107 Padgett St · Corbin, KY 40701

$170,000

2 bd · 1.0 ba · 896 sqft · SingleFamily public records · 38 Days on market

0.63 ac lot

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +6.5/30.0
• Appreciation +5.9/10.0
• Schools +3.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.7/10.0
• 1% rule +0.2/10.0

Listing remarks

Newly renovated in 2024, this 3-bedroom, 1-bathroom single-family home offers a great opportunity for investors seeking steady rental income in a growing southeastern Kentucky market. The home is currently tenant-occupied generating a gross monthly rental income of $1,074.99, making it an ideal addition for investors look to expand their rental portfolio.

Key facts

• 0.63 acre lot
• Listed 37 days

Property features AI

Exterior

• Utilities: Public sewer; Electricity connected; Natural gas connected; Sewer connected; Water connected
• Home design: Single-story house
• Construction: Vinyl siding; Block foundation; Metal roof; Total building area 1,255
• Exterior features: Neighborhood view; Not on waterfront; Public water

Interior

• Flooring: Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Window air conditioning units
• Interior features: Partial walk-out basement with finished area; Below-grade finished area (228); Laminate flooring; Six total rooms; No fireplace

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $-290 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $119k (30.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $89k (47.8% below list).
• Recommended offer: $89k (47.8% below list) — sets the bar for 1% rule.
• Cap rate 4.2% vs local median 3.3% in Corbin — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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.
• Corbin Independent (town): math 42% / reading 50% proficiency, ranked #20 of 165 in KY (top 12%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Corbin Primary (math 42% / reading 32%, grade F, #255 of 676 statewide, top 42%, 769 students, 60% FRL); Corbin Middle School (math 46% / reading 56%, grade C, #20 of 217 statewide, top 10%, 646 students, 58% FRL); Corbin High School (math 22% / reading 42%, grade F, #97 of 254 statewide, top 46%, 829 students, 53% FRL).
• Market conditions: 332 active listings in the ZIP; 65 units permitted in Whitley County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($1k loan paydown + $3k appreciation (1.8% local appreciation)).
• Whitley County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 8, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 6y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $105k; list at $170k implies a 62% gain — meaningful room to come down on a strong offer.

Recommended offer $88,739 (47.8% 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. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 48% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.52% ✗
• Cap rate: 4.25%
• Cash-on-cash: -7.31%
• DSCR: 0.67
• GRM: 16.0

CMA / ARV

• ARV (on-the-fly): $112,000
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
603 South Poplar Ave	0.30mi	2/1.0	961 (+7%)	16mo	$120,000	$125	61
504 W 3rd St	0.13mi	3/1.0 (+1)	1,020 (+14%)	6mo	$65,000	$64	60
310 Ruby St	0.42mi	3/1.0 (+1)	856 (-4%)	9mo	$50,000	$58	60
204 Union St	0.38mi	2/1.0	784 (-12%)	5mo	$40,000	$51	58
418 Vandorn St	0.49mi	2/1.0	800 (-11%)	11mo	$87,500	$109	50
908 W 5th Street St	0.47mi	2/1.0	1,014 (+13%)	10mo	$137,400	$136	48
231 Wilson St	0.59mi	1/1.0 (-1)	840 (-6%)	18mo	$119,000	$142	42
507 Gentry St	0.68mi	2/1.0	832 (-7%)	23mo	$135,000	$162	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.82% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -3.3%
• Equity multiple: 0.82×
• Total profit: $-8,432
• Equity at exit: $65,444

10-year hold

• IRR: 1.4%
• Equity multiple: 1.19×
• Total profit: $9,265
• Equity at exit: $93,019

Cash invested: $47,600 (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: 332
• Price-to-rent: 16.0×

Monthly cashflow live

• Estimated rent: $887 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$29 /mo · $345/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$186
• Net cashflow: $-290

