1376 Kings Church Rd

Mount Washington, KY 40071

$255,000C-

3 bd · 1.0 ba · 1,395 sqft · Built 1978 · SingleFamily · Active · 140 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,180/mo
• Mortgage (P&I): −$1,337
• Tax + insurance: −$271
• HOA: −$0
• Vac / Maint / Mgmt: −$458
• Net cashflow: $114/mo
• Annual: $1,364/yr
• Cap rate: 6.83%
• Cash-on-cash: 1.91%
• DSCR: 1.08
• 1% rule: 0.85%
• Cash to close: $71,400

Investor read

• This is a 3-bed/1.0-bath single-family listed at $255k.
• At list price, monthly cash flow is $114 ($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 $218k (14.5% below list).
• It's been on market 140 days — a 12% lower offer ($224k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $218k (14.5% below list) — sets the bar for 1% rule.
• 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.
• Location reads 70/100 on livability (#158 in KY) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Bullitt County (suburban): math 29% / reading 41% proficiency, ranked #55 of 165 in KY (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Old Mill Elementary School (math 30% / reading 41%, grade F, #293 of 676 statewide, top 44%, 505 students, 30% FRL); Mt. Washington Middle School (math 31% / reading 45%, grade F, #71 of 217 statewide, top 33%, 484 students, 43% FRL); Bullitt East High School (math 35% / reading 34%, grade F, #76 of 254 statewide, top 34%, 1,565 students, 29% FRL).
• Market conditions: 113 active listings in the ZIP; 380 units permitted in Bullitt County in 2024 (8 in 5+ unit buildings).
• Bullitt County population projected at +22% 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 $20k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $182k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.8% vs local median 3.1% in Mount Washington — 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.

Questions for listing agent

• It's been on market 140 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.