367 N Martin Luther King Blvd · Lexington-Fayette, KY 40508

$525,000

20 bd · 20.0 ba · 4,300 sqft · MultiFamily public records · 55 Days on market

Built 1949 2,204 sqft lot

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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
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Schools +3.4/10.0
• Livability +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 (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Investment opportunity in Downtown Lexington! This property not only features a 4 Plex but it also has a separate single unit home at 156 E 4th St Lexington, KY on the same lot. These properties offer consistent rental income with a history of minimal vacancy, making it an attractive option for investors seeking immediate cash flow. Conveniently located near dining, parks and UK, the property delivers a strong combination of value, accessibility, and long-term potential.

Key facts

• Minimal vacancy
• Near dining
• Single unit home

Tags

• 4 PLEX
• SINGLE UNIT HOME
• CONSISTENT RENTAL INCOME
• MINIMAL VACANCY
• NEAR DINING
• NEAR PARKS

Property features AI

Finance

• Other: Lot size about 0.05 acres
• Financial info: Information not provided
• HOA & community: Information not provided

Exterior

• Parking: Information not provided
• Security: Information not provided
• Utilities: Cable available; Electricity connected; Sewer connected; Water connected
• Home design: Multi-family building; Two stories
• Construction: Building area approximately 4,300 total square feet
• Exterior features: Shingle roof

Interior

• Kitchen: Information not provided
• Bedrooms: Information not provided
• Flooring: Information not provided
• Bathrooms: Five full bathrooms
• Heating & cooling: Electric forced-air heating; Cooling provided by electric heat pump and window units
• Interior features: Multi-family layout with five total units
• Laundry & utility: Information not provided

What this means for you Summary

Snapshot

• This is a 4 × 5-bed/5.0-bath units multifamily listed at $525k.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive. Per door: $592/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $525k).
• Recommended offer: $509k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.7% vs local median 3.8% in Lexington-Fayette — 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: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Fayette County (urban): math 35% / reading 45% proficiency, ranked #27 of 165 in KY (top 16%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: William Wells Brown Elementary (math 8% / reading 12%, grade F, #648 of 676 statewide, top 98%, 308 students, 86% FRL); Lexington Trad Magnet School (math 11% / reading 29%, grade F, #206 of 217 statewide, top 95%, 296 students, 81% FRL); Frederick Douglass High School (math 36% / reading 42%, grade F, #51 of 254 statewide, top 21%, 1,667 students, 43% FRL) — zoned schools average 70% FRL vs 44% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 23% at this address vs 40% district-wide (-17 pts) — the specific schools serving this property underperform the Fayette County average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+11.8%/yr); 82 active listings in the ZIP; lower-income renter base — watch delinquency; 1,036 units permitted in Fayette County in 2024 (542 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Fayette County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $147k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($509k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 23y 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 $430k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $509,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 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 1949 — 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. 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: 1.32% ✓
• Cap rate: 11.71%
• Cash-on-cash: 19.34%
• DSCR: 1.86
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 16.3%
• Equity multiple: 1.69×
• Total profit: $102,150
• Equity at exit: $78,279

10-year hold

• IRR: 28.1%
• Equity multiple: 4.05×
• Total profit: $448,660
• Equity at exit: $45,392

Cash invested: $147,000 (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 40508

• Rents YoY: 11.8%
• Active inventory: 82
• Price-to-rent: 25.3×

Monthly cashflow live

• Estimated rent: $6,914 medium
• Mortgage (P&I): −$2,753
• Tax from tax record: −$121 /mo · $1,449/yr
• Insurance: −$219
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,452
• Net cashflow: $2,369

Break-even live

Break-even rent $3,915

Max offer price $525,000

Occupancy floor 61%

Sensitivity live

Price	-10% $2,667	-5% $2,518	+0% $2,369	+5% $2,221	+10% $2,072
Rent	-10% $1,823	-5% $2,096	+0% $2,369	+5% $2,643	+10% $2,916
Rate	-1.0pp $2,634	-0.5pp $2,503	base $2,369	+0.5pp $2,233	+1.0pp $2,095

