1016 High St

Shelbyville, KY 40065

$1F

1 bd · 1.0 ba · 1,268 sqft · Built 1976 · SingleFamily · Pending · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,191/mo
• Mortgage (P&I): −$1,083
• Tax + insurance: −$344
• HOA: −$0
• Vac / Maint / Mgmt: −$250
• Net cashflow: $-486/mo
• Annual: $-5,837/yr
• Cap rate: 3.47%
• Cash-on-cash: -10.09%
• DSCR: 0.55
• 1% rule: 0.58%
• Cash to close: $57,842

Investor read

• This is a 1-bed/1.0-bath single-family listed at $1. Condition is rated fair.
• At list price, monthly cash flow is $-486 ($-6k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $1).
• It's been on market 34 days — a 3% lower offer ($0) is reasonable based on typical stale-listing flexibility.
• 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 75/100 on livability (#101 in KY, #4,143 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools D, amenities F, commute F.
• Shelby County (town): math 26% / reading 37% proficiency, ranked #77 of 165 in KY (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 309866.5% of price.
• Market conditions: 299 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 237 units permitted in Shelby County in 2024 (0 in 5+ unit buildings).
• Shelby County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 17y 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.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 34 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?
• 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?

Repairs flagged (vision-AI assessment)

• Major: Paint — Peeling paint on exterior
• Major: Siding — Damaged siding
• Major: Flooring — Needs replacement
• Major: Interior walls — Paint peeling
• Minor: Windows — Some appear old