Real Estate Investing in Millersburg, Kentucky (40348)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 40348 (Millersburg, KY)? Our answer, based on the numbers below.
Mixed signals — some positives, some negatives. Worth considering but not a slam-dunk.
A cash-flow market — rent-to-price math works from day one, though value growth is modest. Great for income-focused investors.
- High vacancy: 15.8% of homes vacant — above national norms.
- 1-year downturn: Values declined 9.6% in the last year.
• Limited market data — this is a very small market; averages are built from few observations and can swing widely. • Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Millersburg, KY (40348)?
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Market Analysis: 40348 Millersburg
Stepping back, ZIP 40348 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $140K median. It rewards specialists, not generalists.
Distressed markets are won on execution, not on spreadsheets. ZIP 40348 shows the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
In the broader KY picture, 40348 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
A substantial renter share of 59% in 40348 is not, on its own, a problem — but paired with below-average income and high mobility, it changes the operating playbook.
looks to the ZIP is not uninvestable, but it is unforgiving. Section 8 landlords, local operators, and specialized value-add funds are the investor types that tend to succeed.
Here's what matters if you're considering buying a home in Millersburg:
Market Trends
Home Value History (with trend line)
📊 How Does 40348 Compare?
| Metric | 40348 | Millersburg | Lexington-Fayette, KY | Kentucky |
|---|---|---|---|---|
| Home Value | $140,185 | $140,185 | N/A | $225,788 |
| 5-Year CAGR | 4.0% | 4.0% | N/A | 6.9% |
| Avg Rent | $945 | $945 | N/A | - |
| Cap Rate | 5.3% | 5.3% | - | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 40348 (Millersburg, KY). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $140,185 |
| Monthly Rent | $945 |
| Price-to-Rent | 12.4:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 8.1% |
| Cap Rate | 5.3% |
| 5-Year IRR | 9.3% |
📈 Home Appreciation
| 1-Year | -9.6% ▼ |
| 3-Year CAGR | +0.6% ▲ |
| 5-Year CAGR | +4.0% ▲ |
| 10-Year CAGR | N/A |
🏠 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 (5.3%). 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 40348
Population: 522
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
Frequently Asked Questions
How much is rent in Millersburg, KY?
Millersburg, KY rentals go for roughly $945/mo a month. That puts gross yield in solid territory relative to $140K acquisition costs.
Is KY a landlord-friendly state?
Landlord-friendliness in Millersburg, KY is landlord-friendly. Eviction timelines and lease enforcement are considered reasonable by most property managers.
Is Millersburg, KY a smart market for rental property?
The 3.0/5 investability rating in Millersburg, KY reflects its $140K prices and $945/mo rents. Investors generally consider it a solid option within KY.
Does a duplex house hack pencil in Millersburg, KY?
The a challenging house-hack environment in Millersburg, KY reflects the rent-to-price spread. Expect meaningful PITI offset at market rents.
What are vacancy rates like in Millersburg, KY?
Vacancy in Millersburg, KY is elevated, which keeps landlord downtime on reasonable timelines. Most properties lease within the standard window at $945/mo.
You know 40348 now. You don’t know where it ranks.
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