159 And 163 Peggy Ln · Corbin, KY 40701

$145,000

5 bd · 2.5 ba · 2,050 sqft · Manufactured · 95 Days on market

Built 1969 1.00 ac lot $71/sqft · 57% below area ↓ 3% since listing

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Why this score? — see what drove the C- 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 +18.2/30.0
• ARV discount +7.5/15.0
• Appreciation +5.9/10.0
• DSCR +5.7/10.0
• 1% rule +4.9/10.0
• Livability +3.5/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

*This is currently being used as rental property with two incomes.* Only Minuit's from the Lake this is a great investment opportunity in Corbin, KY! This property features two mobile homes that are currently tenant-occupied and producing income, making it an excellent option for investors looking to expand their rental portfolio. Both homes are already rented, offering immediate cash flow from day one. Conveniently located in Corbin and just minutes from the lake, the property offers a desirable setting that appeals to renters who enjoy easy access to outdoor recreation, fishing, and boating while still being close to town amenities. With steady rental potential and a location near one of the area's most popular attractions, this property presents a solid opportunity for those seeking an income-producing investment. Buyer to verify all aspects of property.

Key facts

• 1 acre lot
• 2 parking spots
• Listed 95 days

🏷️ Possibly a rental listed for sale. The $145,000 price doesn't fit this home's estimated sale value (~$338,803) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 5-bed/2.5-bath manufactured listed at $145k.

Deal economics

• At list price, monthly cash flow is $130 ($2k/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 $143k (1.1% below list).
• Recommended offer: $132k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.4% 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.
• Whitley County (rural): math 26% / reading 43% proficiency, ranked #80 of 165 in KY (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 331 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.
• At projected returns (1.8% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 9, 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 95 days — a 9% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

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

Recommended offer $131,950 (9.0% below list)

Questions for the listing agent

1. It's been on market 95 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 0.99% ✗
• Cap rate: 7.37%
• Cash-on-cash: 3.85%
• DSCR: 1.17
• GRM: 8.4

CMA / ARV

• ARV (median comp): $338,803
• List price: $145,000
• Delta: -57.20%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 7.8%
• Equity multiple: 1.42×
• Total profit: $16,977
• Equity at exit: $55,820

10-year hold

• IRR: 11.2%
• Equity multiple: 2.49×
• Total profit: $60,366
• Equity at exit: $79,340

Cash invested: $40,600 (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: 331
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,433 medium
• Mortgage (P&I): −$760
• Tax est. 1.5%: −$181 /mo · $2,175/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$301
• Net cashflow: $130

Break-even live

Break-even rent $1,268

Max offer price $145,000

Occupancy floor 86%

Sensitivity live

Price	-10% $231	-5% $180	+0% $130	+5% $80	+10% $30
Rent	-10% $17	-5% $74	+0% $130	+5% $187	+10% $244
Rate	-1.0pp $203	-0.5pp $167	base $130	+0.5pp $93	+1.0pp $55

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $145,000 Active 95 DOM
2. 2026-06-18
   days on market $145,000 Active 93 DOM
3. 2026-06-17
   days on market $145,000 Active 92 DOM
4. 2026-06-16
   days on market $145,000 Active 91 DOM
5. 2026-06-15
   days on market $145,000 Active 90 DOM
6. 2026-06-13
   days on market $145,000 Active 88 DOM
7. 2026-06-12
   days on market $145,000 Active 87 DOM
8. 2026-06-09
   days on market $145,000 Active 84 DOM
9. 2026-06-08
   days on market $145,000 Active 83 DOM
10. 2026-06-07
    days on market $145,000 Active 82 DOM
11. 2026-06-07
    days on market $145,000 Active 81 DOM
12. 2026-06-04
    days on market $145,000 Active 78 DOM
13. 2026-06-02
    days on market $145,000 Active 77 DOM
14. 2026-06-01
    days on market $145,000 Active 76 DOM
15. 2026-05-31
    days on market $145,000 Active 75 DOM
16. 2026-05-31
    days on market $145,000 Active 74 DOM
17. 2026-05-19
    price $145,000 869-char remark

