401 Lee St · Corbin, KY 40701

$129,900

3 bd · 2.0 ba · 1,248 sqft · Manufactured · 95 Days on market

Built 1991 6,969 sqft lot

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +21.2/30.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• Appreciation +5.9/10.0
• 1% rule +5.6/10.0
• Schools +3.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Conveniently located in the city of Corbin and priced to sell! This well-maintained manufactured home offers 3 bedrooms and 2 bathrooms and is close to schools, shopping, and everyday conveniences.

Key facts

• 6,969 sq ft lot
• Built 1991
• Listed 95 days

Property features AI

Finance

• Other: Located in the City Limits subdivision, Whitley County; Directions: From Kentucky St or Main St in Corbin, turn onto Fourth St; home on corner of Lee and Fourth St

Exterior

• Utilities: Public sewer
• Home design: Single building with 1,248 total building area
• Construction: Vinyl siding exterior; Block foundation
• Exterior features: Public water; Not on waterfront

Interior

• Bedrooms: 2 total rooms (includes bedrooms and other living spaces)
• Flooring: Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump; Central air
• Interior features: Carpet flooring; No fireplace

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $130k.

Deal economics

• At list price, monthly cash flow is $189 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• Recommended offer: $118k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 3.4% in Corbin — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 69/100 on livability (#179 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: amenities F, commute F, employment F.
• Corbin Independent (town): math 42% / reading 50% proficiency, ranked #20 of 165 in KY (top 12%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Corbin Primary (math 42% / reading 32%, grade F, #255 of 676 statewide, top 42%, 769 students, 60% FRL); Corbin Middle School (math 46% / reading 56%, grade C, #20 of 217 statewide, top 10%, 646 students, 58% FRL); Corbin High School (math 22% / reading 42%, grade F, #97 of 254 statewide, top 46%, 829 students, 53% FRL).
• Market conditions: 331 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 65 units permitted in Whitley County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($898 loan paydown + $2k appreciation (1.8% local appreciation)).
• Whitley County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (1.8% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 95 days — a 9% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 19y ago; this cycle's ask has dropped $20k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $47k; list at $130k implies a 176% gain — meaningful room to come down on a strong offer.

Recommended offer $118,209 (9.0% below list)

Questions for the listing agent

1. It's been on market 95 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.06% ✓
• Cap rate: 8.03%
• Cash-on-cash: 6.22%
• DSCR: 1.28
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.82% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 10.2%
• Equity multiple: 1.54×
• Total profit: $19,779
• Equity at exit: $50,007

10-year hold

• IRR: 13.3%
• Equity multiple: 2.76×
• Total profit: $63,948
• Equity at exit: $71,078

Cash invested: $36,372 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Kentucky: 83 Strongly Landlord-Friendly · R+16
• County: — inherits STATE
• City: — inherits STATE

7-day pay-or-quit (URLTA cities); generally landlord-friendly.

Methodology + full state rankings →

ZIP-level market 40701

• Home prices YoY: 0.6%
• Active inventory: 331
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,375 medium
• Mortgage (P&I): −$681
• Tax est. 1.5%: −$162 /mo · $1,948/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$289
• Net cashflow: $189

Break-even live

Break-even rent $1,136

Max offer price $129,900

Occupancy floor 81%

Sensitivity live

Price	-10% $278	-5% $233	+0% $189	+5% $144	+10% $99
Rent	-10% $80	-5% $134	+0% $189	+5% $243	+10% $297
Rate	-1.0pp $254	-0.5pp $222	base $189	+0.5pp $155	+1.0pp $121

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1003 W 5th St Corbin, KY	3.0	1.0	1186	$1,375	$1.16	45d	1	0.25mi

Listing history 23 events

1. 2026-06-21
   days on market $129,900 Active 95 DOM
2. 2026-06-21
   days on market $129,900 Active 94 DOM
3. 2026-06-18
   days on market $129,900 Active 92 DOM
4. 2026-06-17
   days on market $129,900 Active 91 DOM
5. 2026-06-16
   days on market $129,900 Active 90 DOM
6. 2026-06-15
   days on market $129,900 Active 89 DOM
7. 2026-06-13
   days on market $129,900 Active 87 DOM
8. 2026-06-12
   days on market $129,900 Active 86 DOM
9. 2026-06-09
   days on market $129,900 Active 83 DOM
10. 2026-06-08
    days on market $129,900 Active 82 DOM
11. 2026-06-07
    pricedays on market $129,900 Active 81 DOM
12. 2026-06-04
    days on market $139,900 Active 77 DOM
13. 2026-06-02
    days on market $139,900 Active 76 DOM
14. 2026-06-01
    days on market $139,900 Active 75 DOM
15. 2026-05-31
    days on market $139,900 Active 74 DOM
16. 2026-05-31
    days on market $139,900 Active 73 DOM
17. 2026-05-05
    price $139,900
18. 2026-03-18
    listed $149,900 Active
19. 2021-02-26
    soldstatus $47,000
20. 2010-12-01
    soldstatus $49,500
21. 2008-04-08
    soldstatus $45,500
22. 2008-03-13
    historical
23. 2007-09-14
    listed $59,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥100°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,500
• − Mortgage interest: −$7,276
• − Property taxes: −$1,948
• − Insurance: −$650
• − Repairs & maintenance: −$1,320
• − Management: −$1,320
• − Depreciation: −$3,779
• Taxable income: $207
• Est. tax owed @ 24.0%: −$50
• After-tax cash flow: $2,213/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Corbin Independent
• NCES district ID: 2101320
• Math proficiency: 42% ▼ -19.00%
• Reading proficiency: 50% ▼ -13.00%
• Median HH income: $36,928
• Composite: 38.19/100
• National rank: #4259
• State rank: #20 of 165 in KY

Livability — Corbin

• Score: 69/100
• State rank: #179
• US rank: #8891

Category grades

Amenities F Commute F Cost of living A+ Crime A- Employment F Housing A+ Health & safety F User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Corbin, KY
• Population (ZIP): 29,767

Population outlook (Whitley County) Hauer SSP2

• Today (2025): 35,362 people
• By 2030: 34,807 · -1.6%
• By 2040: 33,525 · -5.2%
• By 2050: 32,550 · -8.0%
• By 2075: 29,555 · -16.4%
• By 2100: 24,308 · -31.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Serbian 2% Slovak 2% Italian 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Whitley

• 2024 margin: Solid R (+69.3) · D 14.8% · R 84.2% · Other 1.0%
• 2008→2024 swing: -21.7pp toward R · 2008: -47.7pp · 2024: -69.3pp
• All cycles: 2024: R+69.3 2020: R+65.2 2016: R+67.2 2012: R+57.8 2008: R+47.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.82%
• Current HPI: 294.7961
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.81%
• F500 in state: 4

Industry mix (Fortune 500 HQ in KY)

Industry	F500 HQs	Revenue
▸Healthcare	1	$118B
▸Food / Beverage	1	$7B

Price history

+133.6% since first listed

7 events — show timeline

• 2026-05-05 Price Changed $139,900 ImagineMLS
• 2026-03-18 Listed $149,900 ImagineMLS
• 2021-02-26 Sold (Public Records) $47,000 Public Records
• 2010-12-01 Sold (Public Records) $49,500 Public Records
• 2008-04-08 Sold (Public Records) $45,500 Public Records
• 2008-03-13 Listing Removed — ImagineMLS
• 2007-09-14 Listed $59,900 ImagineMLS

Property tax history

-0.7%/yr

Latest (2024): $163 · -3.8% YoY. Source: county tax records.