346 Ohio St · Lexington-Fayette, KY 40508

$199,900

5 bd · 2.0 ba · 2,013 sqft · MultiFamily public records · 96 Days on market

Built 1900 3,833 sqft lot Est $360k · 45% under

---

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 +25.8/30.0
• ARV discount +15.0/15.0
• DSCR +8.6/10.0
• 1% rule +5.7/10.0
• Rent growth +5.0/5.0
• Schools +3.4/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Attention investors! As-is listing: Great opportunity to acquire a cash-flowing rental property near downtown Lexington at an attractive price point. This duplex features Unit A with 3-bedroom, 1-bath and Unit B with 2-bedroom, 1 bath. Both units are currently rented and occupied, making it produce income from day one. Rented at $2,330/month, with Unit A bringing in $1,265/mo and Unit B bringing in $1,065/mo. Tenants have been with us since early 2024. This one checks the boxes for investors looking to build or expand their portfolio! Schedule a showing today.

Key facts

• 3,833 sq ft lot
• Built 1900
• Listed 96 days

Property features AI

Finance

• Other: Located in the Downtown subdivision

Exterior

• Utilities: Public water; Public sewer; Electricity connected; Cable available; Natural gas not available; Sewer connected; Water connected
• Home design: Duplex; Two levels
• Construction: Vinyl siding; Shingle roof; Block and pillar/post/pier foundation; Built-up building area (total building area recorded)
• Exterior features: Shed(s); Chain link fencing; Few trees on the lot

Interior

• Kitchen: Refrigerator; Range
• Bedrooms: Total of 13 rooms (includes bedrooms and living spaces)
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric forced-air heating; Central air conditioning
• Interior features: Blinds on windows; Awning(s)
• Laundry & utility: Washer hookup; Electric dryer hookup

🏷️ Possibly a rental listed for sale. The $199,900 price doesn't fit this home's estimated sale value (~$360,327) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $484 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $182k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 3.8% in Lexington-Fayette — 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: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Fayette County (urban): math 35% / reading 45% proficiency, ranked #27 of 165 in KY (top 16%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: William Wells Brown Elementary (math 8% / reading 12%, grade F, #648 of 676 statewide, top 98%, 308 students, 86% FRL); Lexington Trad Magnet School (math 11% / reading 29%, grade F, #206 of 217 statewide, top 95%, 296 students, 81% FRL); Frederick Douglass High School (math 36% / reading 42%, grade F, #51 of 254 statewide, top 21%, 1,667 students, 43% FRL) — zoned schools average 70% FRL vs 44% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 23% at this address vs 40% district-wide (-17 pts) — the specific schools serving this property underperform the Fayette County average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+11.8%/yr); 82 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,036 units permitted in Fayette County in 2024 (542 in 5+ unit buildings).

Forward outlook

• 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.
• Fayette County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $56k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 96 days — a 9% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 26y 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 $100k; list at $200k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $181,909 (9.0% below list)

Questions for the listing agent

1. It's been on market 96 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.07% ✓
• Cap rate: 9.20%
• Cash-on-cash: 10.37%
• DSCR: 1.46
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $360,327
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
421 East Second St	0.21mi	4/2.0 (-1)	2,272 (+13%)	11mo	$370,000	$163	55
528 North Broadway Rd	0.64mi	4/2.5 (-1)	2,000 (-1%)	11mo	$528,000	$264	53
470 Johnson Ave Unit 1 & 2	0.35mi	4/2.0 (-1)	2,144 (+6%)	22mo	$335,000	$156	50
228 Rose St	0.61mi	5/3.0	2,100 (+4%)	21mo	$375,000	$179	43

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 4.3%
• Equity multiple: 1.17×
• Total profit: $9,674
• Equity at exit: $29,806

10-year hold

• IRR: 17.6%
• Equity multiple: 2.78×
• Total profit: $99,414
• Equity at exit: $17,284

Cash invested: $55,972 (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 40508

• Rents YoY: 11.8%
• Active inventory: 82
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $2,146 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$80 /mo · $966/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$451
• Net cashflow: $484

Break-even live

Break-even rent $1,534

Max offer price $199,900

Occupancy floor 72%

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
263 N Limestone Lexington, KY	5.0	2.0	2500	$2,800	$1.12	23d	1	0.40mi
627 N Martin Luther King Blvd Lexington, KY	4.0	2.0	1440	$1,400	$0.97	23d	1	0.51mi
341 Grosvenor Ave Unit 3 & 4 Lexington, KY	6.0	6.0	1734	$5,200	$3.00	23d	1	0.63mi
374 Park Ave Lexington, KY	4.0	2.0	1513	$3,500	$2.31	14d	1	0.98mi
443 Shawnee Ave Lexington, KY	4.0	1.0	1435	$1,600	$1.11	23d	1	1.33mi

