65 Riverview Addition 1

Garrison, KY 41141

$147,500D+

3 bd · 1.5 ba · 1,724 sqft · Built 1970 · Other · Pending · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,222/mo
• Mortgage (P&I): −$774
• Tax + insurance: −$86
• HOA: −$0
• Vac / Maint / Mgmt: −$257
• Net cashflow: $106/mo
• Annual: $1,268/yr
• Cap rate: 7.15%
• Cash-on-cash: 3.07%
• DSCR: 1.14
• 1% rule: 0.83%
• Cash to close: $41,300

Investor read

• This is a 3-bed/1.5-bath other listed at $148k.
• At list price, monthly cash flow is $106 ($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 $122k (17.1% below list).
• It's been on market 42 days — a 3% lower offer ($143k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $122k (17.1% 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 $4k of value loss. Plan a longer hold.
• Location reads 55/100 on livability (#465 in KY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: crime C-, health & safety C-, amenities F.
• Lewis County (rural): math 27% / reading 39% proficiency, ranked #94 of 165 in KY (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Garrison Elementary School (math 22% / reading 37%, grade F, #393 of 676 statewide, top 63%, 286 students, 74% FRL); Lewis County Middle School (math 29% / reading 46%, grade F, #73 of 217 statewide, top 36%, 299 students, 78% FRL); Lewis County High School (math 27% / reading 47%, grade F, #58 of 254 statewide, top 27%, 621 students, 76% FRL).
• Market conditions: 6 active listings in the ZIP.
• Lewis County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Questions for listing agent

• It's been on market 42 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.