Simpson County

Simpson County, Kentucky sits at a median home price of $257,334 with home values down 1.6% year-over-year. The data provided does not include a median rent or rent-to-price ratio for Simpson itself, and the cash flow score of 0 and cap rate of 0 reflect that gap rather than a confirmed unworkable return, so any underwrite here requires an investor to source local rent comps independently before drawing conclusions. What the affordability index of 75 and the appreciation score of 42 do tell you is that this market skews toward the affordability end of the spectrum without a clear appreciation tailwind. A national percentile rank of 33rd out of 1,000 counties, and 80th out of 120 Kentucky counties, puts Simpson in the lower half of both reference groups. This is not a market the data flags as a standout on any single dimension.

Given the affordability score of 75 and a purchase price under $260,000, the most natural buyer here is a cash-flow-oriented investor who can verify that local rents justify the acquisition cost, rather than an appreciation buyer counting on price growth. The 1.6% year-over-year price decline cuts against an appreciation thesis, and the appreciation score of 42 confirms the market is not pricing in meaningful upside. A value-add operator could find opportunity if that sub-$260,000 entry point allows room to force equity through renovation, but the county's population of roughly 19,500 means the rental demand pool is thin. Thin demand constrains rent growth and can extend vacancy between tenants, which matters more in a small county than in a metro. An investor who needs scale, or who is counting on rent increases to make the numbers work over time, faces real friction here.

No economic anchors or employer data were provided for Simpson County, so no claims can be made about the job base, dominant employers, or demand drivers. That absence is itself a data point worth sitting with: before committing capital to a county of under 20,000 people without a clearly documented economic engine, an investor should independently confirm what is sustaining household formation and rental demand in Franklin, the county seat.

On carry costs, the combined monthly tax and insurance figure of $255 is meaningful at this price point. The state-average effective property tax rate is 0.86%, which the Tax Foundation classifies as normal, and paired with an insurance rate of 0.33%, the blended annual cost comes to approximately $3,062 or $255 per month. That figure deserves its own line on your underwrite before you ever arrive at net operating income. Kentucky's 0.86% state-average rate is neither a headwind nor a tailwind at the margin, but at a $257,000 purchase price the dollar amount is not trivial, and the disclaimer applies: actual county and township rates in Simpson may differ from the state average, so pull the current assessor data for any specific parcel before finalizing your model.

The principal risk here is concentration and scale. A county of 19,574 people is a small, single-economy market where a single large employer departure, a demographic shift, or a zoning or regulatory change affecting rentals could move the entire market meaningfully. There is no data in the provided set on vacancy rates, so no specific figure can be cited, but investor-grade underwriting in markets this small should assume higher turnover friction and longer re-leasing timelines than a comparable investment in a larger county.

Comparing Simpson to its neighbors sharpens the picture. Calloway County stands out immediately: at a median home price of $176,410 and a rent-to-price ratio of 7.76%, it offers the most favorable gross yield relationship of any county in this dataset, and its overall score of 51 is only marginally below Simpson's 54. Warren County at $286,155 carries a rent-to-price ratio of 5.18% and an overall score of 56, making it a slightly better-rated market at a modestly higher price, with actual yield data available. Madison County scores 57 overall at $276,671 with a rent-to-price ratio of 4.25%, suggesting lower gross yields despite the higher score, likely driven by appreciation or stability factors. Johnson County is the cheapest option at $138,885, though its score of 51 and absence of rent data limit conclusions. For a cash-flow buyer with yield as the primary filter, Calloway's 7.76% gross ratio makes it the most defensible choice in this peer group. Simpson would be the preferred selection only if a buyer has specific local knowledge, an existing property management relationship, or off-market deal flow that offsets the lack of supporting data in the county's public profile.