Real Estate Investing in Midway, Kentucky (40347)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 40347 (Midway, KY)? Our answer, based on the numbers below.
Mixed signals — some positives, some negatives. Worth considering but not a slam-dunk.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Elevated vacancy: 10.4% vacancy may signal weakening demand.
- High price-to-rent: Price-to-rent ratio 30.3 — hard to cash-flow at these prices.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Midway, KY (40347)?
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Market Analysis: 40347 Midway
This part of Woodford County is not an easy win. The 40347 ZIP comes in at softness in key indicators, and the playbook that works in cleaner markets often stalls here.
If the plan assumes clean turnover, on-time rent, and low maintenance on a $376K asset, 40347 is the wrong submarket. If the plan prices in friction, the yield can still work.
Within KY, ZIP 40347 trails on several market indicators that neighboring Woodford County submarkets outperform. The gap is real and resilient enough to shape underwriting.
Resident income in 40347 sits below the county median. That reality colors rent collection, vacancy, and reinvestment math in ways that outside investors often underestimate.
The right play in 40347 usually involves deep tenant screening, aggressive delinquency response, and a conservative capex buffer. Anything less, and the discount can turn into a trap.
Here's what matters if you're considering buying a home in Midway:
Property Strategy for 40347
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $237,436 | $1,150 | 3.5% | — | $118,718 |
| 3BR | $324,360 | $1,570 | 3.5% | +8.2% | $108,120 |
| 4BR | $474,206 | $1,760 | 2.7% | +6.9% | $118,552 |
Market Trends
Home Value History (with trend line)
📊 How Does 40347 Compare?
| Metric | 40347 | Midway | Lexington-Fayette, KY | Kentucky |
|---|---|---|---|---|
| Home Value | $376,282 | $376,282 | N/A | $225,788 |
| 5-Year CAGR | 6.4% | 6.4% | N/A | 6.9% |
| Avg Rent | $1,035 | $1,035 | N/A | - |
| Cap Rate | 2.2% | 2.2% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 40347 (Midway, KY). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $376,282 |
| Monthly Rent | $1,035 |
| Price-to-Rent | 30.3:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.3% |
| Cap Rate | 2.2% |
| 5-Year IRR | 8.6% |
📈 Home Appreciation
| 1-Year | +6.8% ▲ |
| 3-Year CAGR | +5.7% ▲ |
| 5-Year CAGR | +6.4% ▲ |
| 10-Year CAGR | +6.7% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.2%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 40347
Population: 4,004
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 40347
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 1,898 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Are rents high in Midway, KY?
Midway, KY rentals go for roughly $1,035/mo a month. That puts gross yield in solid territory relative to $376K acquisition costs.
How qualified is the tenant pool in Midway, KY?
The tenant pool in Midway, KY is solid, supported by local employment and population fundamentals. Rents of $1,035/mo are well-absorbed by the market.
What kind of market is Midway, KY for investors?
Our data puts Midway, KY at 3.0/5 for investability. Home prices of $376K and rents around $1,035/mo create a solid backdrop for investor activity.
Is vacancy a concern in Midway, KY?
Expect elevated vacancy in Midway, KY. Rents at $1,035/mo are absorbed by the tenant base without meaningful lag.
Can owner-occupants cash flow in Midway, KY?
Midway, KY offers a challenging house-hacking opportunity. Small multifamily or rent-by-the-room plays can pair well with the $1,035/mo rent level.
You know 40347 now. You don’t know where it ranks.
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How 40347 ranks in Lexington-Fayette, KY
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