Finding raw land or historical structures priced under six figures is becoming increasingly rare across the American rural housing market. As building costs stay elevated, real estate investors, restoration enthusiasts, and self-sufficient homesteaders are seeking properties that offer low acquisition costs combined with strong spatial equity.
Green County, Kentucky located in the rolling hills of South-Central Kentucky near Greensburg presents a prime example of this value opportunity. Known for its rich farmland, scenic rural topography, low property taxes, and peaceful lifestyle, the region provides accessible entry points for buyers looking to build custom equity.
This comprehensive real estate investment report analyzes a unique historical listing: 5202 Highway 218, Greensburg, KY 42743. Listed at an accessible asking price of $109,000 ($77 per square foot), this 2.832-surveyed-acre mini-farm features an authentic 1,408-square-foot, 2-story farmhouse built in 1890.
The property includes a classic plantation-style front porch, a stock-filled fishing pond with trophy-sized bass, perimeter pasture fencing, mature shade trees, and space for livestock. Crucially, high-value street utilities are directly available at the road: fiber optic internet, public water main access, telephone service, and 3-phase electric power.
Because the home was constructed prior to modern municipal plumbing codes, it currently has no bathrooms or indoor plumbing and minimal electrical wiring. It represents a full gut-restoration project, offering a clean slate for an investor or homestead operator to build substantial equity.
Below is a detailed analysis of every physical, financial, and logistical parameter of 5202 Highway 218.
1. Property Overview & Key Parameters
Establishing baseline physical, municipal, and utility metrics is essential before evaluating construction budgets or financial returns. The table below outlines the core specifications derived from public records and listing disclosures:
| Property Parameter | Specification Details | Strategic Real Estate Context |
| Current Asking Price | $109,000 | Accessible entry point translating to $38,489 per acre. |
| Price Per Square Foot | $77 / Sq. Ft. | Calculated on the 1,408 sq. ft. original 2-story footprint. |
| Total Deeded Acreage | 2.832 Surveyed Acres | Fenced mini-farm parcel with rolling terrain and a pond. |
| Adjoining Land Option | 2.912 Acres ($36,000) | Option to expand total property boundary to 5.744 acres. |
| Location & Region | 5202 Highway 218, Greensburg, KY 42743 | Located in Green County with direct highway frontage. |
| Primary Structure Footprint | 1,408 Sq. Ft. (2 Beds / 0 Baths) | Built in 1890; 2-story wood-frame farmhouse on piers. |
| Plumbing Status | 0 Bathrooms (Pre-Plumbing Era) | Requires complete plumbing rough-in & septic installation. |
| Roof & Exterior Siding | Metal Roof, Wood Siding | Metal roof provides durable weather shielding during rehab. |
| Water Assets & Views | Stocked Pond (Trophy Bass) | Scenic water feature supporting livestock and fishing. |
| Street Utility Infrastructure | Public Water, Fiber, 3-Phase Power | Fiber internet (~$81 install), water meter connection (~$1,000). |
| Tax Assessed Value | $41,000 (Green County) | Base tax assessment maintaining an ultra-low tax footprint. |
| Annual Tax Burden | $417 / Year (~$34.75 / Month) | Microscopic fixed carrying cost protecting investor reserves. |
| Listing Status & Date | Active ($109,000 list on 7/21/2026) | Re-listed following a wholesale repricing strategy. |
2. Transaction History & Price Trajectory Analysis
Tracking listing velocity and price adjustments reveals critical context regarding seller motivation, historical pricing limits, and emerging equity margins.
