1325 Weaver Ridge Rd

Morehead, KY 40351

$250,000D-

3 bd · 2.0 ba · 2,288 sqft · Built 1974 · SingleFamily · Active · 211 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,496/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$195
• HOA: −$0
• Vac / Maint / Mgmt: −$314
• Net cashflow: $-325/mo
• Annual: $-3,894/yr
• Cap rate: 4.74%
• Cash-on-cash: -5.56%
• DSCR: 0.75
• 1% rule: 0.60%
• Cash to close: $70,000

Investor read

• This is a 3-bed/2.0-bath single-family listed at $250k.
• At list price, monthly cash flow is $-325 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $193k (22.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $150k (40.2% below list).
• It's been on market 211 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $150k (40.2% below list) — sets the bar for 1% rule.
• 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.
• Location reads 62/100 on livability (#345 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A; Watch: health & safety C-, schools D, housing D.
• Rowan County (rural): math 28% / reading 41% proficiency, ranked #74 of 165 in KY (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 147 active listings in the ZIP; 15 units permitted in Rowan County in 2024 (0 in 5+ unit buildings).
• Rowan County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 7y 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.
• Current owner paid $175k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.
• This rent runs 35% of the median local income ($52k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 211 days. Have you received any prior offers? Is the seller open to a 40% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.