426 Wagon Wheel Trl

Radcliff, KY 40160

$350,000C-

8 bd · 6.0 ba · — sqft · Built 1986 · MultiFamily · Active · 275 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,674/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$583
• HOA: −$0
• Vac / Maint / Mgmt: −$772
• Net cashflow: $484/mo
• Annual: $5,804/yr
• Cap rate: 7.95%
• Cash-on-cash: 5.92%
• DSCR: 1.26
• 1% rule: 1.05%
• Cash to close: $98,000

Investor read

• This is a 4 × 2.0-bed/1.5-bath units multifamily listed at $350k.
• At list price, monthly cash flow is $484 ($6k/yr) — positive. Per door: $121/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• It's been on market 275 days — a 12% lower offer ($308k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $308k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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: amenities F, commute F, employment 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.
• Zoned schools: New Highland Elementary School (math 22% / reading 27%, grade F, #489 of 676 statewide, top 76%, 501 students, 62% FRL); Bluegrass Middle School (math 22% / reading 40%, grade F, #138 of 217 statewide, top 65%, 578 students, 52% FRL); John Hardin High School (math 27% / reading 42%, grade F, #76 of 254 statewide, top 34%, 790 students, 52% FRL).
• Market conditions: Rents rising (+2.2%/yr); 176 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.
• Cap rate 8.0% 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 $3,674/mo this rent would consume 75% 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 275 days. Have you received any prior offers? Is the seller open to a 12% 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.