Transaction History Breakdown
The table below traces the recorded listing milestones and sales records for 5202 Highway 218 over recent listing cycles:
| Date | Event / Milestone | Price | Price / Sq. Ft. | Strategic Market Interpretation |
| May 26, 2025 | Listed for Sale | $189,000 | $134 / sq. ft. | Initial retail offering testing upper market pricing limits. |
| November 29, 2025 | Price Change | $174,900 | $124 / sq. ft. | $14,100 price adjustment (-7.5%) to stimulate winter buyers. |
| April 1, 2026 | Listing Removed | $174,900 | $124 / sq. ft. | Temporarily withdrawn prior to spring market repositioning. |
| April 25, 2026 | Relisted for Sale | $174,900 | $124 / sq. ft. | Re-entered active spring market under updated agreement. |
| June 24, 2026 | Property Sold | $150,000 | $107 / sq. ft. | Arm’s-length transaction (-14.2% off asking price). |
| July 21, 2026 | Relisted for Sale | $109,000 | $77 / sq. ft. | Wholesale repositioning (-27.3% below previous sale price). |
Historical Tax Assessment Evolution
Public tax records reveal consistent base assessments alongside low municipal tax rates:
- 2018–2023 Tax Assessment: $23,000 – $30,000
- 2024 Tax Assessment: $41,000 (+78.3%)
- 2024 Property Taxes:$417 / year
Market Dynamics & Pricing Realignment
The listing history reveals an aggressive repricing strategy. After trading hands on June 24, 2026, for $150,000, the estate re-entered the active market 27 days later (July 21, 2026) at a deeply discounted price of $109,000.
This $41,000 price drop (-27.3%) reflects a seller seeking a swift, all-cash transaction. At $109,000, the property is priced primarily for land value, utility infrastructure, and raw building framing, creating an immediate equity window for a restoration investor.
3. Comparative Market Analysis (CMA) – Green County Benchmarks
To determine whether $109,000 represents a sound acquisition value, we must unbundle the intrinsic land value, stocked pond, perimeter fencing, and available street utilities from the purchase price to calculate the net residual cost paid for the 1,408 sq. ft. historic shell.
Regional Land & Utility Benchmarks
- Raw Unimproved Land (Green County): Rural non-waterfront acreage without utilities typically trades between $8,000 and $12,000 per acre.
- Serviced Mini-Farm Acreage with Pond: Parcels featuring road frontage, perimeter fencing, mature trees, and a stocked pond command $15,000 to $22,000 per acre.
- Value of Utility Connections: The presence of public water main access, fiber optic internet, and 3-phase power at the street represents an estimated $12,000 to $18,000 in saved infrastructure development costs.
Unbundling the Asking Price: Land vs. Building Shell
By separating non-dwelling asset values from the asking price, we can calculate the effective cost paid for the 1890 farmhouse structure:
- Total Purchase Price: $109,000
- Estimated Value of 2.832 Acres with Pond & Fencing (@ $18,000/Acre): $50,976
- Estimated Value of Available Utilities (Water, Fiber, 3-Phase Electric): $12,000
- Total Non-Structure Asset Value:$62,976
Subtracting the non-dwelling assets ($62,976) from the asking price ($109,000) leaves an implied purchase cost of $46,024 for the 1,408-square-foot historical frame.
- Implied Shell Acquisition Cost Calculation: $46,024 ÷ 1,408 sq. ft. = $32.69 per sq. ft.
Acquiring an authentic 1890 2-story wood-frame shell with a solid metal roof for an effective cost of $32.69 per square foot provides a strong foundation for a full value-add restoration.
CMA Regional Comparison Matrix
The table below contrasts 5202 Highway 218 against active and recent listings in the Green County market:
| Property Address / Location | List / Sale Price | Acreage | Home Sq. Ft. | Price / Sq. Ft. | Features & Utility Status |
| 5202 Hwy 218, Greensburg (Subject) | $109,000 | 2.83 | 1,408 | $77 | 1890 Farmhouse, 0 Bath, Pond, Fiber, Water/3-Phase at Street. |
| Hwy 218 Adjoining Tract | $36,000 | 2.91 | N/A (Raw) | N/A | Raw land parcel; option to combine for 5.74 acres total. |
| Greensburg Rural Tract | $89,900 | 2.00 | N/A (Raw) | N/A | Raw acreage parcel; no pond, standard electric only. |
| Highway 68, Greensburg | $165,000 | 3.50 | 1,250 | $132 | Updated 1960s home; 1 bath, standard well water. |
| Elkhorn Rd, Campbellsville Area | $199,000 | 4.10 | 1,500 | $133 | Fully renovated farmhouse; turnkey rental status. |
4. Architectural Analysis & Floor Plan Re-Engineering
Built in 1890, the primary residence features classic late-19th-century Kentucky farm architecture. It utilizes post-and-pier foundation supports, rough-sawn wood framing, a covered plantation-style front porch, and a metal roof envelope.
