22 Patricia Ln · Corbin, KY 40701

$129,900

3 bd · 2.0 ba · 980 sqft · Manufactured · 6 Days on market

Built 2017 0.50 ac lot

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Why this score? — see what drove the D- 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 +8.0/30.0
• ARV discount +7.5/15.0
• Appreciation +5.9/10.0
• Schools +4.4/10.0
• Livability +3.5/5.0
• 1% rule +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0

Listing remarks

Enjoy the perfect blend of comfort and lake living with this well-maintained 2017 manufactured home featuring 3 bedrooms and 2 full baths. Recent updates include new carpet in the living room and both guest bedrooms, along with new laminate flooring in the spacious primary bedroom. This move-in ready home offers a welcoming covered front porch where you can relax with your morning coffee and enjoy the peaceful surroundings while watching local wildlife. Located just minutes from Flatwoods Boat Ramp and near Lakeside Market, you'll love the convenience of being on Laurel Lake in less than five minutes from your front porch. Whether you're looking for a full-time residence, a weekend getaway,

Key facts

• Covered front porch
• On laurel lake
• New carpet

Tags

• COVERED FRONT PORCH
• NEW CARPET
• NEW LAMINATE FLOORING
• NEAR LAKESIDE MARKET
• ON LAUREL LAKE

Property features AI

Finance

• Other: Parcel number 120-00-00-075.01M02

Exterior

• Utilities: Public water; Septic tank sewer
• Home design: Manufactured house; Shingle roof
• Construction: Vinyl siding; Pillar/post/pier foundation; Built area approximately 980
• Exterior features: Half-acre lot; Public water; Not waterfront

Interior

• Kitchen: Includes dishwasher, refrigerator and range
• Bedrooms: 2 rooms total
• Flooring: Carpet; Laminate; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating with heat pump; Central air with heat pump
• Interior features: Dishwasher, Refrigerator, Range; Insulated windows

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 $-132 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $111k (14.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $97k (25.3% below list).
• Recommended offer: $97k (25.3% below list) — sets the bar for 1% rule.
• Cap rate 5.1% vs local median 3.3% 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.
• Laurel County (town): math 51% / reading 56% proficiency, ranked #8 of 165 in KY (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Keavy Elementary School (math 72% / reading 67%, grade A-, #9 of 676 statewide, top 1%, 282 students, 68% FRL); South Laurel Middle School (math 36% / reading 50%, grade D-, #43 of 217 statewide, top 21%, 979 students, 70% FRL); South Laurel High School (math 37% / reading 42%, grade F, #40 of 254 statewide, top 19%, 1,108 students, 66% FRL).
• Market conditions: 333 active listings in the ZIP; 16 units permitted in Laurel 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)).
• 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

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $96,986 (25.3% below list)

Questions for the listing agent

1. 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?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 0.75% ✗
• Cap rate: 5.08%
• Cash-on-cash: -4.34%
• DSCR: 0.81
• GRM: 11.2

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: -0.3%
• Equity multiple: 0.98×
• Total profit: $-611
• Equity at exit: $50,007

10-year hold

• IRR: 4.1%
• Equity multiple: 1.55×
• Total profit: $19,918
• 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: 333
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $970 medium
• Mortgage (P&I): −$681
• Tax est. 1.5%: −$162 /mo · $1,948/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$204
• Net cashflow: $-132

Break-even live

Break-even rent $1,136

Max offer price $110,869

Occupancy floor —

Sensitivity live

Price	-10% $-42	-5% $-87	+0% $-132	+5% $-176	+10% $-221
Rent	-10% $-208	-5% $-170	+0% $-132	+5% $-93	+10% $-55
Rate	-1.0pp $-66	-0.5pp $-98	base $-132	+0.5pp $-165	+1.0pp $-199

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: —

Listing history 6 events

1. 2026-06-22
   days on market $129,900 Active 6 DOM
2. 2026-06-21
   days on market $129,900 Active 5 DOM
3. 2026-06-21
   days on market $129,900 Active 4 DOM
4. 2026-06-18
   days on market $129,900 Active 2 DOM
5. 2026-06-17
   remarks 699-char remark
6. 2026-06-17
   listed $129,900 Active 1 DOM

ⓘ 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 7/10 Severe
• 🌡 Heat 4/10 Moderate 7 d/yr ≥100°F today · 20 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,638
• − Mortgage interest: −$7,276
• − Property taxes: −$1,948
• − Insurance: −$650
• − Repairs & maintenance: −$931
• − Management: −$931
• − Depreciation: −$3,779
• Taxable loss: −$3,877
• Est. tax savings @ 24.0%: +$931
• After-tax cash flow: $-648/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: Laurel County
• NCES district ID: 2103210
• Math proficiency: 51% ▼ -9.00%
• Reading proficiency: 56% ▼ -11.00%
• Median HH income: $36,577
• Composite: 44.39/100
• National rank: #2814
• State rank: #8 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

• Population (ZIP): 29,767

Population outlook (Laurel County) Hauer SSP2

• Today (2025): 62,602 people
• By 2030: 63,310 · +1.1%
• By 2040: 63,706 · +1.8%
• By 2050: 62,705 · +0.2%
• By 2075: 58,574 · -6.4%
• By 2100: 50,888 · -18.7%

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 · Laurel

• 2024 margin: Solid R (+69.9) · D 14.5% · R 84.3% · Other 1.2%
• 2008→2024 swing: -11.9pp toward R · 2008: -58.0pp · 2024: -69.9pp
• All cycles: 2024: R+69.9 2020: R+66.7 2016: R+69.1 2012: R+63.6 2008: R+58.0

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

1 event — show timeline

• 2026-06-16 Listed $129,900 ImagineMLS