1144 Centre Pkwy · Lexington-Fayette, KY 40517

$290,000

3 bd · 2.0 ba · 1,680 sqft · MultiFamily public records · 23 Days on market

Built 1968 Est $225k · 29% over

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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).

• Cash flow +21.8/30.0
• DSCR +7.0/10.0
• 1% rule +4.5/10.0
• Rent growth +3.6/5.0
• Schools +3.4/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Fully rented duplex with long term tenants. Leases up for renewal Jan 1 2027. 2 bed 1 bath on each side. Fenced in back yard. Tenants pay all utilities and are responsible for all yard maintenence and snow removal. Dimensional shingle roof is 1 years old. Price is firm and based on recent appraisal. Please do not disturb the tenants. Shown by appointment only. Must give a minimum of 24 hours notice to tenants prior to showing. Must provide a pre approval letter from leder prior to showing. Total rents $1650.00

Key facts

• Fully rented duplex
• Fenced in back yard
• Built 1968

Tags

• FULLY RENTED DUPLEX
• FENCED IN BACK YARD
• DIMENSIONAL SHINGLE ROOF

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $290k.

Deal economics

• At list price, monthly cash flow is $450 ($5k/yr) — positive. Per door: $225/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $276k (4.8% below list).
• Recommended offer: $276k (4.8% below list) — sets the bar for 1% rule.
• Cap rate 8.2% 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 D — 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.
• Market conditions: Rents rising fast (+4.5%/yr); 103 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 1,036 units permitted in Fayette County in 2024 (542 in 5+ unit buildings).
• At $2,762/mo this rent would consume 62% of the median local household income ($54k/yr) (locally 2743% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($286k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $90k; list at $290k implies a 222% gain — meaningful room to come down on a strong offer.

Recommended offer $276,200 (4.8% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 0.95% ✗
• Cap rate: 8.15%
• Cash-on-cash: 6.65%
• DSCR: 1.30
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $225,120
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3509 Honey Jay Ct	0.49mi	4/2.0 (+1)	1,672 (-0%)	5mo	$239,000	$143	67
3516 Honey Jay Ct	0.51mi	4/2.0 (+1)	1,800 (+7%)	8mo	$225,000	$125	53
1330-1332 Centre Pkwy	0.52mi	4/2.0 (+1)	1,776 (+6%)	12mo	$250,000	$141	51
1191-1193 Millcreek Dr	0.41mi	4/3.0 (+1)	1,776 (+6%)	20mo	$235,000	$132	46
3617-3619 Appian Way	0.40mi	4/3.0 (+1)	1,920 (+14%)	7mo	$257,500	$134	42
1268 Dale Dr	0.69mi	4/2.0 (+1)	1,900 (+13%)	22mo	$203,520	$107	23

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 4.52% rent growth · sell at horizon

5-year hold

• IRR: -4.6%
• Equity multiple: 0.83×
• Total profit: $-14,183
• Equity at exit: $43,240

10-year hold

• IRR: 6.5%
• Equity multiple: 1.52×
• Total profit: $42,179
• Equity at exit: $25,074

Cash invested: $81,200 (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 40517

• Rents YoY: 4.5%
• Active inventory: 103
• Price-to-rent: 17.5×

Monthly cashflow live

• Estimated rent: $2,762 high
• Mortgage (P&I): −$1,521
• Tax from tax record: −$91 /mo · $1,087/yr
• Insurance: −$121
• HOA: −$0
• Vacancy / Maint / Mgmt: −$580
• Net cashflow: $450

Break-even live

Break-even rent $2,193

Max offer price $290,000

Occupancy floor 79%

Sensitivity live

Price	-10% $614	-5% $532	+0% $450	+5% $368	+10% $286
Rent	-10% $232	-5% $341	+0% $450	+5% $559	+10% $668
Rate	-1.0pp $596	-0.5pp $524	base $450	+0.5pp $375	+1.0pp $298

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,762
Total (2 units)			$2,762

