6710 Mcville Rd

Belleview, KY 41005

$175,000D

1 bd · 0.5 ba · 1,856 sqft · Built 1926 · MultiFamily · Active · 61 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,388/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$156
• HOA: −$0
• Vac / Maint / Mgmt: −$291
• Net cashflow: $23/mo
• Annual: $274/yr
• Cap rate: 6.45%
• Cash-on-cash: 0.56%
• DSCR: 1.02
• 1% rule: 0.79%
• Cash to close: $49,000

Investor read

• This is a 1-bed/0.5-bath multifamily listed at $175k.
• At list price, monthly cash flow is $23 ($274/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 $139k (20.7% below list).
• It's been on market 61 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $139k (20.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 53/100 on livability (#489 in KY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: commute C-, health & safety C-, amenities F.
• Boone County (suburban): math 43% / reading 49% proficiency, ranked #12 of 165 in KY (top 7%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Charles H. Kelly Elementary School (math 47% / reading 47%, grade D-, #119 of 676 statewide, top 19%, 232 students, 38% FRL); Conner Middle School (math 50% / reading 62%, grade B-, #6 of 217 statewide, top 2%, 896 students, 35% FRL); Conner High School (math 47% / reading 51%, grade D, #15 of 254 statewide, top 6%, 1,443 students, 33% FRL).
• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 161 active listings in the ZIP; high-income renter base; 1,430 units permitted in Boone County in 2024 (928 in 5+ unit buildings).
• Boone County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $45k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $100k; list at $175k implies a 75% gain — meaningful room to come down on a strong offer.
• This rent is only 15% of the median local income ($112k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 61 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• Built in 1926 — 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.
• Schools are F-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?
• 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.