260 W Stephens St · Midway, KY 40347

$279,000

3 bd · 1.0 ba · 984 sqft · Other public records · 36 Days on market

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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 +13.7/30.0
• ARV discount +7.5/15.0
• DSCR +4.2/10.0
• Schools +4.2/10.0
• Livability +3.6/5.0
• 1% rule +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Looking for a fixer upper located near US 421 and I-64 with easy access to Lexington and Frankfort in the community of Midway. This may just be the home. House sits on a large fenced in lot. Home features 3 rooms that have been used as bedrooms, a living room, and a room that could be used as a laundry room or dining area. With TLC this would be a great starter home or rental property. Property is being sold as is. Schedule a showing today.

Key facts

• Fully renovated
• Craftsman home
• New sewer line

Tags

• CRAFTSMAN HOME
• FULLY RENOVATED
• NEW SEWER LINE
• HARDWOOD FLOORS
• STAINLESS STEEL APPLIANCES
• FREE-STANDING SOAKER TUB

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $279k.

Deal economics

• At list price, monthly cash flow is $23 ($272/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $220k (21.1% below list).
• Recommended offer: $220k (21.1% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.1% in Midway — 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 71/100 on livability (#151 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.
• Woodford County (town): math 45% / reading 52% proficiency, ranked #9 of 165 in KY (top 6%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 20 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 102 units permitted in Woodford County in 2024 (0 in 5+ unit buildings).

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.
• Woodford County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($271k) is reasonable based on typical stale-listing flexibility.

Recommended offer $220,000 (21.1% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.79% ✗
• Cap rate: 6.39%
• Cash-on-cash: 0.35%
• DSCR: 1.02
• GRM: 10.6

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: -15.8%
• Equity multiple: 0.44×
• Total profit: $-43,863
• Equity at exit: $41,600

10-year hold

• IRR: -7.4%
• Equity multiple: 0.53×
• Total profit: $-36,731
• Equity at exit: $24,123

Cash invested: $78,120 (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 40347

• Active inventory: 20
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $2,200 medium
• Mortgage (P&I): −$1,463
• Tax from tax record: −$136 /mo · $1,632/yr
• Insurance: −$116
• HOA: −$0
• Vacancy / Maint / Mgmt: −$462
• Net cashflow: $23

Break-even live

Break-even rent $2,171

Max offer price $279,000

Occupancy floor 94%

Sensitivity live

Price	-10% $181	-5% $102	+0% $23	+5% $-56	+10% $-135
Rent	-10% $-151	-5% $-64	+0% $23	+5% $110	+10% $196
Rate	-1.0pp $163	-0.5pp $94	base $23	+0.5pp $-50	+1.0pp $-123

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: $69,750
• Closing costs: $8,370
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
421 Elkton Pl Midway, KY	3.0	1.0	1056	$2,200	$2.08	45d	1	0.45mi

Listing history 18 events

1. 2026-06-17
   days on market $279,000 Active 36 DOM
2. 2026-06-16
   days on market $279,000 Active 35 DOM
3. 2026-06-15
   days on market $279,000 Active 34 DOM
4. 2026-06-14
   days on market $279,000 Active 32 DOM
5. 2026-06-10
   days on market $279,000 Active 29 DOM
6. 2026-06-09
   days on market $279,000 Active 28 DOM
7. 2026-06-08
   days on market $279,000 Active 27 DOM
8. 2026-06-07
   days on market $279,000 Active 26 DOM
9. 2026-06-03
   days on market $279,000 Active 22 DOM
10. 2026-06-02
    days on market $279,000 Active 21 DOM
11. 2026-06-01
    days on market $279,000 Active 20 DOM
12. 2026-05-31
    days on market $279,000 Active 19 DOM
13. 2026-05-31
    days on market $279,000 Active 18 DOM
14. 2026-05-12
    listed $279,000 Active 348-char remark
15. 2017-04-11
    soldstatus $41,000 Sold 444-char remark

    Show marketing remark (444 chars)

    Looking for a fixer upper located near US 421 and I-64 with easy access to Lexington and Frankfort in the community of Midway. This may just be the home. House sits on a large fenced in lot. Home features 3 rooms that have been used as bedrooms, a living room, and a room that could be used as a laundry room or dining area. With TLC this would be a great starter home or rental property. Property is being sold as is. Schedule a showing today.

