1659 KY-501, Waynesburg, KY 40489

• 2,250 sqft

Property Description

Investor Special who's looking for a Value-Add Opportunity with a Strong ARV Rare opportunity to reposition a former church (could easily be converted back to a church if desired) with substantial square footage and multiple exit strategies. This 2,250 sq ft main-level property has already been largely converted into a 4-bedroom, 1.5-bath layout, featuring a bonus room, office, and family room — all on one level. Laundry is conveniently located on the main floor and could easily function as a shared common area for future multi-tenant use. The property includes a separate electric meter for the upper level and a 1,250 sq ft unfinished basement, offering excellent potential to add additional bedrooms, expand living space, or convert the property into a duplex or multi-unit investment. The basement is a true blank canvas, ideal for maximizing value and rental income. Renovations on main floor have been started but not completed, allowing the next owner to customize layouts and finishes in select areas upstairs while unlocking significant upside below. HVAC infrastructure is in place with ductwork already run; the fuel oil system will need repair or replacement, but the setup appears ready for straightforward installation of new indoor and outdoor units. According to a recent appraisal, ARV exceeds $215,000.00 presenting a clear opportunity for investors seeking equity creation, BRRRR potential, or a long-term buy-and-hold. With strong bones, flexible configuration options, and substantial square footage, this property is well-suited for experienced investors or owner-occupants looking to add value. Sold as-is. Bring your vision and capitalize on this unique value-add opportunity.

Listing Status:

Active

Date Added:

January 6, 2026

Data Last Updated:

February 15, 2026 at 5:39PM

Listing Office:

Keller Williams Commonwealth - Stanford : 606-669-6200

MLS ID:

26000267

Interior

• Basement: FullUnfinishedWalk-Out AccessWalk-Up Access
• A/C: Ductless
• Heating: Ductless

Construction

• Roofing: Metal
• General: Vinyl Siding

Location

• Originating MLS: Imagine MLS (Bluegrass REALTORS®)
• County: Lincoln

Lot

• Zoning: Other42.00

Utilities

• Utilities: 200+ Amp Service
• Sewer: Septic Tank

Financial

• Source: Imagine MLS (Bluegrass REALTORS®)