1697-1699 Hill View Place, Lexington, Ky. 40504 Pl · Lexington-Fayette, KY 40504

$240,000

4 bd · 2.0 ba · 1,692 sqft · MultiFamily · 17 Days on market

Built 1970 8,363 sqft lot Est $213k · 13% over

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Why this score? — see what drove the C+ 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
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• Rent growth +3.9/5.0
• Schools +3.4/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +1.8/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Excellent rental income property. Rentals are occupied and leases in place.

Key facts

• 8,363 sq ft lot
• Built 1970
• Listed 17 days

Property features AI

Finance

• Other: Parcel number 14852175
• Financial info: Owner pays common area maintenance

Exterior

• Parking: Driveway; Off-street parking
• Utilities: Public water; Public sewer
• Home design: Duplex; Single-story
• Construction: Brick veneer exterior; Block foundation; Shingle roof; Built as a duplex (building area total 1,692)
• Exterior features: Few trees on the lot; Partial chain link fencing

Interior

• Kitchen: Refrigerator; Range
• Bedrooms: Total rooms: 2
• Flooring: Hardwood; Insulated windows with blinds and screens
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating; Electric cooling
• Interior features: Eat-in kitchen; Primary bedroom on the first floor; Accessible approach with ramp
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• Recommended offer: $236k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.8% 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 C — 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.
• Zoned schools: James Lane Allen Elementary School (math 8% / reading 22%, grade F, #620 of 676 statewide, top 93%, 420 students, 67% FRL); Leestown Middle School (math 28% / reading 44%, grade F, #91 of 217 statewide, top 43%, 966 students, 52% FRL); Paul Laurence Dunbar High School (math 51% / reading 49%, grade D+, #12 of 254 statewide, top 4%, 1,946 students, 46% FRL).
• Market conditions: Rents rising fast (+5.7%/yr); 59 active listings in the ZIP; 15 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 $3,492/mo this rent would consume 91% of the median local household income ($46k/yr) (locally 2225% 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 $7k 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.
• At projected returns (-3.0% appreciation + 5.7% rent growth), your $67k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($236k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y 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.

Recommended offer $236,400 (1.5% below list)

Questions for the listing agent

1. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.46% ✓
• Cap rate: 11.79%
• Cash-on-cash: 19.64%
• DSCR: 1.87
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $213,192
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1908 1910 Cambridge Dr	0.59mi	4/2.0	1,700 (+0%)	8mo	$215,000	$126	64
—	0.63mi	4/2.0	1,876 (+11%)	22mo	$214,900	$115	34

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 · 5.7% rent growth · sell at horizon

5-year hold

• IRR: 14.7%
• Equity multiple: 1.61×
• Total profit: $40,970
• Equity at exit: $35,785

10-year hold

• IRR: 25.4%
• Equity multiple: 3.51×
• Total profit: $168,366
• Equity at exit: $20,751

Cash invested: $67,200 (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 40504

• Rents YoY: 5.7%
• Active inventory: 59
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $3,492 high
• Mortgage (P&I): −$1,259
• Tax est. 1.5%: −$300 /mo · $3,600/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$733
• Net cashflow: $1,100

Break-even live

Break-even rent $2,099

Max offer price $240,000

Occupancy floor 64%

Sensitivity live

Price	-10% $1,266	-5% $1,183	+0% $1,100	+5% $1,017	+10% $934
Rent	-10% $824	-5% $962	+0% $1,100	+5% $1,238	+10% $1,376
Rate	-1.0pp $1,221	-0.5pp $1,161	base $1,100	+0.5pp $1,038	+1.0pp $975

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	2	$3,492
Total (2 units)			$3,492

