2517 N Main St · Hazard, KY 41701

$54,900

8 bd · 4.0 ba · 3,600 sqft · MultiFamily · 167 Days on market

6,969 sqft lot $15/sqft · 80% below area

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.4/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Fire-damaged former 4-unit apartment building located minutes from Downtown Hazard. Property is not habitable and is being sold AS-IS with no current occupancy. Prior use included four units (one 3-bedroom, one 2-bedroom, and two 1-bedroom units). Investor or developer opportunity requiring extensive renovation or redevelopment. Bring your ideas and your crew. Buyer to verify zoning, utilities, and all intended uses.

Key facts

• 6,969 sq ft lot
• Listed 167 days

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/?-bath units multifamily listed at $55k.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $55k).
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.
• Cap rate 51.8% vs local median 5.0% in Hazard — 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 68/100 on livability (#196 in KY) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: employment C-, amenities F, commute F.
• Hazard Independent (town): math 31% / reading 48% proficiency, ranked #39 of 165 in KY (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Roy G. Eversole Elementary School (math 32% / reading 42%, grade F, #255 of 676 statewide, top 42%, 458 students, 58% FRL); Hazard Middle School (math 29% / reading 55%, grade D-, #50 of 217 statewide, top 23%, 295 students, 57% FRL); Hazard High School (math 37% / reading 32%, grade F, #76 of 254 statewide, top 34%, 277 students, 58% FRL).
• Market conditions: 56 active listings in the ZIP.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Perry County population projected at -30% 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 $15k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 167 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 25y ago; this cycle's ask has dropped $45k (45%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $48,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 167 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 5.67% ✓
• Cap rate: 51.79%
• Cash-on-cash: 162.49%
• DSCR: 8.23
• GRM: 1.5

CMA / ARV

• ARV (median comp): $275,569
• List price: $54,900
• Delta: -80.08%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 9.05×
• Total profit: $123,719
• Equity at exit: $8,186

10-year hold

• IRR: —
• Equity multiple: 19.13×
• Total profit: $278,627
• Equity at exit: $4,747

Cash invested: $15,372 (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 41701

• Home prices YoY: -14.4%
• Active inventory: 56
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $3,115 medium
• Mortgage (P&I): −$288
• Tax est. 1.5%: −$69 /mo · $824/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$654
• Net cashflow: $2,081

Break-even live

Break-even rent $480

Max offer price $54,900

Occupancy floor 28%

Sensitivity live

Price	-10% $2,119	-5% $2,100	+0% $2,081	+5% $2,062	+10% $2,044
Rent	-10% $1,835	-5% $1,958	+0% $2,081	+5% $2,204	+10% $2,328
Rate	-1.0pp $2,109	-0.5pp $2,095	base $2,081	+0.5pp $2,067	+1.0pp $2,053

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	—	$3,114
Total (2 units)			$3,115

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: $13,725
• Closing costs: $1,647
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-21
   days on market $54,900 Active 167 DOM
2. 2026-06-21
   days on market $54,900 Active 166 DOM
3. 2026-06-18
   days on market $54,900 Active 164 DOM
4. 2026-06-17
   days on market $54,900 Active 163 DOM
5. 2026-06-16
   days on market $54,900 Active 162 DOM
6. 2026-06-15
   days on market $54,900 Active 161 DOM
7. 2026-06-13
   days on market $54,900 Active 159 DOM
8. 2026-06-12
   days on market $54,900 Active 158 DOM
9. 2026-06-09
   days on market $54,900 Active 155 DOM
10. 2026-06-08
    days on market $54,900 Active 154 DOM
11. 2026-06-07
    days on market $54,900 Active 153 DOM
12. 2026-06-07
    days on market $54,900 Active 152 DOM
13. 2026-06-04
    days on market $54,900 Active 149 DOM
14. 2026-06-02
    days on market $54,900 Active 148 DOM
15. 2026-06-01
    days on market $54,900 Active 147 DOM
16. 2026-05-31
    days on market $54,900 Active 146 DOM
17. 2026-05-31
    days on market $54,900 Active 145 DOM
18. 2026-03-18
    price $73,500 421-char remark

    Show marketing remark (421 chars)

    Fire-damaged former 4-unit apartment building located minutes from Downtown Hazard. Property is not habitable and is being sold AS-IS with no current occupancy. Prior use included four units (one 3-bedroom, one 2-bedroom, and two 1-bedroom units). Investor or developer opportunity requiring extensive renovation or redevelopment. Bring your ideas and your crew. Buyer to verify zoning, utilities, and all intended uses.

