36 Dan St

Garrison, KY 41141

$29,000B

2 bd · 1.0 ba · 816 sqft · Built 1950 · Other · Active · 22 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $879/mo
• Mortgage (P&I): −$152
• Tax + insurance: −$30
• HOA: −$0
• Vac / Maint / Mgmt: −$185
• Net cashflow: $512/mo
• Annual: $6,146/yr
• Cap rate: 27.48%
• Cash-on-cash: 75.68%
• DSCR: 4.37
• 1% rule: 3.03%
• Cash to close: $8,120

Investor read

• This is a 2-bed/1.0-bath other listed at $29k.
• At list price, monthly cash flow is $512 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($879 rent vs $29k).
• It's been on market 22 days — a 2% lower offer ($29k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $29k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $200 of loan paydown is wiped out by about $870 of value loss. Plan a longer hold.
• Location reads 55/100 on livability (#465 in KY) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: crime C-, health & safety C-, schools F.
• Lewis County (rural): math 27% / reading 39% proficiency, ranked #94 of 165 in KY (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 6 active listings in the ZIP.
• Lewis County population projected at -19% 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 $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.