prices YoY: -19.8%
• Active inventory: 192
• Price-to-rent: 2.1×

Monthly cashflow live

• Estimated rent: $1,080 high
• Mortgage (P&I): −$141
• Tax from tax record: −$10 /mo · $122/yr
• Insurance: −$11
• HOA: −$0
• Vacancy / Maint / Mgmt: −$227
• Net cashflow: $691

Break-even live

Break-even rent $206

Max offer price $26,900

Occupancy floor 31%

Sensitivity live

Price	-10% $706	-5% $698	+0% $691	+5% $683	+10% $676
Rent	-10% $606	-5% $648	+0% $691	+5% $734	+10% $776
Rate	-1.0pp $704	-0.5pp $698	base $691	+0.5pp $684	+1.0pp $677

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: $6,725
• Closing costs: $807
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
115 Beecher St Unit A Somerset, KY	2.0	1.0	1000	$1,200	$1.20	45d	1	0.41mi
709 W Columbia St Somerset, KY	2.0	1.0	1000	$1,000	$1.00	45d	1	0.81mi
112 Todd St Unit 4 Somerset, KY	2.0	1.0	1100	$1,500	$1.36	45d	1	1.12mi
112 Todd St Unit 2 Somerset, KY	2.0	1.0	1100	$1,200	$1.09	45d	1	1.12mi
107 Losey St Unit 2 Somerset, KY	2.0	1.0	1100	$1,200	$1.09	45d	1	1.14mi
50 Driftwood Cir Apt 2 Somerset, KY	2.0	1.0	921	$900	$0.98	45d	1	1.18mi
46 Sandalwood Way Somerset, KY	2.0	1.0	800	$900	$1.12	45d	1	1.20mi
33 Driftwood Cir Apt 1 Somerset, KY	2.0	1.0	986	$900	$0.91	45d	1	1.22mi
19 Driftwood Cir Unit 2 Somerset, KY	2.0	1.0	986	$900	$0.91	45d	1	1.22mi
71 Driftwood Cir Apt 2 Somerset, KY	2.0	1.0	921	$900	$0.98	45d	1	1.22mi

Listing history 1 events

1. 2026-05-15
   listed $26,900 Active

ⓘ 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: $122 · $10/mo
• Projected year-2 tax: $231 · $19/mo
• Expected delta: +$109/yr (+$9/mo · 88.8%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥103°F today · 20 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,962
• − Mortgage interest: −$1,507
• − Property taxes: −$122
• − Insurance: −$134
• − Repairs & maintenance: −$1,037
• − Management: −$1,037
• − Depreciation: −$783
• Taxable income: $8,342
• Est. tax owed @ 24.0%: −$2,002
• After-tax cash flow: $6,288/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: Somerset Independent
• NCES district ID: 2105430
• Math proficiency: 36% ▼ -17.00%
• Reading proficiency: 44% ▼ -18.00%
• Median HH income: $28,554
• Composite: 32.42/100
• National rank: #5727
• State rank: #42 of 165 in KY

Livability — Somerset

• Score: 67/100
• State rank: #208
• US rank: #10207

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Somerset, KY
• Population (ZIP): 17,441

Population outlook (Pulaski County) Hauer SSP2

• Today (2025): 65,414 people
• By 2030: 65,828 · +0.6%
• By 2040: 65,972 · +0.9%
• By 2050: 65,108 · -0.5%
• By 2075: 61,647 · -5.8%
• By 2100: 53,613 · -18.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 3% Hispanic / Latino 3% Black 2%
• Common ancestry: Slovak 3% Serbian 2% Italian 2%
• Foreign-born: 1%

Political lean MEDSL · Pulaski

• 2024 margin: Solid R (+65.2) · D 16.9% · R 82.1% · Other 1.0%
• 2008→2024 swing: -9.9pp toward R · 2008: -55.4pp · 2024: -65.2pp
• All cycles: 2024: R+65.2 2020: R+62.7 2016: R+66.7 2012: R+60.5 2008: R+55.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -70.04%
• Current HPI: 284.0445
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-05-15 Listed $26,900 ImagineMLS

Property tax history

-9.2%/yr

Latest (2025): $122 · -2.7% YoY. Source: county tax records.