769 Whispering Pine Cir

Clarkson, KY 42726

$189,000D

3 bd · 1.0 ba · 1,632 sqft · Built 1977 · Other · Active · 46 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,209/mo
• Mortgage (P&I): −$991
• Tax + insurance: −$128
• HOA: −$0
• Vac / Maint / Mgmt: −$254
• Net cashflow: $-164/mo
• Annual: $-1,970/yr
• Cap rate: 5.25%
• Cash-on-cash: -3.72%
• DSCR: 0.83
• 1% rule: 0.64%
• Cash to close: $52,920

Investor read

• This is a 3-bed/1.0-bath other listed at $189k.
• At list price, monthly cash flow is $-164 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $160k (15.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $121k (36.0% below list).
• It's been on market 46 days — a 3% lower offer ($183k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $121k (36.0% below list) — sets the bar for 1% rule.
• In year one you build about $20k of equity ($1k loan paydown + $19k appreciation (10.0% local appreciation)).
• Location reads 64/100 on livability (#301 in KY) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing B+; Watch: schools D, amenities F, commute F.
• Grayson County (rural): math 27% / reading 40% proficiency, ranked #84 of 165 in KY (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 135 active listings in the ZIP; 23 units permitted in Grayson County in 2024 (12 in 5+ unit buildings).
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.3% vs local median 2.0% in Clarkson — 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 46 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?