Listing history 32 events

1. 2026-06-18
   days on market $199,900 Active 96 DOM
2. 2026-06-17
   days on market $199,900 Active 95 DOM
3. 2026-06-16
   days on market $199,900 Active 94 DOM
4. 2026-06-15
   days on market $199,900 Active 93 DOM
5. 2026-06-14
   days on market $199,900 Active 91 DOM
6. 2026-06-13
   days on market $199,900 Active 90 DOM
7. 2026-06-10
   days on market $199,900 Active 88 DOM
8. 2026-06-09
   days on market $199,900 Active 87 DOM
9. 2026-06-08
   days on market $199,900 Active 86 DOM
10. 2026-06-07
    days on market $199,900 Active 85 DOM
11. 2026-06-05
    days on market $199,900 Active 82 DOM
12. 2026-06-03
    days on market $199,900 Active 81 DOM
13. 2026-06-02
    days on market $199,900 Active 80 DOM
14. 2026-06-01
    days on market $199,900 Active 79 DOM
15. 2026-05-31
    days on market $199,900 Active 78 DOM
16. 2026-05-20
    price $199,900
17. 2026-04-20
    price $204,900
18. 2025-12-10
    listed $209,000 Active
19. 2023-08-13
    historical $1,100
20. 2023-07-16
    listed $1,100
21. 2023-04-17
    soldstatus $100,000
22. 2010-02-01
    historical
23. 2009-08-04
    listed $77,500
24. 2007-06-18
    historical
25. 2006-12-18
    listed $65,000
26. 2006-12-17
    historical
27. 2006-06-21
    listed $69,900
28. 2003-05-28
    historical
29. 2002-01-28
    listed $89,000
30. 2001-06-21
    soldstatus $86,000
31. 2001-03-25
    historical
32. 2000-10-15
    listed $76,000

ⓘ 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: $966 · $80/mo
• Projected year-2 tax: $1,719 · $143/mo
• Expected delta: +$753/yr (+$63/mo · 78.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥101°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $25,756
• − Mortgage interest: −$11,198
• − Property taxes: −$966
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,060
• − Management: −$2,060
• − Depreciation: −$5,815
• Taxable income: $2,657
• Est. tax owed @ 24.0%: −$638
• After-tax cash flow: $5,165/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: Fayette County
• NCES district ID: 2101860
• Math proficiency: 35% ▼ -16.00%
• Reading proficiency: 45% ▼ -13.00%
• Median HH income: $49,245
• Composite: 34.38/100
• National rank: #5211
• State rank: #27 of 165 in KY

Livability — Lexington-Fayette

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Lexington-Fayette, KY
• County: Fayette County · 317,143 people
• City population: 321,882
• Metro: Lexington-Fayette, KY
• Population (ZIP): 23,756
• Household income: $29,440
• Rent vs Own: 70.5% rent · 29.5% own
• Severe rent burden: 2644.0

Population outlook (Fayette County) Hauer SSP2

• Today (2025): 363,454 people
• By 2030: 388,270 · +6.8%
• By 2040: 438,688 · +20.7%
• By 2050: 490,667 · +35.0%
• By 2075: 625,394 · +72.1%
• By 2100: 721,354 · +98.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 60% Black 22% Hispanic / Latino 9% Two or more races 7% Asian 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Serbian 2% Italian 2% Lithuanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 87% English-only · Spanish 8% Chinese 1% Other Indo-European 1%

Political lean MEDSL · Fayette

• 2024 margin: D (+18.1) · D 58.0% · R 39.9% · Other 2.1%
• 2008→2024 swing: +13.3pp toward D · 2008: 4.8pp · 2024: 18.1pp
• All cycles: 2024: D+18.1 2020: D+20.8 2016: D+9.5 2012: D+1.0 2008: D+4.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -251.04%
• Current HPI: 204.3994
• Rent YoY: ▲ 11.83%
• Metro: Lexington-Fayette, KY
• 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

+163.0% since first listed

17 events — show timeline

• 2026-05-20 Price Changed $199,900 ImagineMLS
• 2026-04-20 Price Changed $204,900 ImagineMLS
• 2025-12-10 Listed $209,000 ImagineMLS
• 2023-08-13 Rental Removed $1,100 APPFOLIO
• 2023-07-16 Listed for Rent $1,100 APPFOLIO
• 2023-04-17 Sold (Public Records) $100,000 Public Records
• 2010-02-01 Listing Removed — ImagineMLS
• 2009-08-04 Listed $77,500 ImagineMLS
• 2007-06-18 Listing Removed — ImagineMLS
• 2006-12-18 Listed $65,000 ImagineMLS
• 2006-12-17 Listing Removed — ImagineMLS
• 2006-06-21 Listed $69,900 ImagineMLS
• 2003-05-28 Listing Removed — ImagineMLS
• 2002-01-28 Listed $89,000 ImagineMLS
• 2001-06-21 Sold (MLS) $86,000 ImagineMLS
• 2001-03-25 Listing Removed — ImagineMLS
• 2000-10-15 Listed $76,000 ImagineMLS

Property tax history

+1.8%/yr

Latest (2015): $966 · +1.8% YoY. Source: county tax records.