203 Cowden Ct · Lancaster, KY 40444

$52,500

3 bd · 1.0 ba · 1,134 sqft · Other · 13 Days on market

Built 1970 0.25 ac 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
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +1.0/10.0

Listing remarks MLS

***Interior photos will be uploaded in a week or two, as soon as the family removes some of their personal items and approve. They ARE allowing in-person showings at this time.*** This charming three bedroom, one bath brick is conveniently located near downtown Lancaster, just minutes from the Public Square. This home has been owned and well-maintained by the same family since it was built in the mid-1960's. This is a prime location with quick, easy access to Stanford, Danville, Richmond, Nicholasville, and Lexington. This corner lot is believed to be the largest in the subdivision. There's an attached carport that includes a convenient outdoor storage area, spacious combined kitchen/dining area, large bedrooms, and original hardwood floors. Situated on a quiet street, this home would make a great starter home, downsizing location, or investment property. Call today for your personal tour!

Key facts

• Brick home
• Convenient location
• Corner lot

Tags

• BRICK HOME
• CORNER LOT
• CONVENIENT LOCATION

Property features AI

Finance

• Other: Lot ~0.25 acre (public records)
• HOA & community: Located in Morrow Estates subdivision

Exterior

• Parking: Attached carport; Driveway
• Utilities: Public water; Public sewer
• Home design: Single-story house
• Construction: Brick veneer exterior; Block foundation; Dimensional style roof
• Exterior features: Neighborhood view

Interior

• Kitchen: Cooktop; Oven
• Bedrooms: Total rooms: 7 (includes bedrooms and other living spaces)
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom
• Heating & cooling: Heat pump; Natural gas heating
• Interior features: Eat-in kitchen; Primary bedroom on the first floor; Storm windows

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $52k.

Deal economics

• At list price, monthly cash flow is $982 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $52k).

Location & tenants

• Location reads 63/100 on livability (#314 in KY) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A-; Watch: health & safety D+, amenities F, commute F.
• Garrard County (rural): math 28% / reading 42% proficiency, ranked #63 of 165 in KY (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lancaster Elementary School (math 37% / reading 37%, grade F, #255 of 676 statewide, top 42%, 469 students, 80% FRL); Garrard County High School (math 27% / reading 37%, grade F, #97 of 254 statewide, top 46%, 801 students, 59% FRL) — zoned schools average 70% FRL vs 50% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 170 active listings in the ZIP.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $363 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $10k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $52,500

Questions for the listing agent

1. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 3.55% ✓
• Cap rate: 30.26%
• Cash-on-cash: 85.59%
• DSCR: 4.81
• GRM: 2.3

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: 80.4%
• Equity multiple: 4.68×
• Total profit: $54,144
• Equity at exit: $7,828

10-year hold

• IRR: 83.8%
• Equity multiple: 9.72×
• Total profit: $128,115
• Equity at exit: $4,539

Cash invested: $14,700 (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 40444

• Home prices YoY: -2.6%
• Active inventory: 170
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $1,862 medium
• Mortgage (P&I): −$275
• Tax from tax record: −$125 /mo · $1,506/yr
• Insurance: −$22
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$391
• Net cashflow: $982

Break-even live

Break-even rent $619

Max offer price $52,500

Occupancy floor 42%

Sensitivity live

Price	-10% $1,012	-5% $997	+0% $982	+5% $967	+10% $952
Rent	-10% $835	-5% $908	+0% $982	+5% $1,056	+10% $1,129
Rate	-1.0pp $1,008	-0.5pp $995	base $982	+0.5pp $968	+1.0pp $955

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: $13,125
• Closing costs: $1,575
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-18
   status Pending 428-char remark
2. 2026-05-16
   price $52,500 428-char remark
3. 2026-05-05
   listed $62,500 Active 428-char remark
4. 2024-03-06
   soldstatus $135,000
5. 2024-02-28
   soldstatus $135,000 Closed 906-char remark

   Show marketing remark (906 chars)

   ***Interior photos will be uploaded in a week or two, as soon as the family removes some of their personal items and approve. They ARE allowing in-person showings at this time.*** This charming three bedroom, one bath brick is conveniently located near downtown Lancaster, just minutes from the Public Square. This home has been owned and well-maintained by the same family since it was built in the mid-1960's. This is a prime location with quick, easy access to Stanford, Danville, Richmond, Nicholasville, and Lexington. This corner lot is believed to be the largest in the subdivision. There's an attached carport that includes a convenient outdoor storage area, spacious combined kitchen/dining area, large bedrooms, and original hardwood floors. Situated on a quiet street, this home would make a great starter home, downsizing location, or investment property. Call today for your personal tour!