Existing Layout Specifications
- Main Floor Configuration: Features a central entry hallway containing the main staircase. To the right sits a formal living area leading into an eat-in kitchen space. To the left sits a primary bedroom suite, supported by an auxiliary bonus room.
- Upper Loft Level: A spacious second-floor loft area spanning the length of the home, adaptable for two large bedrooms, a home office, or a craft space.
- Current Interior Finishes: Original wood window frames, wall paneling, carpet, and vinyl floor coverings.
Floor Plan Re-Engineering: Incorporating Modern Plumbing
Because the home was constructed prior to the indoor plumbing era, incorporating a modern bathroom and laundry facility is the primary objective of the renovation:
- Primary Entry: Enter through the classic plantation-style covered front porch into the central hallway.
- Staircase Access: Central hallway houses the original wood staircase leading to the spacious upper sleeping loft.
- Main Living Quarters: The ground floor splits into a primary bedroom on the left and a living room on the right that opens directly into the eat-in kitchen.
- Rear Bonus Room Conversion: Convert the existing rear bonus room located adjacent to the kitchen into a full primary bathroom and dedicated laundry facility.
- Plumbing Core Consolidation: Positioning the new bathroom and laundry room along the same wall as the kitchen minimizes pipe runs and simplifies connection to the new outdoor septic system and public water meter.
5. Site Infrastructure & Utility Connection Scoping
While the interior of the home requires a full gut-rehab, the property benefits from high-capacity street utility infrastructure.
Street Utility Infrastructure Matrix
The table below outlines the availability, connection mechanics, and estimated setup costs for essential utilities:
| Utility Subsystem | Infrastructure Availability | Connection Mechanics & Requirements | Estimated Hookup Cost |
| Public Domestic Water | Public Water Main at Highway | Install new water meter & 3/4-inch supply line to home. | $1,000 – $1,500 |
| High-Speed Internet | Fiber Optic Cable at Highway | Drops fiber line directly from street pole to residence. | ~$81 – $200 |
| Electrical Service | 3-Phase Electric Power at Street | Install new 200-amp main breaker panel & weatherhead drop. | $3,500 – $5,500 |
| Wastewater / Septic | None Currently Installed | Soil percolation test, install 1,000-gal septic tank & drain field. | $6,500 – $9,500 |
| Heating & Cooling | None Currently Installed | Install 3-zone ductless mini-split heat pump system. | $6,500 – $9,000 |
| Domestic Hot Water | None Currently Installed | Install 50-gallon electric tankless or hybrid water heater. | $1,200 – $2,000 |
The 3-Phase Power & Fiber Optic Strategic Advantage
Having 3-phase electrical power available at the street is an exceptional asset for a rural 2.83-acre property. 3-phase power supports heavy woodworking machinery, high-capacity agricultural equipment, vehicle charging stations, or advanced workshop tools without power sag.
Simultaneously, fiber optic internet availability eliminates remote work limitations, making the completed farmhouse highly attractive to remote professionals and vacation rental guests.
6. Itemized CapEx Renovation Budget Proforma
Restoring a 1,408-square-foot 1890 farmhouse requires a comprehensive capital expenditure plan. The proforma below assumes a complete gut-rehabilitation that preserves historic character while introducing modern mechanical systems.
