368 Plum Springs Rd · Plum Springs, KY 42101

$54,000

4 bd · 2.0 ba · 2,872 sqft · MultiFamily public records · 40 Days on market

Built 1955 0.69 ac lot $19/sqft · 8% above area Est $50k · 8% over ↓ 18% since listing

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +3.9/15.0
• Schools +3.2/10.0
• Livability +3.2/5.0
• Rent growth +2.6/5.0
• 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

Unique opportunity for a multi-family investment property. Located just minutes from Bowling Green amenities in a desirable county setting. This property was previously used as a duplex/triplex but has fallen in disrepair. It is a blank canvas, and its concrete block structure provides for an opportunity to have a start on creating your own investment property, workshop, retail. .. Call today. Due to condition, the property may have health/safety risk(s). Prior to entry / access, all parties must sign a Hold Harmless Agreement and the property may only be shown by appointment

Key facts

• 0.69 acre lot
• Built 1955
• Listed 40 days

Tags

• CONCRETE BLOCK STRUCTURE

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $54k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $638/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $54k).
• Recommended offer: $52k (3.0% below list) — sets the bar for market timing.
• Cap rate 34.6% vs local median 4.0% in Plum Springs — 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 63/100 on livability (#326 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Warren County (rural): math 30% / reading 43% proficiency, ranked #48 of 165 in KY (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 592 active listings in the ZIP; 2,286 units permitted in Warren County in 2024 (1,410 in 5+ unit buildings).
• At $2,110/mo this rent would consume 53% of the median local household income ($48k/yr) (locally 3855% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $373 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Warren County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.3% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $12k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• 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 $52,380 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% 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. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 3.91% ✓
• Cap rate: 34.64%
• Cash-on-cash: 101.22%
• DSCR: 5.50
• GRM: 2.1

CMA / ARV

• ARV (median comp): $50,000
• List price: $54,000
• Delta: 8.00%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
368 Plum Springs Rd	0.00mi	4/2.0	2,872 (0%)	0mo	$50,000	$17	100

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 · 0.28% rent growth · sell at horizon

5-year hold

• IRR: 99.2%
• Equity multiple: 5.42×
• Total profit: $66,902
• Equity at exit: $8,052

10-year hold

• IRR: —
• Equity multiple: 10.34×
• Total profit: $141,183
• Equity at exit: $4,669

Cash invested: $15,120 (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 42101

• Home prices YoY: -20.9%
• Rents YoY: 0.3%
• Active inventory: 592
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $2,110 high
• Mortgage (P&I): −$283
• Tax from tax record: −$86 /mo · $1,030/yr
• Insurance: −$22
• HOA: −$0
• Vacancy / Maint / Mgmt: −$443
• Net cashflow: $1,275

Break-even live

Break-even rent $496

Max offer price $54,000

Occupancy floor 35%

Sensitivity live

Price	-10% $1,306	-5% $1,291	+0% $1,275	+5% $1,260	+10% $1,245
Rent	-10% $1,109	-5% $1,192	+0% $1,275	+5% $1,359	+10% $1,442
Rate	-1.0pp $1,303	-0.5pp $1,289	base $1,275	+0.5pp $1,261	+1.0pp $1,247

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,110
Total (2 units)			$2,110

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: $13,500
• Closing costs: $1,620
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-11
   status Pending 582-char remark

   Show marketing remark (582 chars)

   Unique opportunity for a multi-family investment property. Located just minutes from Bowling Green amenities in a desirable county setting. This property was previously used as a duplex/triplex but has fallen in disrepair. It is a blank canvas, and its concrete block structure provides for an opportunity to have a start on creating your own investment property, workshop, retail. .. Call today. Due to condition, the property may have health/safety risk(s). Prior to entry / access, all parties must sign a Hold Harmless Agreement and the property may only be shown by appointment

2. 2026-05-04
   status Active 582-char remark

   Show marketing remark (582 chars)

   Unique opportunity for a multi-family investment property. Located just minutes from Bowling Green amenities in a desirable county setting. This property was previously used as a duplex/triplex but has fallen in disrepair. It is a blank canvas, and its concrete block structure provides for an opportunity to have a start on creating your own investment property, workshop, retail. .. Call today. Due to condition, the property may have health/safety risk(s). Prior to entry / access, all parties must sign a Hold Harmless Agreement and the property may only be shown by appointment

