3414 Burkland Blvd

Hebron Estates, KY 40165

$1,000,000B-

None bd · None ba · 8,400 sqft · Built 1993 · MultiFamily · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $13,019/mo
• Mortgage (P&I): −$5,244
• Tax + insurance: −$1,667
• HOA: −$0
• Vac / Maint / Mgmt: −$2,734
• Net cashflow: $3,374/mo
• Annual: $40,491/yr
• Cap rate: 10.34%
• Cash-on-cash: 14.46%
• DSCR: 1.64
• 1% rule: 1.30%
• Cash to close: $280,000

Investor read

• This is a multifamily listed at $1.00M. Condition is rated fair.
• At list price, monthly cash flow is $3k ($40k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $1.00M).
• It's been on market 23 days — a 2% lower offer ($985k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $985k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $30k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#290 in KY) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Bullitt County (suburban): math 29% / reading 41% proficiency, ranked #55 of 165 in KY (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Freedom Elementary School (math 36% / reading 49%, grade F, #169 of 676 statewide, top 26%, 586 students, 45% FRL); Hebron Middle School (math 30% / reading 47%, grade F, #68 of 217 statewide, top 32%, 536 students, 52% FRL); North Bullitt High School (math 30% / reading 28%, grade F, #150 of 254 statewide, top 59%, 1,148 students, 50% FRL).
• Market conditions: 270 active listings in the ZIP; solid renter incomes; 380 units permitted in Bullitt County in 2024 (8 in 5+ unit buildings).
• Bullitt County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 7 sale attempts since 3y 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $280k cash investment doubles in ~9 years — after that, you're playing with house money.
• At $13,019/mo this rent would consume 196% of the median local household income ($80k/yr) (locally 800% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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 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.

Repairs flagged (vision-AI assessment)

• Moderate: Kitchen cabinets — Worn and dated appearance
• Moderate: Appliances — Older models with visible wear
• Moderate: Bathroom fixtures — Basic and dated design