16. 2017-04-11
    soldstatus $41,000

    Show marketing remark (444 chars)

    Looking for a fixer upper located near US 421 and I-64 with easy access to Lexington and Frankfort in the community of Midway. This may just be the home. House sits on a large fenced in lot. Home features 3 rooms that have been used as bedrooms, a living room, and a room that could be used as a laundry room or dining area. With TLC this would be a great starter home or rental property. Property is being sold as is. Schedule a showing today.

17. 2017-03-20
    status Pending 444-char remark

    Show marketing remark (444 chars)

    Looking for a fixer upper located near US 421 and I-64 with easy access to Lexington and Frankfort in the community of Midway. This may just be the home. House sits on a large fenced in lot. Home features 3 rooms that have been used as bedrooms, a living room, and a room that could be used as a laundry room or dining area. With TLC this would be a great starter home or rental property. Property is being sold as is. Schedule a showing today.

18. 2017-03-14
    listed $45,500 Active 444-char remark

    Show marketing remark (444 chars)

    Looking for a fixer upper located near US 421 and I-64 with easy access to Lexington and Frankfort in the community of Midway. This may just be the home. House sits on a large fenced in lot. Home features 3 rooms that have been used as bedrooms, a living room, and a room that could be used as a laundry room or dining area. With TLC this would be a great starter home or rental property. Property is being sold as is. Schedule a showing today.

ⓘ 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: $1,632 · $136/mo
• Projected year-2 tax: $2,399 · $200/mo
• Expected delta: +$768/yr (+$64/mo · 47.1%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,400
• − Mortgage interest: −$15,628
• − Property taxes: −$1,632
• − Insurance: −$1,395
• − Repairs & maintenance: −$2,112
• − Management: −$2,112
• − Depreciation: −$8,116
• Taxable loss: −$4,595
• Est. tax savings @ 24.0%: +$1,103
• After-tax cash flow: $1,375/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: Woodford County
• NCES district ID: 2106000
• Math proficiency: 45% ▼ -15.00%
• Reading proficiency: 52% ▼ -14.00%
• Median HH income: $57,392
• Composite: 42.23/100
• National rank: #3281
• State rank: #9 of 165 in KY

Livability — Midway

• Score: 71/100
• State rank: #151
• US rank: #7212

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Midway, KY
• Population (ZIP): 4,004

Population outlook (Woodford County) Hauer SSP2

• Today (2025): 27,906 people
• By 2030: 28,718 · +2.9%
• By 2040: 29,854 · +7.0%
• By 2050: 30,537 · +9.4%
• By 2075: 32,563 · +16.7%
• By 2100: 32,186 · +15.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 5% Black 5% Hispanic / Latino 4%
• Common ancestry: Slovak 4% Italian 3% Serbian 3%
• Foreign-born: 9% · Canada
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · Woodford

• 2024 margin: R (+14.3) · D 41.9% · R 56.2% · Other 1.9%
• 2008→2024 swing: +2.8pp toward D · 2008: -17.1pp · 2024: -14.3pp
• All cycles: 2024: R+14.3 2020: R+12.0 2016: R+20.2 2012: R+18.9 2008: R+17.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -113.33%
• Current HPI: 131.147
• 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

+513.2% since first listed

5 events — show timeline

• 2026-06-08 Sold (Public Records) $279,000 Public Records
• 2017-04-11 Sold (Public Records) $41,000 Public Records
• 2017-04-11 Sold (MLS) $41,000 ImagineMLS
• 2017-03-20 Pending — ImagineMLS
• 2017-03-14 Listed $45,500 ImagineMLS

Property tax history

+18.6%/yr

Latest (2025): $1,632 · +18.5% YoY. Source: county tax records.