1013-C Salem Pike · Cynthiana, KY 41031

$173,500

3 bd · None ba · 1,152 sqft · SingleFamily · 77 Days on market

Built 2018 Poor condition 5.00 ac lot ↓ 14% since listing

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Why this score? — see what drove the C- 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 +15.5/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +4.8/10.0
• 1% rule +4.3/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Schools +2.2/10.0
• Condition / age +1.0/5.0

Listing remarks MLS

This is the one you have been waiting for!!! 44 +/- acres of crop ground - pasture with the opportunity for a beautiful home site with all the views. Property is fenced and has a good pond, Also a 72x32 barn with attached 72x21 shed / lean to for your hay or equipment storage needs.

Key facts

• 5 acre lot
• Built 2018
• Listed 77 days

Property features AI

Exterior

• Parking: Driveway
• Utilities: Electricity available; Cable available; Water available; No sewer
• Home design: Single-story house
• Construction: Aluminum siding; Block foundation; Metal roof; Building area approximately 1,152
• Exterior features: Barn(s) and stable(s) on the property; Partial wire fencing; Few trees on the lot; Public water available

Interior

• Flooring: Wood flooring
• Interior features: Five total rooms; Crawl space basement; No fireplace

What this means for you Summary

Snapshot

• This is a 3-bed/?-bath single-family listed at $174k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $69 ($834/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 $161k (7.5% below list).
• Recommended offer: $161k (7.5% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 3.5% in Cynthiana — 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 74/100 on livability (#113 in KY, #4,911 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment D-.
• Harrison County (town): math 21% / reading 32% proficiency, ranked #133 of 165 in KY (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Harrison County Middle School (math 19% / reading 35%, grade F, #172 of 217 statewide, top 80%, 607 students, 58% FRL); Harrison County High School (math 29% / reading 41%, grade F, #74 of 254 statewide, top 29%, 865 students, 46% FRL) — zoned schools at 52% FRL track the district average.
• Market conditions: 95 active listings in the ZIP; 69 units permitted in Harrison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $19k of equity ($1k loan paydown + $17k appreciation (10.0% local appreciation)).
• Harrison County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$47k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $160,571 (7.5% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 0.93% ✗
• Cap rate: 6.77%
• Cash-on-cash: 1.72%
• DSCR: 1.08
• GRM: 9.0

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: 25.5%
• Equity multiple: 3.04×
• Total profit: $98,943
• Equity at exit: $156,303

10-year hold

• IRR: 22.5%
• Equity multiple: 6.93×
• Total profit: $287,938
• Equity at exit: $337,072

Cash invested: $48,580 (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 41031

• Home prices YoY: 4.4%
• Active inventory: 95
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,606 medium
• Mortgage (P&I): −$910
• Tax est. 1.5%: −$217 /mo · $2,602/yr
• Insurance: −$72
• HOA: −$0
• Vacancy / Maint / Mgmt: −$337
• Net cashflow: $69

Break-even live

Break-even rent $1,518

Max offer price $173,500

Occupancy floor 91%

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: $43,375
• Closing costs: $5,205
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $173,500 Active 77 DOM
2. 2026-06-17
   days on market $173,500 Active 76 DOM
3. 2026-06-16
   days on market $173,500 Active 75 DOM
4. 2026-06-15
   days on market $173,500 Active 74 DOM
5. 2026-06-14
   days on market $173,500 Active 72 DOM
6. 2026-06-10
   days on market $173,500 Active 69 DOM
7. 2026-06-09
   days on market $173,500 Active 68 DOM
8. 2026-06-08
   days on market $173,500 Active 67 DOM
9. 2026-06-07
   days on market $173,500 Active 66 DOM
10. 2026-06-03
    days on market $173,500 Active 62 DOM
11. 2026-06-02
    days on market $173,500 Active 61 DOM
12. 2026-06-01
    days on market $173,500 Active 60 DOM
13. 2026-05-31
    days on market $173,500 Active 59 DOM
14. 2026-05-31
    days on market $173,500 Active 58 DOM
15. 2026-05-18
    price $320,000 284-char remark

    Show marketing remark (284 chars)

    This is the one you have been waiting for!!! 44 +/- acres of crop ground - pasture with the opportunity for a beautiful home site with all the views. Property is fenced and has a good pond, Also a 72x32 barn with attached 72x21 shed / lean to for your hay or equipment storage needs.

16. 2026-05-18
    price $173,500

    Show marketing remark (284 chars)

    This is the one you have been waiting for!!! 44 +/- acres of crop ground - pasture with the opportunity for a beautiful home site with all the views. Property is fenced and has a good pond, Also a 72x32 barn with attached 72x21 shed / lean to for your hay or equipment storage needs.

17. 2026-04-02
    listed $180,000 Active
18. 2026-03-31
    price $330,000 284-char remark

    Show marketing remark (284 chars)

    This is the one you have been waiting for!!! 44 +/- acres of crop ground - pasture with the opportunity for a beautiful home site with all the views. Property is fenced and has a good pond, Also a 72x32 barn with attached 72x21 shed / lean to for your hay or equipment storage needs.

