382 W Main St · Carlisle, KY 40311

$850,000

16 bd · 16.0 ba · 1,050 sqft · MultiFamily · 150 Days on market

Built 1994 0.69 ac lot

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Why this score? — see what drove the D 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).

• Appreciation +10.0/10.0
• Cash flow +8.8/30.0
• ARV discount +7.5/15.0
• Livability +3.1/5.0
• 1% rule +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0
• Schools +2.3/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 8 units. estimate disagrees with records

Listing remarks

West Main Townhouse Apartments. This two building, eight unit brick townhouse style apartment complex offers well designed, energy efficient living in the heart of Carlisle, Ky. Each spacious 1,050 sq. ft. unit features two bedrooms, one and a half bathes, and two stories of comfortable living. Units are total electric with geothermal heating and air, washer/dryer hook ups, a range, and a refrigerator (4 units in the back building also have dishwashers). Tenants enjoy covered front porches, back decks and ample parking. Brick construction, common front porches, and attractive curb appeal enhance the property's charm. With very low vacancy rate and long term tenancy averaging 3-4 years, this

Key facts

• Ample parking
• Back decks
• Geothermal heating

Tags

• GEOTHERMAL HEATING
• COVERED FRONT PORCHES
• BACK DECKS
• AMPLE PARKING
• BRICK CONSTRUCTION
• DESIRABLE DOWNTOWN LOCATION

Property features AI

Finance

• Other: Parcel number C01-02-006.00
• Financial info: 8 total units; Vacancy allowance rate: 1.0

Exterior

• Utilities: Electricity connected; Sewer connected; Water connected
• Home design: Quadruplex; 2 stories; Zoned commercial; Located in the Downtown subdivision; property on West Main St. in Carlisle, KY
• Construction: Total building area approximately 1,050
• Exterior features: Shingle roof

Interior

• Bathrooms: 8 full bathrooms; 8 half bathrooms
• Interior features: Geothermal heating and cooling

What this means for you Summary

Snapshot

• This is a 8 × 2-bed/2.0-bath units multifamily listed at $850k.

Deal economics

• At list price, monthly cash flow is $-708 ($-8k/yr) — negative. Per door: $-88/mo.
• To cash-flow at today's rent, offer at most $748k (12.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $654k (23.1% below list).
• Recommended offer: $654k (23.1% below list) — sets the bar for 1% rule.
• Cap rate 5.3% vs local median 3.5% in Carlisle — 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 62/100 on livability (#349 in KY) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Nicholas County (rural): math 22% / reading 32% proficiency, ranked #132 of 165 in KY (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Nicholas County Elementary School (math 22% / reading 29%, grade F, #477 of 676 statewide, top 71%, 664 students, 71% FRL); Nicholas County High School (math 22% / reading 37%, grade F, #127 of 254 statewide, top 58%, 455 students, 63% FRL) — zoned schools average 67% FRL vs 50% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 51 active listings in the ZIP; 2 units permitted in Nicholas County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $91k of equity ($6k loan paydown + $85k appreciation (10.0% local appreciation)).
• Nicholas County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$146k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 150 days — a 12% lower offer ($748k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 21y 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 $17k; list at $850k implies a 4900% gain — meaningful room to come down on a strong offer.

Recommended offer $654,000 (23.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 150 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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?
9. 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.
10. 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.
11. 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: 0.77% ✗
• Cap rate: 5.29%
• Cash-on-cash: -3.57%
• DSCR: 0.84
• GRM: 10.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.7%
• Equity multiple: 2.76×
• Total profit: $417,966
• Equity at exit: $765,747

10-year hold

• IRR: 19.6%
• Equity multiple: 6.32×
• Total profit: $1,266,477
• Equity at exit: $1,651,363

Cash invested: $238,000 (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 40311

• Home prices YoY: 6.3%
• Active inventory: 51
• Price-to-rent: 86.6×

Monthly cashflow live

• Estimated rent: $6,540 medium
• Mortgage (P&I): −$4,457
• Tax est. 1.5%: −$1,062 /mo · $12,750/yr
• Insurance: −$354
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,373
• Net cashflow: $-708