3. 2026-05-04
   price $54,000 582-char remark

   Show marketing remark (582 chars)

   Unique opportunity for a multi-family investment property. Located just minutes from Bowling Green amenities in a desirable county setting. This property was previously used as a duplex/triplex but has fallen in disrepair. It is a blank canvas, and its concrete block structure provides for an opportunity to have a start on creating your own investment property, workshop, retail. .. Call today. Due to condition, the property may have health/safety risk(s). Prior to entry / access, all parties must sign a Hold Harmless Agreement and the property may only be shown by appointment

4. 2026-01-22
   status Pending 582-char remark

   Show marketing remark (582 chars)

   Unique opportunity for a multi-family investment property. Located just minutes from Bowling Green amenities in a desirable county setting. This property was previously used as a duplex/triplex but has fallen in disrepair. It is a blank canvas, and its concrete block structure provides for an opportunity to have a start on creating your own investment property, workshop, retail. .. Call today. Due to condition, the property may have health/safety risk(s). Prior to entry / access, all parties must sign a Hold Harmless Agreement and the property may only be shown by appointment

5. 2025-12-17
   listed $66,000 Active 582-char remark

   Show marketing remark (582 chars)

   Unique opportunity for a multi-family investment property. Located just minutes from Bowling Green amenities in a desirable county setting. This property was previously used as a duplex/triplex but has fallen in disrepair. It is a blank canvas, and its concrete block structure provides for an opportunity to have a start on creating your own investment property, workshop, retail. .. Call today. Due to condition, the property may have health/safety risk(s). Prior to entry / access, all parties must sign a Hold Harmless Agreement and the property may only be shown by appointment

ⓘ 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: $1,030 · $86/mo
• Projected year-2 tax: $1,030 · $86/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,320
• − Mortgage interest: −$3,025
• − Property taxes: −$1,030
• − Insurance: −$270
• − Repairs & maintenance: −$2,026
• − Management: −$2,026
• − Depreciation: −$1,571
• Taxable income: $15,373
• Est. tax owed @ 24.0%: −$3,690
• After-tax cash flow: $11,615/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: Warren County
• NCES district ID: 2105730
• Math proficiency: 30% ▼ -18.00%
• Reading proficiency: 43% ▼ -16.00%
• Median HH income: $50,092
• Composite: 31.55/100
• National rank: #5958
• State rank: #48 of 165 in KY

Livability — Plum Springs

• Score: 63/100
• State rank: #326
• US rank: #15633

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Plum Springs, KY
• County: Warren County · 129,408 people
• Metro: Bowling Green, KY
• Population (ZIP): 65,421
• Household income: $48,217
• Rent vs Own: 55.3% rent · 44.7% own
• Severe rent burden: 3855.0

Population outlook (Warren County) Hauer SSP2

• Today (2025): 144,620 people
• By 2030: 155,977 · +7.9%
• By 2040: 179,381 · +24.0%
• By 2050: 203,713 · +40.9%
• By 2075: 267,291 · +84.8%
• By 2100: 314,019 · +117.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Black 13% Hispanic / Latino 10% Two or more races 7% Asian 3%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Slovak 2% American 1% Italian 1%
• Foreign-born: 10% · Canada, Philippines
• Languages at home: 84% English-only · Spanish 8% Other Asian/Pacific 2% Russian/Polish/Slavic 2%

Political lean MEDSL · Warren

• 2024 margin: Strong R (+24.3) · D 37.0% · R 61.3% · Other 1.6%
• 2008→2024 swing: -5.4pp toward R · 2008: -18.9pp · 2024: -24.3pp
• All cycles: 2024: R+24.3 2020: R+16.8 2016: R+24.2 2012: R+21.8 2008: R+18.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -73.34%
• Current HPI: 277.6554
• Rent YoY: ▲ 0.28%
• Metro: Bowling Green, 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

-18.2% since first listed

5 events — show timeline

• 2026-05-11 Pending — GORAMLS
• 2026-05-04 Relisted — GORAMLS
• 2026-05-04 Price Changed $54,000 GORAMLS
• 2026-01-22 Pending — GORAMLS
• 2025-12-17 Listed $66,000 GORAMLS

Property tax history

+10.4%/yr

Latest (2025): $1,030 · +16.6% YoY. Source: county tax records.