19. 2026-02-13
    price $84,900 421-char remark

    Show marketing remark (421 chars)

    Fire-damaged former 4-unit apartment building located minutes from Downtown Hazard. Property is not habitable and is being sold AS-IS with no current occupancy. Prior use included four units (one 3-bedroom, one 2-bedroom, and two 1-bedroom units). Investor or developer opportunity requiring extensive renovation or redevelopment. Bring your ideas and your crew. Buyer to verify zoning, utilities, and all intended uses.

20. 2026-01-05
    listed $99,900 Active 421-char remark

    Show marketing remark (421 chars)

    Fire-damaged former 4-unit apartment building located minutes from Downtown Hazard. Property is not habitable and is being sold AS-IS with no current occupancy. Prior use included four units (one 3-bedroom, one 2-bedroom, and two 1-bedroom units). Investor or developer opportunity requiring extensive renovation or redevelopment. Bring your ideas and your crew. Buyer to verify zoning, utilities, and all intended uses.

21. 2021-12-05
    historical
22. 2021-06-22
    listed $2,100,000
23. 2001-09-03
    historical
24. 2001-06-05
    listed $210,000

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

Taxation est. · year 1

• Rental income: $37,380
• − Mortgage interest: −$3,075
• − Property taxes: −$824
• − Insurance: −$274
• − Repairs & maintenance: −$2,990
• − Management: −$2,990
• − Depreciation: −$1,597
• Taxable income: $25,629
• Est. tax owed @ 24.0%: −$6,151
• After-tax cash flow: $18,826/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: Hazard Independent
• NCES district ID: 2102670
• Math proficiency: 31% ▼ -17.00%
• Reading proficiency: 48% ▼ -11.00%
• Median HH income: $35,115
• Composite: 32.59/100
• National rank: #5676
• State rank: #39 of 165 in KY

Livability — Hazard

• Score: 68/100
• State rank: #196
• US rank: #9701

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hazard, KY
• Population (ZIP): 16,646

Population outlook (Perry County) Hauer SSP2

• Today (2025): 24,976 people
• By 2030: 23,390 · -6.4%
• By 2040: 20,270 · -18.8%
• By 2050: 17,547 · -29.7%
• By 2075: 12,599 · -49.6%
• By 2100: 9,358 · -62.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Asian 1%
• Common ancestry: Serbian 3% Slovak 2% Italian 1%
• Foreign-born: 1% · Vietnam
• Languages at home: 98% English-only · Spanish 1% Vietnamese 1%

Political lean MEDSL · Perry

• 2024 margin: Solid R (+59.5) · D 19.7% · R 79.2% · Other 1.1%
• 2008→2024 swing: -27.5pp toward R · 2008: -32.0pp · 2024: -59.5pp
• All cycles: 2024: R+59.5 2020: R+54.3 2016: R+57.0 2012: R+58.5 2008: R+32.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -24.13%
• Current HPI: 143.629
• 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

-65.0% since first listed

7 events — show timeline

• 2026-03-18 Price Changed $73,500 ImagineMLS
• 2026-02-13 Price Changed $84,900 ImagineMLS
• 2026-01-05 Listed $99,900 ImagineMLS
• 2021-12-05 Listing Removed — ImagineMLS
• 2021-06-22 Listed $2,100,000 ImagineMLS
• 2001-09-03 Listing Removed — ImagineMLS
• 2001-06-05 Listed $210,000 ImagineMLS