Break-even live

Break-even rent $7,436

Max offer price $747,615

Occupancy floor —

Sensitivity live

Price	-10% $-120	-5% $-414	+0% $-708	+5% $-1,001	+10% $-1,295
Rent	-10% $-1,224	-5% $-966	+0% $-708	+5% $-449	+10% $-191
Rate	-1.0pp $-280	-0.5pp $-491	base $-708	+0.5pp $-928	+1.0pp $-1,152

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

Units	Beds	Baths	Est. rent
▸ 8× units	2	2	$6,536
Total (8 units)			$6,540

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: $212,500
• Closing costs: $25,500
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-22
   days on market $850,000 Active 150 DOM
2. 2026-06-18
   days on market $850,000 Active 147 DOM
3. 2026-06-17
   days on market $850,000 Active 146 DOM
4. 2026-06-16
   days on market $850,000 Active 145 DOM
5. 2026-06-15
   days on market $850,000 Active 144 DOM
6. 2026-06-14
   days on market $850,000 Active 142 DOM
7. 2026-06-10
   days on market $850,000 Active 139 DOM
8. 2026-06-09
   statusdays on market $850,000 Active 138 DOM
9. 2026-06-08
   days on market $850,000 Contingent 137 DOM
10. 2026-06-07
    days on market $850,000 Contingent 136 DOM
11. 2026-06-05
    days on market $850,000 Contingent 133 DOM
12. 2026-06-03
    days on market $850,000 Contingent 132 DOM
13. 2026-06-02
    days on market $850,000 Contingent 131 DOM
14. 2026-06-01
    days on market $850,000 Contingent 130 DOM
15. 2026-05-31
    days on market $850,000 Contingent 129 DOM
16. 2026-05-31
    days on market $850,000 Contingent 128 DOM
17. 2026-04-27
    historical Contingent
18. 2026-02-19
    status Active
19. 2025-08-08
    status Active
20. 2025-07-16
    status Pending
21. 2025-07-16
    historical
22. 2025-06-19
    listed $850,000 Active
23. 2005-11-24
    historical
24. 2005-05-24
    listed $699,000
25. 1985-05-01
    soldstatus $17,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $78,480
• − Mortgage interest: −$47,613
• − Property taxes: −$12,750
• − Insurance: −$4,250
• − Repairs & maintenance: −$6,278
• − Management: −$6,278
• − Depreciation: −$24,727
• Taxable loss: −$23,417
• Est. tax savings @ 24.0%: +$5,620
• After-tax cash flow: $-2,871/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: Nicholas County
• NCES district ID: 2104470
• Math proficiency: 22% ▼ -22.00%
• Reading proficiency: 32% ▼ -17.00%
• Median HH income: $39,178
• Composite: 22.65/100
• National rank: #8056
• State rank: #132 of 165 in KY

Livability — Carlisle

• Score: 62/100
• State rank: #349
• US rank: #16526

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Carlisle, KY
• Population (ZIP): 7,676

Population outlook (Nicholas County) Hauer SSP2

• Today (2025): 6,953 people
• By 2030: 6,815 · -2.0%
• By 2040: 6,489 · -6.7%
• By 2050: 6,119 · -12.0%
• By 2075: 5,449 · -21.6%
• By 2100: 4,901 · -29.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Iranian 2% Lithuanian 2% Slovak 1%
• Foreign-born: 0% · Canada
• Languages at home: 99% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Nicholas

• 2024 margin: Solid R (+49.0) · D 24.8% · R 73.8% · Other 1.3%
• 2008→2024 swing: -36.8pp toward R · 2008: -12.2pp · 2024: -49.0pp
• All cycles: 2024: R+49.0 2020: R+42.8 2016: R+41.2 2012: R+24.6 2008: R+12.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 16.72%
• Current HPI: 282.0093
• 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

+4900.0% since first listed

9 events — show timeline

• 2026-04-27 Contingent — ImagineMLS
• 2026-02-19 Relisted — ImagineMLS
• 2025-08-08 Relisted — ImagineMLS
• 2025-07-16 Pending — ImagineMLS
• 2025-07-16 Listing Removed — ImagineMLS
• 2025-06-19 Listed $850,000 ImagineMLS
• 2005-11-24 Listing Removed — ImagineMLS
• 2005-05-24 Listed $699,000 ImagineMLS
• 1985-05-01 Sold (Public Records) $17,000 Public Records