84 Lakeview Dr

Columbia, KY 42728

$109,000D

2 bd · 1.0 ba · 980 sqft · Built 1989 · Manufactured · Active · 276 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $871/mo
• Mortgage (P&I): −$572
• Tax + insurance: −$69
• HOA: −$0
• Vac / Maint / Mgmt: −$183
• Net cashflow: $47/mo
• Annual: $565/yr
• Cap rate: 6.81%
• Cash-on-cash: 1.85%
• DSCR: 1.08
• 1% rule: 0.80%
• Cash to close: $30,520

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $109k.
• At list price, monthly cash flow is $47 ($565/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $87k (20.1% below list).
• It's been on market 276 days — a 12% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $87k (20.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $754 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#285 in KY) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Adair County (town): math 22% / reading 35% proficiency, ranked #124 of 165 in KY (top 75%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Adair County Primary Center (647 students, 70% FRL); Adair County Middle School (math 24% / reading 39%, grade F, #125 of 217 statewide, top 63%, 598 students, 69% FRL); Adair County High School (math 27% / reading 37%, grade F, #97 of 254 statewide, top 46%, 791 students, 63% FRL) — zoned schools average 67% FRL vs 52% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 100 active listings in the ZIP; 1 units permitted in Adair County in 2024 (0 in 5+ unit buildings).
• Adair County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Cap rate 6.8% vs local median 2.9% in Columbia — 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

• It's been on market 276 days. Have you received any prior offers? Is the seller open to a 20% 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 F-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?
• 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.