22 Patricia Ln

Corbin, KY 40701

$129,900F

3 bd · 2.0 ba · 980 sqft · Built 2017 · Manufactured · Active · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $747/mo
• Mortgage (P&I): −$681
• Tax + insurance: −$216
• HOA: −$0
• Vac / Maint / Mgmt: −$157
• Net cashflow: $-308/mo
• Annual: $-3,693/yr
• Cap rate: 3.45%
• Cash-on-cash: -10.15%
• DSCR: 0.55
• 1% rule: 0.57%
• Cash to close: $36,372

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $130k.
• At list price, monthly cash flow is $-308 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $85k (34.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $75k (42.5% below list).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $75k (42.5% below list) — sets the bar for 1% rule.
• In year one you build about $3k of equity ($898 loan paydown + $2k appreciation (1.8% local appreciation)).
• 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).
• By year 10, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.