Break-even live

Break-even rent $1,255

Max offer price $118,756

Occupancy floor —

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $170,000 Active 38 DOM
2. 2026-06-17
   days on market $170,000 Active 37 DOM
3. 2026-06-16
   days on market $170,000 Active 36 DOM
4. 2026-06-16
   status $170,000 Active 35 DOM
5. 2026-04-20
   listed $170,000 Active
6. 2025-07-12
   historical $1,000
7. 2025-07-02
   price $1,000
8. 2025-06-04
   price $1,350
9. 2025-04-16
   listed $1,450
10. 2024-10-17
    historical $1,250
11. 2024-10-10
    price $1,250
12. 2024-09-05
    price $1,300
13. 2024-08-20
    price $1,400
14. 2024-08-01
    price $1,500
15. 2024-07-26
    price $1,525
16. 2024-07-23
    listed $1,550
17. 2024-06-22
    historical $1,600
18. 2024-05-25
    listed $1,600
19. 2024-04-26
    soldstatus $105,000
20. 2023-06-26
    historical
21. 2023-06-20
    listed $129,900 Active
22. 2020-11-02
    soldstatus $78,000 Sold
23. 2020-11-02
    listed $78,000 Active
24. 2020-11-02
    soldstatus $78,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast KY · Resets to sale price

• Current annual tax: $345 · $29/mo
• Projected year-2 tax: $1,462 · $122/mo
• Expected delta: +$1,117/yr (+$93/mo · 323.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥100°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,649
• − Mortgage interest: −$9,523
• − Property taxes: −$345
• − Insurance: −$850
• − Repairs & maintenance: −$852
• − Management: −$852
• − Depreciation: −$4,945
• Taxable loss: −$6,719
• Est. tax savings @ 24.0%: +$1,612
• After-tax cash flow: $-1,868/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: Corbin Independent
• NCES district ID: 2101320
• Math proficiency: 42% ▼ -19.00%
• Reading proficiency: 50% ▼ -13.00%
• Median HH income: $36,928
• Composite: 38.19/100
• National rank: #4259
• State rank: #20 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

• Census place: Corbin, KY
• Population (ZIP): 29,767

Population outlook (Whitley County) Hauer SSP2

• Today (2025): 35,362 people
• By 2030: 34,807 · -1.6%
• By 2040: 33,525 · -5.2%
• By 2050: 32,550 · -8.0%
• By 2075: 29,555 · -16.4%
• By 2100: 24,308 · -31.3%

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 · Whitley

• 2024 margin: Solid R (+69.3) · D 14.8% · R 84.2% · Other 1.0%
• 2008→2024 swing: -21.7pp toward R · 2008: -47.7pp · 2024: -69.3pp
• All cycles: 2024: R+69.3 2020: R+65.2 2016: R+67.2 2012: R+57.8 2008: R+47.7

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

+117.9% since first listed

20 events — show timeline

• 2026-04-20 Listed $170,000 ImagineMLS
• 2025-07-12 Rental Removed $1,000 APPFOLIO
• 2025-07-02 Price Changed $1,000 APPFOLIO
• 2025-06-04 Price Changed $1,350 APPFOLIO
• 2025-04-16 Listed for Rent $1,450 APPFOLIO
• 2024-10-17 Rental Removed $1,250 APPFOLIO
• 2024-10-10 Price Changed $1,250 APPFOLIO
• 2024-09-05 Price Changed $1,300 APPFOLIO
• 2024-08-20 Price Changed $1,400 APPFOLIO
• 2024-08-01 Price Changed $1,500 APPFOLIO
• 2024-07-26 Price Changed $1,525 APPFOLIO
• 2024-07-23 Listed for Rent $1,550 APPFOLIO
• 2024-06-22 Rental Removed $1,600 APPFOLIO
• 2024-05-25 Listed for Rent $1,600 APPFOLIO
• 2024-04-26 Sold (Public Records) $105,000 Public Records
• 2023-06-26 Listing Removed — ImagineMLS
• 2023-06-20 Listed $129,900 ImagineMLS
• 2020-11-02 Sold (Public Records) $78,000 Public Records
• 2020-11-02 Listed $78,000 ImagineMLS
• 2020-11-02 Sold (MLS) $78,000 ImagineMLS

Property tax history

+30.3%/yr

Latest (2024): $345 · +29.5% YoY. Source: county tax records.