500 1st St · Henderson, KY 42420

$135,000

1 bd · 2.0 ba · 1,807 sqft · MultiFamily public records · 120 Days on market

7,420 sqft lot

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Why this score? — see what drove the C+ 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 +27.7/30.0
• DSCR +9.8/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Livability +3.7/5.0
• Schools +3.4/10.0
• Rent growth +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: 2 units. confirmed

Listing remarks MLS

This is a 2 unit duplex with a studio on one side and 2 bed on the other. The studio doesn't have a washer/ dryer hook up. Both sides have

Key facts

• 7,420 sq ft lot
• Listed 120 days

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 1×1bd/1.0ba units multifamily listed at $135k.

Deal economics

• At list price, monthly cash flow is $409 ($5k/yr) — positive. Per door: $204/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $123k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 74/100 on livability (#114 in KY, #4,949 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute F.
• Henderson County (suburban): math 40% / reading 41% proficiency, ranked #29 of 165 in KY (top 18%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 228 active listings in the ZIP; 92 units permitted in Henderson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Henderson County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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 $98k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• 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.

Recommended offer $122,850 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.18% ✓
• Cap rate: 9.92%
• Cash-on-cash: 12.97%
• DSCR: 1.58
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 2.8%
• Equity multiple: 1.11×
• Total profit: $4,120
• Equity at exit: $20,129

10-year hold

• IRR: 12.4%
• Equity multiple: 1.98×
• Total profit: $36,994
• Equity at exit: $11,672

Cash invested: $37,800 (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 42420

• Home prices YoY: -31.6%
• Active inventory: 228
• Price-to-rent: 13.0×

Monthly cashflow live

• Estimated rent: $1,599 medium
• Mortgage (P&I): −$708
• Tax from tax record: −$90 /mo · $1,086/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$336
• Net cashflow: $409

Break-even live

Break-even rent $1,082

Max offer price $135,000

Occupancy floor 69%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	2	1	$867
1× unit	1	1	$733
Total (2 units)			$1,599

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $135,000 Active 120 DOM
2. 2026-06-17
   days on market $135,000 Active 119 DOM
3. 2026-06-16
   days on market $135,000 Active 118 DOM
4. 2026-06-15
   days on market $135,000 Active 117 DOM
5. 2026-06-14
   days on market $135,000 Active 115 DOM
6. 2026-06-13
   days on market $135,000 Active 114 DOM
7. 2026-06-10
   days on market $135,000 Active 112 DOM
8. 2026-06-09
   days on market $135,000 Active 111 DOM
9. 2026-06-08
   days on market $135,000 Active 110 DOM
10. 2026-06-07
    days on market $135,000 Active 109 DOM
11. 2026-06-05
    days on market $135,000 Active 106 DOM
12. 2026-06-02
    days on market $135,000 Active 104 DOM
13. 2026-06-01
    days on market $135,000 Active 103 DOM
14. 2026-05-31
    days on market $135,000 Active 102 DOM
15. 2026-05-30
    days on market $135,000 Active 101 DOM
16. 2026-02-19
    listed $135,000 Active 138-char remark

    Show marketing remark (138 chars)

    This is a 2 unit duplex with a studio on one side and 2 bed on the other. The studio doesn't have a washer/ dryer hook up. Both sides have

17. 2023-09-15
    soldstatus $97,850
18. 2023-09-13
    soldstatus $97,850
19. 2023-09-13
    listed $97,850
20. 2023-09-12
    soldstatus $97,850
21. 2023-09-12
    listed $97,850

ⓘ 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: $1,086 · $90/mo
• Projected year-2 tax: $1,161 · $97/mo
• Expected delta: +$75/yr (+$6/mo · 6.9%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,188
• − Mortgage interest: −$7,562
• − Property taxes: −$1,086
• − Insurance: −$675
• − Repairs & maintenance: −$1,535
• − Management: −$1,535
• − Depreciation: −$3,927
• Taxable income: $2,868
• Est. tax owed @ 24.0%: −$688
• After-tax cash flow: $4,214/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: Henderson County
• NCES district ID: 2102710
• Math proficiency: 40% ▼ -19.00%
• Reading proficiency: 41% ▼ -16.00%
• Median HH income: $41,772
• Composite: 34.13/100
• National rank: #5285
• State rank: #29 of 165 in KY

Livability — Henderson

• Score: 74/100
• State rank: #114
• US rank: #4949

Category grades

Amenities F Commute F Cost of living A+ Crime C Employment D Housing A+ Health & safety A+ User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Henderson, KY
• Population (ZIP): 38,434

Population outlook (Henderson County) Hauer SSP2

• Today (2025): 46,910 people
• By 2030: 46,841 · -0.1%
• By 2040: 46,018 · -1.9%
• By 2050: 44,390 · -5.4%
• By 2075: 40,442 · -13.8%
• By 2100: 33,538 · -28.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Black 8% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Slovak 2% Romanian 1% Italian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Henderson

• 2024 margin: Strong R (+29.2) · D 34.7% · R 64.0% · Other 1.3%
• 2008→2024 swing: -31.9pp toward R · 2008: 2.6pp · 2024: -29.2pp
• All cycles: 2024: R+29.2 2020: R+24.6 2016: R+27.7 2012: R+11.8 2008: D+2.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -95.69%
• Current HPI: 207.5676
• Rent YoY: —
• Metro: —
• 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

+38.0% since first listed

6 events — show timeline

• 2026-02-19 Listed $135,000 MHCBOR
• 2023-09-15 Sold (Public Records) $97,850 Public Records
• 2023-09-13 Listed $97,850 MHCBOR
• 2023-09-13 Sold (MLS) $97,850 GORAMLS
• 2023-09-12 Listed $97,850 GORAMLS
• 2023-09-12 Sold (MLS) $97,850 MHCBOR

Property tax history

+17.3%/yr

Latest (2025): $1,086 · +0.3% YoY. Source: county tax records.