412 Wood Creek Dr

Radcliff, KY 40160

$435,000C

36 bd · 36.0 ba · 3,905 sqft · Built 1983 · MultiFamily · Active · 100 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,092/mo
• Mortgage (P&I): −$2,281
• Tax + insurance: −$725
• HOA: −$0
• Vac / Maint / Mgmt: −$1,069
• Net cashflow: $1,016/mo
• Annual: $12,198/yr
• Cap rate: 9.10%
• Cash-on-cash: 10.01%
• DSCR: 1.45
• 1% rule: 1.17%
• Cash to close: $121,800

Investor read

• This is a 6 × 1-bed/1.0-bath units multifamily listed at $435k.
• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $169/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $435k).
• It's been on market 100 days — a 9% lower offer ($396k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $396k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#367 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: schools D-, amenities F, commute F.
• Hardin County (suburban): math 30% / reading 43% proficiency, ranked #47 of 165 in KY (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.2%/yr); 173 active listings in the ZIP; 946 units permitted in Hardin County in 2024 (464 in 5+ unit buildings).
• Hardin County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 2y ago; this cycle's ask has dropped $40k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 9.1% vs local median 3.5% in Radcliff — 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.
• At $5,092/mo this rent would consume 104% of the median local household income ($59k/yr) (locally 638% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.