362 Irene Decker Rd

Leitchfield, KY 42726

$69,000B+

3 bd · 1.0 ba · 864 sqft · Built 1974 · Manufactured · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,006/mo
• Mortgage (P&I): −$362
• Tax + insurance: −$60
• HOA: −$0
• Vac / Maint / Mgmt: −$211
• Net cashflow: $373/mo
• Annual: $4,480/yr
• Cap rate: 12.79%
• Cash-on-cash: 23.19%
• DSCR: 2.03
• 1% rule: 1.46%
• Cash to close: $19,320

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $69k.
• At list price, monthly cash flow is $373 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $69k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $7k of equity ($477 loan paydown + $7k appreciation (10.0% local appreciation)).
• Location reads 71/100 on livability (#144 in KY) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, amenities F, commute F.
• Grayson County (rural): math 27% / reading 40% proficiency, ranked #84 of 165 in KY (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 135 active listings in the ZIP; 23 units permitted in Grayson County in 2024 (12 in 5+ unit buildings).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 12.8% vs local median 4.1% in Leitchfield — 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

• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.