40 Fork Field Rd

Oneida, KY 40972

$40,000B

4 bd · 1.5 ba · 2,000 sqft · Built 1945 · SingleFamily · Pending · 60 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,292/mo
• Mortgage (P&I): −$210
• Tax + insurance: −$67
• HOA: −$0
• Vac / Maint / Mgmt: −$271
• Net cashflow: $744/mo
• Annual: $8,929/yr
• Cap rate: 28.61%
• Cash-on-cash: 79.72%
• DSCR: 4.55
• 1% rule: 3.23%
• Cash to close: $11,200

Investor read

• This is a 4-bed/1.5-bath single-family listed at $40k. Condition is rated poor.
• At list price, monthly cash flow is $744 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• It's been on market 60 days — a 3% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $39k (3.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($277 loan paydown + $1k appreciation (3.0% local appreciation)).
• Location reads 61/100 on livability (#372 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, amenities F, commute F.
• Clay County (rural): math 21% / reading 37% proficiency, ranked #130 of 165 in KY (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Oneida Elementary School (math 15% / reading 54%, grade F, #300 of 676 statewide, top 44%, 116 students, 85% FRL); Clay County Middle School (math 21% / reading 38%, grade F, #151 of 217 statewide, top 71%, 407 students, 74% FRL).
• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 10 active listings in the ZIP.
• Clay County population projected at -21% 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 $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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.

Repairs flagged (vision-AI assessment)

• Major: roof — visible damage
• Major: siding — weathered and peeling
• Major: windows — old, single-pane windows
• Major: HVAC — outdated units
• Major: interior walls — bare walls, peeling paint
• Major: flooring — worn hardwood floors