167 Dripping Springs St

Crofton, KY 42217

$130,000B

3 bd · 2.0 ba · 1,456 sqft · Built 1999 · Manufactured · Active · 153 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,664/mo
• Mortgage (P&I): −$682
• Tax + insurance: −$217
• HOA: −$0
• Vac / Maint / Mgmt: −$349
• Net cashflow: $416/mo
• Annual: $4,996/yr
• Cap rate: 10.14%
• Cash-on-cash: 13.73%
• DSCR: 1.61
• 1% rule: 1.28%
• Cash to close: $36,400

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $130k.
• At list price, monthly cash flow is $416 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• It's been on market 153 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($899 loan paydown + $6k appreciation (4.5% local appreciation)).
• Location reads 60/100 on livability (#388 in KY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Christian County (town): math 30% / reading 34% proficiency, ranked #93 of 165 in KY (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Crofton Elementary School (math 37% / reading 42%, grade F, #208 of 676 statewide, top 34%, 409 students, 66% FRL); Christian County High School (math 20% / reading 36%, grade F, #151 of 254 statewide, top 61%, 1,187 students, 67% FRL).
• Market conditions: 23 active listings in the ZIP; 193 units permitted in Christian County in 2024 (66 in 5+ unit buildings).
• Christian County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 4y ago; this cycle's ask has dropped $40k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; list at $130k implies a 86% gain — meaningful room to come down on a strong offer.
• At projected returns (4.5% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 153 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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.
• 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.
• 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.