254 Mount Airy Ave · Paris, KY 40361

$259,900

3 bd · 3.0 ba · 2,757 sqft · MultiFamily · 17 Days on market

Built 1933 0.31 ac lot

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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 +22.0/30.0
• ARV discount +7.5/15.0
• DSCR +7.0/10.0
• 1% rule +5.8/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• 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

Great fully occupied triplex investment home in Paris with 3 units bringing in $2,900/month in rental income. There are 3 units (2 downstairs and 1 upstairs with an outside entry) all with a 1 bedroom 1 bathroom Living Room configuration. Perfect for an investor just looking at parking some money and getting great cash flow. Call today to inquire about this property!

Key facts

• 0.31 acre lot
• Built 1933
• Listed 17 days

Property features AI

Finance

• Other: Building total area 2,757; Lot about 0.31 acres (13,500 sq ft)

Exterior

• Parking: Driveway
• Utilities: Electricity connected; Sewer connected; Water connected; Public sewer
• Home design: Triplex; Two levels
• Construction: Block foundation; Vinyl siding
• Exterior features: Public water; Not waterfront

Interior

• Kitchen: Refrigerator; Range
• Flooring: Vinyl
• Bathrooms: 3 full bathrooms
• Heating & cooling: Baseboard heating; Window AC units
• Interior features: Eat-in kitchen; Fireplace
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath multifamily listed at $260k.

Deal economics

• At list price, monthly cash flow is $414 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $260k).
• Recommended offer: $256k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.2% 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.

Location & tenants

• 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: amenities F, commute F, employment 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.
• Zoned schools: Paris Elementary School (math 17% / reading 27%, grade F, #525 of 676 statewide, top 82%, 307 students, 78% FRL); Paris Middle School (math 12% / reading 32%, grade F, #203 of 217 statewide, top 94%, 146 students, 83% FRL); Paris High School (math 15% / reading 24%, grade F, #212 of 254 statewide, top 83%, 221 students, 75% FRL).
• Market conditions: 128 active listings in the ZIP; 90 units permitted in Bourbon County in 2024 (0 in 5+ unit buildings).
• At $2,797/mo this rent would consume 53% of the median local household income ($63k/yr) (locally 509% 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 $8k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($256k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 19y 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.

Risks & watch-outs

• Watch-outs: built in 1933 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $256,001 (1.5% below list)

Questions for the listing agent

1. Built in 1933 — 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. 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?
4. 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.
5. 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.
6. 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: 1.08% ✓
• Cap rate: 8.20%
• Cash-on-cash: 6.82%
• DSCR: 1.30
• GRM: 7.7

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: -5.8%
• Equity multiple: 0.78×
• Total profit: $-15,735
• Equity at exit: $38,752

10-year hold

• IRR: 3.8%
• Equity multiple: 1.28×
• Total profit: $20,383
• Equity at exit: $22,471

Cash invested: $72,772 (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 40361

• Home prices YoY: -23.1%
• Active inventory: 128
• Price-to-rent: 23.2×

Monthly cashflow live

• Estimated rent: $2,797 medium
• Mortgage (P&I): −$1,363
• Tax est. 1.5%: −$325 /mo · $3,898/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$587
• Net cashflow: $414

Break-even live

Break-even rent $2,274

Max offer price $259,900

Occupancy floor 80%

Sensitivity live

Price	-10% $593	-5% $503	+0% $414	+5% $324	+10% $234
Rent	-10% $193	-5% $303	+0% $414	+5% $524	+10% $634
Rate	-1.0pp $544	-0.5pp $480	base $414	+0.5pp $346	+1.0pp $278

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$2,796
Total (3 units)			$2,797

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: $64,975
• Closing costs: $7,797
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-22
   days on market $259,900 Active 17 DOM
2. 2026-06-18
   days on market $259,900 Active 14 DOM
3. 2026-06-17
   days on market $259,900 Active 13 DOM
4. 2026-06-16
   days on market $259,900 Active 12 DOM
5. 2026-06-15
   days on market $259,900 Active 11 DOM
6. 2026-06-14
   days on market $259,900 Active 9 DOM
7. 2026-06-13
   days on market $259,900 Active 8 DOM
8. 2026-06-10
   days on market $259,900 Active 6 DOM
9. 2026-06-09
   days on market $259,900 Active 5 DOM
10. 2026-06-08
    days on market $259,900 Active 4 DOM
11. 2026-06-07
    remarks 369-char remark
12. 2026-06-07
    listed $259,900 Active 3 DOM

ⓘ 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 ≥102°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,564
• − Mortgage interest: −$14,558
• − Property taxes: −$3,898
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,685
• − Management: −$2,685
• − Depreciation: −$7,561
• Taxable income: $877
• Est. tax owed @ 24.0%: −$210
• After-tax cash flow: $4,752/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: Paris Independent
• NCES district ID: 2104710
• Math proficiency: 13% ▼ -17.00%
• Reading proficiency: 29% ▼ -7.00%
• Median HH income: $34,822
• Composite: 17.23/100
• National rank: #9096
• State rank: #159 of 165 in KY

Livability — Paris

• Score: 67/100
• State rank: #218
• US rank: #10589

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Paris, KY
• County: Bourbon County · 18,361 people
• City population: 18,361
• Metro: Lexington-Fayette, KY
• Population (ZIP): 18,361
• Household income: $63,333
• Rent vs Own: 35.7% rent · 64.3% own
• Severe rent burden: 509.0

Population outlook (Bourbon County) Hauer SSP2

• Today (2025): 20,485 people
• By 2030: 20,559 · +0.4%
• By 2040: 20,491 · +0.0%
• By 2050: 20,065 · -2.1%
• By 2075: 19,173 · -6.4%
• By 2100: 16,646 · -18.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 8% Two or more races 6% Black 5%
• Hispanic origin (detail): Mexican 6% Cuban 1%
• Common ancestry: Slovak 2% Serbian 2% Iranian 2%
• Foreign-born: 4% · Canada, Dominican Republic
• Languages at home: 94% English-only · Spanish 5% French/Haitian/Cajun 1%

Political lean MEDSL · Bourbon

• 2024 margin: Solid R (+33.5) · D 32.4% · R 65.9% · Other 1.7%
• 2008→2024 swing: -16.3pp toward R · 2008: -17.2pp · 2024: -33.5pp
• All cycles: 2024: R+33.5 2020: R+30.0 2016: R+31.6 2012: R+20.4 2008: R+17.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -72.90%
• Current HPI: 241.9393
• Rent YoY: —
• 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

+101.5% since first listed

9 events — show timeline

• 2026-06-03 Listed $259,900 ImagineMLS
• 2018-10-07 Listing Removed — ImagineMLS
• 2018-09-07 Relisted — ImagineMLS
• 2018-08-18 Pending — ImagineMLS
• 2018-07-21 Listed $109,000 ImagineMLS
• 2014-10-21 Listing Removed — ImagineMLS
• 2014-04-21 Listed $99,900 ImagineMLS
• 2007-08-03 Listing Removed — ImagineMLS
• 2007-04-24 Listed $129,000 ImagineMLS