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
208 Linwood Dr Lexington, KY	3.0	1.0	1200	$1,600	$1.33	24d	1	0.29mi
1603 Glover Ave Lexington, KY	3.0	1.0	1336	$1,650	$1.24	24d	1	0.37mi
1100 Horsemans Ln Lexington, KY	3.0	2.0	1250	$1,500	$1.20	24d	1	0.49mi
845 Red Mile Rd Lexington, KY	1.0–3.0	1.0–2.0	821	$1,953	$2.38	15d	33	0.50mi
1100 Horsemans Ln Unit HM37 Lexington, KY	3.0	2.5	1500	$1,500	$1.00	24d	1	0.51mi
1885 Dunkirk Dr Lexington, KY	3.0	1.0	1090	$1,600	$1.47	15d	1	0.65mi
1728 Shenandoah Dr Lexington, KY	3.0	1.0	1125	$1,650	$1.47	15d	1	0.74mi
1220 Hammond Ave Lexington, KY	4.0	2.0	1949	$1,850	$0.95	15d	1	0.82mi
1079 Duncan Ave Lexington, KY	3.0	1.0	1175	$1,950	$1.66	24d	1	0.93mi
217 Creekside Ct Lexington, KY	3.0	1.5	1275	$1,350	$1.06	24d	1	1.13mi
1720 Traveller Rd Lexington, KY	3.0	2.0	1287	$1,950	$1.52	24d	1	1.18mi
1929 Alexandria Dr Lexington, KY	3.0	2.0	1304	$2,145	$1.64	24d	1	1.24mi
120 Clyde St Lexington, KY	3.0	1.0	1242	$1,450	$1.17	24d	1	1.29mi
324 S Broadway Park Lexington, KY	5.0	2.0	1588	$4,500	$2.83	24d	1	1.29mi
149 Old Towne Walk Lexington, KY	1.0–3.0	1.0–3.0	906	$1,964	$2.17	24d	1	1.48mi

Listing history 14 events

1. 2026-06-05
   days on market $240,000 Active 17 DOM
2. 2026-06-03
   days on market $240,000 Active 16 DOM
3. 2026-06-02
   days on market $240,000 Active 15 DOM
4. 2026-06-01
   days on market $240,000 Active 14 DOM
5. 2026-05-31
   days on market $240,000 Active 13 DOM
6. 2026-05-31
   days on market $240,000 Active 12 DOM
7. 2026-05-18
   listed $240,000 Active
8. 2021-09-16
   historical
9. 2021-09-06
   status Active
10. 2021-08-29
    historical Contingent
11. 2021-08-25
    status Active
12. 2021-08-19
    historical
13. 2021-08-19
    price $169,000
14. 2021-08-14
    listed $171,600 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 100% 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: $41,904
• − Mortgage interest: −$13,444
• − Property taxes: −$3,600
• − Insurance: −$1,200
• − Repairs & maintenance: −$3,352
• − Management: −$3,352
• − Depreciation: −$6,982
• Taxable income: $9,974
• Est. tax owed @ 24.0%: −$2,394
• After-tax cash flow: $10,807/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): 25,816
• Household income: $46,055
• Rent vs Own: 66.0% rent · 34.0% own
• Severe rent burden: 2225.0

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 61% Hispanic / Latino 18% Black 15% Two or more races 9% Asian 2%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Slovak 2% Iranian 2% Lithuanian 2%
• Foreign-born: 15% · Canada, China
• Languages at home: 79% English-only · Spanish 15% Arabic 1% Chinese 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: ▼ -221.10%
• Current HPI: 255.3941
• Rent YoY: ▲ 5.70%
• 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

+39.9% since first listed

8 events — show timeline

• 2026-05-18 Listed $240,000 ImagineMLS
• 2021-09-16 Listing Removed — ImagineMLS
• 2021-09-06 Relisted — ImagineMLS
• 2021-08-29 Contingent — ImagineMLS
• 2021-08-25 Relisted — ImagineMLS
• 2021-08-19 Listing Removed — ImagineMLS
• 2021-08-19 Price Changed $169,000 ImagineMLS
• 2021-08-14 Listed $171,600 ImagineMLS