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

Units	Beds	Baths	Est. rent
▸ 4× units	5	5	$6,916
Total (4 units)			$6,914

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: $131,250
• Closing costs: $15,750
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-03-31
   listed $525,000 Active
2. 2024-11-27
   soldstatus $430,000
3. 2023-11-24
   historical $825
4. 2023-10-20
   listed $825
5. 2023-09-30
   historical $825
6. 2023-08-29
   listed $825
7. 2016-10-21
   status Pending
8. 2016-10-20
   historical
9. 2016-09-29
   listed $170,000 Active
10. 2004-03-09
    historical
11. 2003-12-09
    listed $180,000
12. 2003-06-12
    historical
13. 2003-01-15
    listed $195,000

ⓘ 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: $1,449 · $121/mo
• Projected year-2 tax: $4,515 · $376/mo
• Expected delta: +$3,066/yr (+$256/mo · 211.6%)

ⓘ 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 4/10 Moderate 7 d/yr ≥101°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $82,968
• − Mortgage interest: −$29,408
• − Property taxes: −$1,449
• − Insurance: −$2,625
• − Repairs & maintenance: −$6,637
• − Management: −$6,637
• − Depreciation: −$15,273
• Taxable income: $20,938
• Est. tax owed @ 24.0%: −$5,025
• After-tax cash flow: $23,408/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: Fayette County
• NCES district ID: 2101860
• Math proficiency: 35% ▼ -16.00%
• Reading proficiency: 45% ▼ -13.00%
• Median HH income: $49,245
• Composite: 34.38/100
• National rank: #5211
• State rank: #27 of 165 in KY

Livability — Lexington-Fayette

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Lexington-Fayette, KY
• County: Fayette County · 317,143 people
• City population: 321,882
• Metro: Lexington-Fayette, KY
• Population (ZIP): 23,756
• Household income: $29,440
• Rent vs Own: 70.5% rent · 29.5% own
• Severe rent burden: 2644.0

Population outlook (Fayette County) Hauer SSP2

• Today (2025): 363,454 people
• By 2030: 388,270 · +6.8%
• By 2040: 438,688 · +20.7%
• By 2050: 490,667 · +35.0%
• By 2075: 625,394 · +72.1%
• By 2100: 721,354 · +98.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 60% Black 22% Hispanic / Latino 9% Two or more races 7% Asian 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Serbian 2% Italian 2% Lithuanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 87% English-only · Spanish 8% Chinese 1% Other Indo-European 1%

Political lean MEDSL · Fayette

• 2024 margin: D (+18.1) · D 58.0% · R 39.9% · Other 2.1%
• 2008→2024 swing: +13.3pp toward D · 2008: 4.8pp · 2024: 18.1pp
• All cycles: 2024: D+18.1 2020: D+20.8 2016: D+9.5 2012: D+1.0 2008: D+4.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -251.04%
• Current HPI: 204.3994
• Rent YoY: ▲ 11.83%
• Metro: Lexington-Fayette, 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

+169.2% since first listed

13 events — show timeline

• 2026-03-31 Listed $525,000 ImagineMLS
• 2024-11-27 Sold (Public Records) $430,000 Public Records
• 2023-11-24 Rental Removed $825 APPFOLIO
• 2023-10-20 Listed for Rent $825 APPFOLIO
• 2023-09-30 Rental Removed $825 APPFOLIO
• 2023-08-29 Listed for Rent $825 APPFOLIO
• 2016-10-21 Pending — ImagineMLS
• 2016-10-20 Listing Removed — ImagineMLS
• 2016-09-29 Listed $170,000 ImagineMLS
• 2004-03-09 Listing Removed — ImagineMLS
• 2003-12-09 Listed $180,000 ImagineMLS
• 2003-06-12 Listing Removed — ImagineMLS
• 2003-01-15 Listed $195,000 ImagineMLS

Property tax history

+1.8%/yr

Latest (2015): $1,449 · +1.8% YoY. Source: county tax records.