319 Lilleston Ave

Paris, KY 40361

$115,000C-

2 bd · 1.0 ba · 876 sqft · Built — · Other · Active · 147 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,054/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$70
• HOA: −$0
• Vac / Maint / Mgmt: −$221
• Net cashflow: $160/mo
• Annual: $1,917/yr
• Cap rate: 7.96%
• Cash-on-cash: 5.95%
• DSCR: 1.26
• 1% rule: 0.92%
• Cash to close: $32,200

Investor read

• This is a 2-bed/1.0-bath other listed at $115k.
• At list price, monthly cash flow is $160 ($2k/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 $105k (8.4% below list).
• It's been on market 147 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#218 in KY) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D, amenities F, commute F.
• Paris Independent (town): math 13% / reading 29% proficiency, ranked #159 of 165 in KY (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 126 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 90 units permitted in Bourbon County in 2024 (0 in 5+ unit buildings).
• 3 sale attempts since 28y 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 $80k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 8.0% vs local median 3.3% in Paris — 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.

Questions for listing agent

• It's been on market 147 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.
• 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.