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605 Deepwood Dr
Hopkinsville, KY

605 Deepwood Dr

$407,200
3 bd • 2 ba • 3,227 sf

This analysis was generated by artificial intelligence on 1/21/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$407,200

Price/Sq.Ft

$126

Year Built

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

The property at 605 Deepwood Dr, Hopkinsville, KY 42240 stands out with its impressive 3,227 square feet, which is significantly larger than the average home in the area. At $126.19/sqft, it's priced approximately 30% below the average price per square foot for similar homes in Hopkinsville, suggesting excellent value. The property boasts a spacious 3-bedroom, 2-bathroom layout, ideal for families or those needing extra space. The lot size appears generous, with mature trees providing natural shade and privacy, which can reduce cooling costs in summer. The brick exterior indicates durability and low maintenance, potentially saving on upkeep costs. Its location on Deepwood Dr suggests a quieter, residential setting, which is often preferred by homebuyers.

The Bad

The lack of detailed information about the property's features, utilities, and systems is concerning. This absence of data makes it challenging to assess the home's condition and potential hidden costs. The unknown year built raises questions about the age of major systems like HVAC, roofing, and plumbing. If the home is older, it may require significant updates or renovations to meet modern standards. The price of $407,200 is substantially higher than the median income in Hopkinsville ($43,747), which may limit the pool of potential buyers. This price point is nearly 10 times the median income, well above the typical affordability ratio of 3-4 times annual income.

The Ugly

The most concerning aspect is the potential mismatch between the property's price and the local market conditions. With a median income of $43,747 in Hopkinsville, the monthly mortgage payment on this $407,200 home would likely exceed 50% of the median household's gross income, far above the recommended 28-36% for housing costs. This misalignment could lead to difficulties in resale or finding qualified buyers/renters. Additionally, the lack of information on the home's age and condition could hide significant repair or renovation needs. If major systems are at the end of their lifespan, buyers could face unexpected costs in the tens of thousands for replacements (e.g., $10,000-$15,000 for a new HVAC system, $8,000-$20,000 for a new roof).

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is best suited for high-income buyers earning at least $135,000 annually (based on a 36% debt-to-income ratio). It's ideal for families or professionals needing ample space, potentially including those relocating from higher-cost areas who might find the price more reasonable. The large square footage makes it suitable for multi-generational families or those who work from home and need office space. Investors looking for high-end rental properties might also be interested, as the three-bedroom layout could command rents at or above the local average of $1,389 for three-bedroom homes.

Not For

This property is not suitable for first-time homebuyers or those with incomes near Hopkinsville's median of $43,747. The high price point and potential for additional renovation or maintenance costs make it impractical for budget-conscious buyers. It's also not ideal for singles or couples without children who might find the space excessive. Investors looking for turnkey rental properties should be cautious, as the high purchase price may make it difficult to achieve positive cash flow in the local rental market.
Demographics
Area Median Income

$43,747

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Risk Assessment

Risk Analysis

The primary risk is overpaying in relation to the local market. The property's price is significantly higher than what the median income in Hopkinsville can support, which could lead to difficulties in resale or refinancing. There's also a risk of unexpected repair costs due to the lack of information about the home's age and condition. The local economy and job market in Hopkinsville could impact future appreciation; if heavily reliant on a single industry, economic downturns could affect property values. The large lot size, while attractive, may come with high maintenance costs and time commitments. Lastly, the home's energy efficiency is unknown, which could result in higher-than-expected utility costs, especially given the large square footage.

Financials

Monthly Costs
Market Rent (3 bed)

$1,389

Get a detailed rental estimate on Zillow®

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$248,175

-39.1% below list price

Median Price

$252,000

Based on 6 recent sales

Price per Sq.Ft

$79

Comparable Properties

304 Deepwood, Hopkinsville, KY 42240
Price: $309,250
Sq.Ft: 3,100
Beds/Baths: 3/2
$/Sq.Ft:
$10020.9%
Sale Date: 11/22/2024
201 Millbrooke Dr, Hopkinsville, KY 42240
Price: $200,000
Sq.Ft: 3,024
Beds/Baths: 3/2
$/Sq.Ft:
$6647.6%
Sale Date: 10/23/2024
202 Millbrooke Dr, Hopkinsville, KY 42240
Price: $209,900
Sq.Ft: 2,890
Beds/Baths: 3/2
$/Sq.Ft:
$7342.4%
Sale Date: 10/6/2024
119 S Sunset Circle, Hopkinsville, KY 42240
Price: $252,000
Sq.Ft: 3,284
Beds/Baths: 4/2
$/Sq.Ft:
$7739.2%
Sale Date: 8/5/2024
515 Deepwood, Hopkinsville, KY 42240
Price: $228,000
Sq.Ft: 3,200
Beds/Baths: 4/3
$/Sq.Ft:
$7143.5%
Sale Date: 11/22/2024
214 Faifax, Hopkinsville, KY 42240
Price: $289,900
Sq.Ft: 3,300
Beds/Baths: 4/3
$/Sq.Ft:
$8830.4%
Sale Date: 11/22/2024

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