19. 2026-03-16
    price $347,600 284-char remark

    Show marketing remark (284 chars)

    This is the one you have been waiting for!!! 44 +/- acres of crop ground - pasture with the opportunity for a beautiful home site with all the views. Property is fenced and has a good pond, Also a 72x32 barn with attached 72x21 shed / lean to for your hay or equipment storage needs.

20. 2025-12-04
    listed $374,000 Active 284-char remark

    Show marketing remark (284 chars)

    This is the one you have been waiting for!!! 44 +/- acres of crop ground - pasture with the opportunity for a beautiful home site with all the views. Property is fenced and has a good pond, Also a 72x32 barn with attached 72x21 shed / lean to for your hay or equipment storage needs.

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥102°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $19,269
• − Mortgage interest: −$9,719
• − Property taxes: −$2,602
• − Insurance: −$868
• − Repairs & maintenance: −$1,541
• − Management: −$1,541
• − Depreciation: −$5,047
• Taxable loss: −$2,050
• Est. tax savings @ 24.0%: +$492
• After-tax cash flow: $1,326/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.

Condition & rehab AI · 12 photos

Poor 20/100 Extensive rehab

This property requires extensive renovations to bring it up to modern standards, significantly impacting its resale and rental value.

Repairs flagged

• Major kitchen cabinets — severely dated and worn
• Major bathroom fixtures — no visible fixtures
• Major roof shingles — visible wear
• Major exterior siding — rusty and exposed
• Major flooring — worn linoleum
• Major interior walls — peeling paint
• Major windows — broken panes
• Major foundation — visible settling

Value-add opportunities

• Resale kitchen renovation — modernizing the dated kitchen
• Resale bathroom renovation — installing new fixtures
• Resale roof replacement — improving the home's appearance and value
• Resale exterior siding repair — restoring the home's curb appeal
• Resale flooring replacement — modernizing the dated flooring
• Resale interior wall repair — restoring the home's interior condition
• Resale window replacement — improving the home's energy efficiency and appearance
• Both HVAC system replacement — improving comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · severely dated and worn	Major	$15,000–50,000
bathroom fixtures · no visible fixtures	Major	$15,000–50,000
roof shingles · visible wear	Major	$15,000–50,000
exterior siding · rusty and exposed	Major	$15,000–50,000
flooring · worn linoleum	Major	$15,000–50,000
interior walls · peeling paint	Major	$15,000–50,000
windows · broken panes	Major	$15,000–50,000
foundation · visible settling	Major	$15,000–50,000
Total estimated repair cost · 8 items		$120,000–400,000

Value-add ROI direction

• Resale kitchen renovation — modernizing the dated kitchen ↑
• Resale bathroom renovation — installing new fixtures ↑
• Resale roof replacement — improving the home's appearance and value ↑
• Resale exterior siding repair — restoring the home's curb appeal ↑
• Resale flooring replacement — modernizing the dated flooring ↑
• Resale interior wall repair — restoring the home's interior condition ↑
• Resale window replacement — improving the home's energy efficiency and appearance ↑
• Both HVAC system replacement — improving comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Harrison County
• NCES district ID: 2102580
• Math proficiency: 21% ▼ -25.00%
• Reading proficiency: 32% ▼ -19.00%
• Median HH income: $39,744
• Composite: 22.28/100
• National rank: #8138
• State rank: #133 of 165 in KY

Livability — Cynthiana

• Score: 74/100
• State rank: #113
• US rank: #4911

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 16,748

Population outlook (Harrison County) Hauer SSP2

• Today (2025): 18,605 people
• By 2030: 18,361 · -1.3%
• By 2040: 17,685 · -4.9%
• By 2050: 16,845 · -9.5%
• By 2075: 14,882 · -20.0%
• By 2100: 12,314 · -33.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 2% Black 2%
• Common ancestry: Slovak 2% Serbian 2% Italian 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Harrison

• 2024 margin: Solid R (+48.5) · D 25.1% · R 73.6% · Other 1.3%
• 2008→2024 swing: -27.4pp toward R · 2008: -21.1pp · 2024: -48.5pp
• All cycles: 2024: R+48.5 2020: R+44.4 2016: R+43.8 2012: R+29.1 2008: R+21.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 14.31%
• Current HPI: 339.482
• 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

-14.4% since first listed

6 events — show timeline

• 2026-05-18 Price Changed $320,000 ImagineMLS
• 2026-05-18 Price Changed $173,500 ImagineMLS
• 2026-04-02 Listed $180,000 ImagineMLS
• 2026-03-31 Price Changed $330,000 ImagineMLS
• 2026-03-16 Price Changed $347,600 ImagineMLS
• 2025-12-04 Listed $374,000 ImagineMLS