Line-Item Construction Budget Table
| Renovation Scope Item | Detailed Description of Work | Estimated Cost Range |
| Foundation & Pier Leveling | Jack piers, replace deteriorated posts, level subfloor framing. | $4,500 – $7,500 |
| Septic System Installation | Permit, excavate, install 1,000-gal tank & leech drain field. | $6,500 – $9,500 |
| Water Main & Meter Connection | Tap public water main, install 3/4″ meter, run line to house. | $1,000 – $1,500 |
| Electrical Rewiring & Panel | Install 200A service panel, full interior wiring, switches, fixtures. | $6,500 – $9,500 |
| Plumbing Rough-In & Fixtures | Complete PEX water lines, PVC drain lines, full bath & kitchen. | $7,500 – $11,000 |
| HVAC Mini-Split Installation | Install 3-zone ductless mini-split heat pump system (Heat & A/C). | $6,500 – $9,000 |
| Insulation & Drywall Overhaul | Spray foam insulation along exterior walls, drywall & finishing. | $8,500 – $12,500 |
| Roofing & Exterior Repairs | Repair metal roof flashings, paint wood siding, porch repairs. | $4,000 – $7,000 |
| Kitchen & Bath Finishes | Cabinets, butcher block/granite counters, tub/shower, vanities. | $8,000 – $12,000 |
| Flooring Installation | High-traffic Luxury Vinyl Plank (LVP) across main floor & loft. | $4,500 – $6,500 |
| Contingency Buffer (15%) | Reserve for hidden framing, sill plate, or structural items. | $8,500 – $12,500 |
| Total Renovation Budget | Complete Turnkey Historic Restoration | $67,500 – $108,000 |
7. Financial Proforma & Holding Costs
Predictable, minimal holding costs are critical when executing a multi-month historic restoration project.
The $417 Annual Property Tax Overhead
Public tax assessment records indicate that annual property taxes for 5202 Highway 218 are $417 per year ($34.75 per month).
- Annual Property Taxes: $417 / year
- Monthly Tax Burden Calculation: $417 ÷ 12 = $34.75 / month
Holding a 2.83-acre residential farm parcel for under $35 a month in property taxes eliminates holding cost pressure during the 6-to-9 month renovation timeline.
Monthly Carrying Cost Proforma (During Restoration Window)
The table below outlines estimated monthly carrying costs during the construction phase:
| Expense Category | Monthly Cost (Cash Acquisition) | Monthly Cost (Financed – 20% Down) |
| Principal & Interest Payment | $0 | ~$565 / month (at 6.75% interest on $87k loan) |
| Property Taxes (Green County) | $35 / month | $35 / month |
| Builder Risk Hazard Insurance | $75 / month | $75 / month |
| Electric Standby Utility | $40 / month | $40 / month |
| Total Monthly Holding Overhead | ~$150 / Month | ~$715 / Month |
For ~$150 per month in cash holding overhead, an investor can manage the restoration project without significant ongoing cash drain.
8. Strategic Monetization Pathways & Revenue Modeling
5202 Highway 218 supports three distinct monetization pathways depending on investor capital, timeline, and risk tolerance:
Strategy A: The Historic Farmhouse Fix & Flip (Speculative Resale)
- Acquisition Price: $109,000 (Target negotiated price: $100,000)
- Targeted CapEx Rehab Budget: $85,000
- Holding & Closing Costs: $8,000
- Total All-In Cost Basis:$193,000
- Projected After Repair Value (ARV):$245,000 – $265,000 (Supported by regional sales of renovated historic acreage homes with ponds).
- Projected Net Profit Spread:$52,000 – $72,000 (27% to 37% Return on Capital).
Strategy B: The Country Escape Airbnb / Short-Term Rental
Restored pre-1900 farmhouses featuring stocked fishing ponds, front porch views, fiber internet, and mini-farm appeal perform exceptionally well on vacation rental platforms like Airbnb and VRBO.