    Show marketing remark (869 chars)

    *This is currently being used as rental property with two incomes.* Only Minuit's from the Lake this is a great investment opportunity in Corbin, KY! This property features two mobile homes that are currently tenant-occupied and producing income, making it an excellent option for investors looking to expand their rental portfolio. Both homes are already rented, offering immediate cash flow from day one. Conveniently located in Corbin and just minutes from the lake, the property offers a desirable setting that appeals to renters who enjoy easy access to outdoor recreation, fishing, and boating while still being close to town amenities. With steady rental potential and a location near one of the area's most popular attractions, this property presents a solid opportunity for those seeking an income-producing investment. Buyer to verify all aspects of property.

18. 2026-03-17
    status Active 869-char remark

    Show marketing remark (869 chars)

    *This is currently being used as rental property with two incomes.* Only Minuit's from the Lake this is a great investment opportunity in Corbin, KY! This property features two mobile homes that are currently tenant-occupied and producing income, making it an excellent option for investors looking to expand their rental portfolio. Both homes are already rented, offering immediate cash flow from day one. Conveniently located in Corbin and just minutes from the lake, the property offers a desirable setting that appeals to renters who enjoy easy access to outdoor recreation, fishing, and boating while still being close to town amenities. With steady rental potential and a location near one of the area's most popular attractions, this property presents a solid opportunity for those seeking an income-producing investment. Buyer to verify all aspects of property.

19. 2026-03-16
    listed $149,999 Active 869-char remark

    Show marketing remark (869 chars)

    *This is currently being used as rental property with two incomes.* Only Minuit's from the Lake this is a great investment opportunity in Corbin, KY! This property features two mobile homes that are currently tenant-occupied and producing income, making it an excellent option for investors looking to expand their rental portfolio. Both homes are already rented, offering immediate cash flow from day one. Conveniently located in Corbin and just minutes from the lake, the property offers a desirable setting that appeals to renters who enjoy easy access to outdoor recreation, fishing, and boating while still being close to town amenities. With steady rental potential and a location near one of the area's most popular attractions, this property presents a solid opportunity for those seeking an income-producing investment. Buyer to verify all aspects of property.

20. 2026-03-16
    historical 869-char remark

    Show marketing remark (869 chars)

    *This is currently being used as rental property with two incomes.* Only Minuit's from the Lake this is a great investment opportunity in Corbin, KY! This property features two mobile homes that are currently tenant-occupied and producing income, making it an excellent option for investors looking to expand their rental portfolio. Both homes are already rented, offering immediate cash flow from day one. Conveniently located in Corbin and just minutes from the lake, the property offers a desirable setting that appeals to renters who enjoy easy access to outdoor recreation, fishing, and boating while still being close to town amenities. With steady rental potential and a location near one of the area's most popular attractions, this property presents a solid opportunity for those seeking an income-producing investment. Buyer to verify all aspects of property.

ⓘ 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 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,202
• − Mortgage interest: −$8,122
• − Property taxes: −$2,175
• − Insurance: −$725
• − Repairs & maintenance: −$1,376
• − Management: −$1,376
• − Depreciation: −$4,218
• Taxable loss: −$791
• Est. tax savings @ 24.0%: +$190
• After-tax cash flow: $1,754/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: Whitley County
• NCES district ID: 2105880
• Math proficiency: 26% ▼ -32.00%
• Reading proficiency: 43% ▼ -25.00%
• Median HH income: $29,079
• Composite: 27.87/100
• National rank: #6874
• State rank: #80 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 (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

-3.3% since first listed

4 events — show timeline

• 2026-05-19 Price Changed $145,000 ImagineMLS
• 2026-03-17 Relisted — ImagineMLS
• 2026-03-16 Listed $149,999 ImagineMLS
• 2026-03-16 Listing Removed — ImagineMLS

Property tax history

+8.5%/yr

Latest (2024): $237 · +163.7% YoY. Source: county tax records.