1831 Fish Trap Rd

Oneida, KY 40962

$135,000C

5 bd · 2.5 ba · 1,860 sqft · Built 1981 · SingleFamily · Active · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,291/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$225
• HOA: −$0
• Vac / Maint / Mgmt: −$271
• Net cashflow: $87/mo
• Annual: $1,042/yr
• Cap rate: 7.06%
• Cash-on-cash: 2.76%
• DSCR: 1.12
• 1% rule: 0.96%
• Cash to close: $37,800

Investor read

• This is a 5-bed/2.5-bath single-family listed at $135k. Condition is rated good.
• At list price, monthly cash flow is $87 ($1k/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 $129k (4.4% below list).
• It's been on market 48 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $129k (4.4% below list) — sets the bar for 1% rule.
• In year one you build about $14k of equity ($933 loan paydown + $14k appreciation (10.0% local appreciation)).
• Location reads 61/100 on livability (#372 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, amenities F, commute F.
• Clay County (rural): math 21% / reading 37% proficiency, ranked #130 of 165 in KY (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Big Creek Elementary (math 17% / reading 37%, grade F, #434 of 676 statewide, top 69%, 140 students, 76% FRL); Clay County Middle School (math 21% / reading 38%, grade F, #151 of 217 statewide, top 71%, 407 students, 74% FRL); Clay County High School (math 17% / reading 27%, grade F, #202 of 254 statewide, top 82%, 717 students, 70% FRL).
• Market conditions: 84 active listings in the ZIP.
• Clay County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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 48 days. Have you received any prior offers? Is the seller open to a 4% 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 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.