6. 2024-01-27
   status Pending 906-char remark

   Show marketing remark (906 chars)

   ***Interior photos will be uploaded in a week or two, as soon as the family removes some of their personal items and approve. They ARE allowing in-person showings at this time.*** This charming three bedroom, one bath brick is conveniently located near downtown Lancaster, just minutes from the Public Square. This home has been owned and well-maintained by the same family since it was built in the mid-1960's. This is a prime location with quick, easy access to Stanford, Danville, Richmond, Nicholasville, and Lexington. This corner lot is believed to be the largest in the subdivision. There's an attached carport that includes a convenient outdoor storage area, spacious combined kitchen/dining area, large bedrooms, and original hardwood floors. Situated on a quiet street, this home would make a great starter home, downsizing location, or investment property. Call today for your personal tour!

7. 2024-01-22
   listed $129,000 Active 906-char remark

   Show marketing remark (906 chars)

   ***Interior photos will be uploaded in a week or two, as soon as the family removes some of their personal items and approve. They ARE allowing in-person showings at this time.*** This charming three bedroom, one bath brick is conveniently located near downtown Lancaster, just minutes from the Public Square. This home has been owned and well-maintained by the same family since it was built in the mid-1960's. This is a prime location with quick, easy access to Stanford, Danville, Richmond, Nicholasville, and Lexington. This corner lot is believed to be the largest in the subdivision. There's an attached carport that includes a convenient outdoor storage area, spacious combined kitchen/dining area, large bedrooms, and original hardwood floors. Situated on a quiet street, this home would make a great starter home, downsizing location, or investment property. Call today for your personal tour!

ⓘ 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: $1,506 · $125/mo
• Projected year-2 tax: $1,506 · $125/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥102°F today · 20 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% 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: $22,347
• − Mortgage interest: −$2,941
• − Property taxes: −$1,506
• − Insurance: −$1,060
• − Repairs & maintenance: −$1,788
• − Management: −$1,788
• − Depreciation: −$1,527
• Taxable income: $11,737
• Est. tax owed @ 24.0%: −$2,817
• After-tax cash flow: $8,967/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: Garrard County
• NCES district ID: 2102160
• Math proficiency: 28% ▼ -12.00%
• Reading proficiency: 42% ▼ -11.00%
• Median HH income: $43,411
• Composite: 29.67/100
• National rank: #6462
• State rank: #63 of 165 in KY

Livability — Lancaster

• Score: 63/100
• State rank: #314
• US rank: #15040

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lancaster, KY
• Population (ZIP): 14,207

Population outlook (Garrard County) Hauer SSP2

• Today (2025): 17,852 people
• By 2030: 18,018 · +0.9%
• By 2040: 18,076 · +1.3%
• By 2050: 17,592 · -1.5%
• By 2075: 16,128 · -9.7%
• By 2100: 13,489 · -24.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Hispanic / Latino 3% Black 3%
• Common ancestry: Italian 1% Subsaharan African 1% Slovak 1%
• Foreign-born: 3% · Canada, Dominican Republic
• Languages at home: 97% English-only · Spanish 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Garrard

• 2024 margin: Solid R (+60.2) · D 19.3% · R 79.5% · Other 1.3%
• 2008→2024 swing: -17.1pp toward R · 2008: -43.1pp · 2024: -60.2pp
• All cycles: 2024: R+60.2 2020: R+56.6 2016: R+58.5 2012: R+51.6 2008: R+43.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -8.08%
• Current HPI: 297.6233
• Rent YoY: —
• Metro: —
• 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

-62.8% since first listed

8 events — show timeline

• 2026-06-04 Sold (MLS) $48,000 ImagineMLS
• 2026-05-18 Pending — ImagineMLS
• 2026-05-16 Price Changed $52,500 ImagineMLS
• 2026-05-05 Listed $62,500 ImagineMLS
• 2024-03-06 Sold (Public Records) $135,000 Public Records
• 2024-02-28 Sold (MLS) $135,000 ImagineMLS
• 2024-01-27 Pending — ImagineMLS
• 2024-01-22 Listed $129,000 ImagineMLS

Property tax history

+14.7%/yr

Latest (2025): $1,506 · +68.0% YoY. Source: county tax records.