224 N Morgan St · Russellville, KY 42276

$35,000

2 bd · 2.0 ba · 792 sqft · Other public records · 15 Days on market

Built 1930 5,662 sqft lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks

214, 224, and 230 N Morgan St are being sold as-is! Seller prefers for them to be sold together for $105,000 but will entertain offers to sell separately. Will require cash or Hard Money Lender financing. Please schedule a tour before entering the property. Please reach out with any questions!

Key facts

• 5,662 sq ft lot
• Built 1930
• Listed 15 days

Property features AI

Exterior

• Parking: No covered parking; No designated parking spaces
• Utilities: Public water available; Public sewer; Water service available
• Home design: Single-family residence; One story
• Construction: Vinyl siding; Approximate year built
• Exterior features: Lot approximately 0.13 acres

Interior

• Kitchen: No appliances included
• Bedrooms: 2 bedrooms (both on the main level)
• Flooring: Other flooring
• Bathrooms: 1 full bath; 1 half bath
• Heating & cooling: Has heating (type: Other); No central cooling
• Interior features: No basement; Other flooring

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath other listed at $35k.

Deal economics

• At list price, monthly cash flow is $159 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• Recommended offer: $34k (1.5% below list) — sets the bar for market timing.
• Cap rate 26.4% vs local median 2.8% in Russellville — 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 65/100 on livability (#273 in KY) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Russellville Independent (town): math 21% / reading 32% proficiency, ranked #143 of 165 in KY (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: R E Stevenson Elementary School (math 17% / reading 22%, grade F, #572 of 676 statewide, top 88%, 481 students, 80% FRL); Russellville High School (math 34% / reading 44%, grade F, #40 of 254 statewide, top 19%, 335 students, 69% FRL) — zoned schools average 74% FRL vs 59% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 93 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 30 units permitted in Logan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $242 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Logan County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($34k) 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $34,475 (1.5% below list)

Questions for the listing agent

1. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 2.91% ✓
• Cap rate: 26.36%
• Cash-on-cash: 71.68%
• DSCR: 4.19
• GRM: 2.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 12.0%
• Equity multiple: 1.48×
• Total profit: $4,708
• Equity at exit: $5,219

10-year hold

• IRR: 21.4%
• Equity multiple: 2.86×
• Total profit: $18,196
• Equity at exit: $3,026

Cash invested: $9,800 (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 42276

• Home prices YoY: -9.9%
• Active inventory: 93
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $1,017 medium
• Mortgage (P&I): −$184
• Tax from tax record: −$20 /mo · $243/yr
• Insurance: −$15
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$214
• Net cashflow: $159

Break-even live

Break-even rent $816

Max offer price $35,000

Occupancy floor 79%

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
913 W 9th St Russellville, KY	2.0	1.5	1000	$1,100	$1.10	43d	1	1.32mi
923 W 9th St Russellville, KY	3.0	2.0	1080	$1,200	$1.11	13d	1	1.37mi

Listing history 6 events

1. 2026-05-04
   listed $35,000 Active 294-char remark
2. 2026-01-13
   listed $47,000 Active
3. 2018-09-21
   soldstatus $28,000
4. 2018-09-21
   soldstatus $47,000
5. 2015-10-01
   soldstatus $17,000
6. 2003-08-21
   soldstatus $30,000

ⓘ 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: $243 · $20/mo
• Projected year-2 tax: $301 · $25/mo
• Expected delta: +$58/yr (+$5/mo · 24.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone AE · 72% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% 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: $12,209
• − Mortgage interest: −$1,961
• − Property taxes: −$243
• − Insurance: −$5,294
• − Repairs & maintenance: −$977
• − Management: −$977
• − Depreciation: −$1,018
• Taxable income: $1,740
• Est. tax owed @ 24.0%: −$418
• After-tax cash flow: $1,488/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: Russellville Independent
• NCES district ID: 2105190
• Math proficiency: 21% ▼ -11.00%
• Reading proficiency: 32% ▼ -12.00%
• Median HH income: $28,861
• Composite: 21.24/100
• National rank: #8402
• State rank: #143 of 165 in KY

Livability — Russellville

• Score: 65/100
• State rank: #273
• US rank: #13256

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Russellville, KY
• County: Logan County · 16,044 people
• City population: 16,044
• Metro: nan
• Population (ZIP): 16,044
• Household income: $57,144
• Rent vs Own: 29.6% rent · 70.4% own
• Severe rent burden: 330.0

Population outlook (Logan County) Hauer SSP2

• Today (2025): 26,133 people
• By 2030: 25,572 · -2.1%
• By 2040: 24,247 · -7.2%
• By 2050: 22,849 · -12.6%
• By 2075: 19,587 · -25.0%
• By 2100: 15,927 · -39.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Black 6% Hispanic / Latino 4% Two or more races 4%
• Common ancestry: Slovak 2% Italian 2% Lithuanian 1%
• Foreign-born: 0%
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Logan

• 2024 margin: Solid R (+55.1) · D 21.9% · R 76.9% · Other 1.2%
• 2008→2024 swing: -26.5pp toward R · 2008: -28.6pp · 2024: -55.1pp
• All cycles: 2024: R+55.1 2020: R+48.4 2016: R+46.1 2012: R+32.6 2008: R+28.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -29.71%
• Current HPI: 269.3374
• Rent YoY: —
• Metro: nan
• 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

+214.3% since first listed

9 events — show timeline

• 2026-06-03 Sold (Public Records) $94,300 Public Records
• 2026-05-28 Sold (MLS) $31,433 REALTRACS as Distributed by MLS Grid
• 2026-05-19 Pending — REALTRACS as Distributed by MLS Grid
• 2026-05-04 Listed $35,000 REALTRACS as Distributed by MLS Grid
• 2026-01-13 Listed $47,000 RASKMLS
• 2018-09-21 Sold (Public Records) $47,000 Public Records
• 2018-09-21 Sold (Public Records) $28,000 Public Records
• 2015-10-01 Sold (Public Records) $17,000 Public Records
• 2003-08-21 Sold (Public Records) $30,000 Public Records

Property tax history

+11.3%/yr

Latest (2025): $243 · +28.3% YoY. Source: county tax records.