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: $72,500
• Closing costs: $8,700
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3448 Dixiana Dr Lexington, KY	3.0	1.5	1161	$1,995	$1.72	24d	1	0.33mi
1197 Appian Crossing Way Lexington, KY	1.0–3.0	1.0–2.5	1066	$1,559	$1.46	24d	5	0.52mi
3339 Sutherland Dr Lexington, KY	3.0	1.5	1108	$1,895	$1.71	15d	1	0.66mi
3732 Old Tates Creek Pike Lexington, KY	3.0	2.5	1764	$2,050	$1.16	24d	1	0.67mi
1179 Tatesbrook Dr Unit A Lexington, KY	3.0	1.5	1408	$1,500	$1.07	24d	1	0.74mi
1340 Ox Hill Dr Lexington, KY	4.0	2.0	2042	$1,695	$0.83	24d	1	0.75mi
3504 Careto Ct Lexington, KY	3.0	2.0	1200	$1,800	$1.50	15d	1	0.80mi
3628 Bold Bidder Dr Unit B Lexington, KY	3.0	2.0	1400	$1,495	$1.07	24d	1	0.82mi
3260 Commodore Dr Lexington, KY	1.0–3.0	1.0–2.5	1229	$2,625	$2.14	15d	11	0.88mi
3327 Wood Valley Ct Lexington, KY	3.0	1.5	1650	$1,550	$0.94	15d	1	0.89mi
3501 Windgate Way Lexington, KY	3.0	2.0	1326	$2,350	$1.77	24d	1	0.96mi
3375 Moundview Ct Unit B Lexington, KY	2.0	1.5	1150	$1,500	$1.30	15d	1	0.98mi
857 Malabu Dr #8100 Lexington, KY	3.0	2.5	1603	$1,799	$1.12	24d	1	0.99mi
1475 Vintage Cir Unit 1 Lexington, KY	2.0	2.0	1306	$1,595	$1.22	22d	1	1.07mi
1025 Chinoe Rd Lexington, KY	3.0	2.5	1840	$2,900	$1.58	24d	1	1.15mi
1552 Samara Glen Way Lexington, KY	3.0	1.0	1145	$1,550	$1.35	24d	1	1.22mi
3901 Rapid Run Dr Lexington, KY	1.0–3.0	1.0–2.0	1002	$1,884	$1.88	15d	34	1.23mi
3573 Laredo Dr Lexington, KY	2.0–3.0	1.5–2.5	1172	$1,399	$1.19	24d	3	1.25mi
427 Lancelot Ln Lexington, KY	3.0	1.0	1050	$1,159	$1.10	24d	1	1.26mi
3500 Warwick Dr #27 Lexington, KY	3.0	1.5	1104	$1,600	$1.45	15d	1	1.43mi
1077 Duval St #102 Lexington, KY	3.0	3.0	1600	$1,800	$1.12	15d	1	1.45mi
2500 Alumni Dr Lexington, KY	1.0–3.0	1.0–3.0	996	$1,975	$1.98	24d	1	1.46mi

Listing history 16 events

1. 2026-06-15
   days on market $290,000 Active 23 DOM
2. 2026-06-14
   days on market $290,000 Active 21 DOM
3. 2026-06-13
   days on market $290,000 Active 20 DOM
4. 2026-06-10
   days on market $290,000 Active 18 DOM
5. 2026-06-09
   days on market $290,000 Active 17 DOM
6. 2026-06-08
   days on market $290,000 Active 16 DOM
7. 2026-06-07
   days on market $290,000 Active 15 DOM
8. 2026-06-05
   days on market $290,000 Active 12 DOM
9. 2026-06-03
   days on market $290,000 Active 11 DOM
10. 2026-06-02
    days on market $290,000 Active 10 DOM
11. 2026-06-01
    days on market $290,000 Active 9 DOM
12. 2026-05-31
    days on market $290,000 Active 8 DOM
13. 2026-05-24
    listed $290,000 Active
14. 2016-12-21
    soldstatus $90,000
15. 2016-08-15
    soldstatus $94,000
16. 2013-06-03
    soldstatus $90,000

ⓘ 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: $1,087 · $91/mo
• Projected year-2 tax: $2,494 · $208/mo
• Expected delta: +$1,407/yr (+$117/mo · 129.5%)

ⓘ 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 · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $33,144
• − Mortgage interest: −$16,245
• − Property taxes: −$1,087
• − Insurance: −$1,450
• − Repairs & maintenance: −$2,652
• − Management: −$2,652
• − Depreciation: −$8,436
• Taxable income: $623
• Est. tax owed @ 24.0%: −$150
• After-tax cash flow: $5,248/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): 35,656
• Household income: $53,670
• Rent vs Own: 64.3% rent · 35.7% own
• Severe rent burden: 2743.0

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 0.57)
• Race & ethnicity: White 60% Black 24% Two or more races 9% Hispanic / Latino 8% Asian 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 3% Lithuanian 2% Slovak 1%
• Foreign-born: 9% · Canada
• Languages at home: 87% English-only · Spanish 6% Other Indo-European 2% Arabic 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: ▼ -182.53%
• Current HPI: 248.0466
• Rent YoY: ▲ 4.52%
• 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

+222.2% since first listed

4 events — show timeline

• 2026-05-24 Listed $290,000 FSBO.com
• 2016-12-21 Sold (Public Records) $90,000 Public Records
• 2016-08-15 Sold (Public Records) $94,000 Public Records
• 2013-06-03 Sold (Public Records) $90,000 Public Records

Property tax history

+1.8%/yr

Latest (2015): $1,087 · +1.8% YoY. Source: county tax records.