STR Financial Proforma (Post-Restoration)
- Average Daily Rate (ADR): $175 / night
- Projected Annual Occupancy Rate: 52% (approx. 190 booked nights per year)
- Gross Annual Rental Revenue: $33,250
Annual Operating Expense Breakdown:
- Gross Operating Revenue: $33,250
- Property Taxes & Insurance: ($1,800)
- Utilities (Water, Fiber, Electric): ($2,600)
- Turnover Cleaning & Maintenance: ($4,800)
- Platform Commissions & Marketing: ($1,400)
- Total Operating Overhead:($10,600)
- Projected Net Operating Income (NOI):$22,650
- Unlevered Cash-on-Cash Return (on $193k All-In Basis):~11.73% Net Yield
Strategy C: The 5.74-Acre Combined Homestead & Land Bank
- Execution: Acquire 5202 Highway 218 ($109,000) alongside the adjoining 2.912-acre tract ($36,000) for an all-in land purchase of $145,000.
- Land Scale: Creates a contiguous 5.744-acre farm compound with expanded pasture for cattle or horses, securing total privacy surrounding the pond.
9. Comprehensive Buyer Due Diligence Checklist
Before submitting an offer on an 1890 pre-plumbing farmhouse, prospective buyers should complete the following due diligence checks:
| Due Diligence Item | Target Execution Task | Strategic Risk Mitigation Goal |
| Soil Percolation Test | Hire a certified KY septic installer for perc testing | Verify site suitability and location for a new septic drain field. |
| Structural Frame Inspection | Inspect sill plates, floor joists, and pier supports | Identify rotted timber framing or foundation settling issues. |
| Water Main Tap Verification | Contact Green County Water District | Confirm tap fees, meter installation timelines, and water pressure. |
| Adjoining Lot Survey Audit | Review survey plat for the 2.912-acre adjacent tract | Verify boundary markers and easement rights if purchasing both lots. |
| Fiber Optic Drop Confirmation | Contact local fiber ISP provider | Confirm availability of fiber installation and line-drop costs. |
| Pond Dam & Spillway Check | Inspect earth dam and overflow spillway structure | Ensure dam stability and check for water retention health. |
10. Pros vs. Cons Analysis
To synthesize this analysis, the table below summarizes the core investment advantages and operational challenges of 5202 Highway 218:
| Strategic Advantages (Pros) | Operational Considerations (Cons) |
| Wholesale Entry Price: $109,000 ($77/sq. ft.) for 2.83 acres & farmhouse. | 0 Bathrooms / No Septic: Requires full plumbing rough-in and septic installation. |
| High-Capacity Street Utilities: Fiber internet, water main, 3-phase power. | Full Interior Gut Required: Electrical and interior walls demand complete rehab. |
| Stocked Fishing Pond: Picturesque water feature with trophy bass. | Pier Foundation: Demands structural leveling and post replacement check. |
| Microscopic Carrying Costs: Property taxes average only $34.75 per month. | Old Window Frames: Requires complete window replacement package. |
| Adjoining Acreage Option: Expand to 5.74 acres for an additional $36,000. | No Central HVAC: Demands installation of ductless mini-split system. |
11. Final Investment Verdict & Strategy
The Final Real Estate Verdict: A HIGH-CONVICTION BUY FOR RESTORATION OPERATORS, SHORT-TERM RENTAL DEVELOPERS, AND MINI-FARM HOMESTEADERS.
5202 Highway 218 in Greensburg, KY, represents an exceptional entry-level restoration opportunity. Following a recent price reduction down to $109,000, the property offers an attractive blend of historical character, spatial acreage, a stocked fishing pond, and modern street utility infrastructure including fiber internet and 3-phase power.
While the absence of indoor plumbing and septic systems demands an $80k–$100k renovation budget, unbundling the intrinsic land and utility value reveals an effective structural shell cost of just $32.69 per square foot. Backed by minimal holding taxes of $34.75 per month, this property stands out as a strong equity-building project in South-Central Kentucky.
Listed on Zillow