122 Bishop St · Corbin, KY 40701

$140,000

3 bd · 2.0 ba · 1,064 sqft · SingleFamily public records · 55 Days on market

0.29 ac lot Est $159k · 12% under

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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 +17.9/30.0
• ARV discount +12.8/15.0
• Appreciation +5.9/10.0
• DSCR +5.6/10.0
• 1% rule +4.8/10.0
• Schools +3.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Home features 2 bedrooms, 2 all new full baths with showers, hardwood floors, new windows, new roof, new heat and air installed this year. Home is total electric. Home has basement that could be used for 3rd bedroom, also has bathroom.

Key facts

• Fenced yard
• Two level deck
• 0.29 acre lot

Tags

• TWO LEVEL DECK
• FENCED YARD
• QUIET PEACEFUL STREET

Property features AI

Exterior

• Parking: Driveway
• Utilities: Public sewer; Electricity connected; Water connected
• Home design: Single-story house; Total building area: 1,564
• Construction: Vinyl siding; Block foundation; Shingle roof
• Exterior features: Chain link fencing; Public water

Interior

• Kitchen: Dishwasher; Refrigerator; Range
• Bedrooms: Total rooms: 8
• Flooring: Carpet; Hardwood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Heat pump heating; Electric cooling; Heat pump cooling
• Interior features: Eat-in kitchen; Ceiling fan(s); Finished basement with interior entry and walk-out access; Storm windows
• Laundry & utility: Washer hookup; Electric dryer hookup (main level)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $119 ($1k/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 $138k (1.8% below list).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.3% 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.
• 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 Elementary School (math 53% / reading 58%, grade C, #60 of 676 statewide, top 9%, 373 students, 61% 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; 1 comparable units currently listed for rent nearby; 65 units permitted in Whitley County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($968 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 $39k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y 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 $55k; list at $140k implies a 155% gain — meaningful room to come down on a strong offer.

Recommended offer $135,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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. 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.
5. 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.
6. 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: 0.98% ✗
• Cap rate: 7.31%
• Cash-on-cash: 3.63%
• DSCR: 1.16
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $158,536
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
504 W 3rd St	0.22mi	3/1.0	1,020 (-4%)	6mo	$65,000	$64	74
49 Creekside Ln	0.55mi	3/2.0	1,084 (+2%)	1mo	$198,000	$183	70
610 Lee St	0.30mi	3/2.0	1,100 (+3%)	14mo	$217,500	$198	69
502 W 3rd St	0.23mi	2/1.0 (-1)	1,036 (-3%)	9mo	$92,000	$89	68
320 W 8th Street St	0.40mi	2/2.0 (-1)	1,040 (-2%)	10mo	$107,000	$103	64
908 W 5th Street St	0.22mi	2/1.0 (-1)	1,014 (-5%)	10mo	$137,400	$136	64
7 Gilliam St	0.21mi	3/2.0	1,176 (+10%)	11mo	$175,000	$149	63
207 W Center St	0.39mi	3/1.0	1,140 (+7%)	9mo	$100,000	$88	58
808 Gordon St	0.29mi	3/2.0	1,172 (+10%)	14mo	$210,000	$179	58
602 West 6th St	0.28mi	3/2.0	1,200 (+13%)	15mo	$187,000	$156	53
502 Chestnut St	0.46mi	3/2.0	1,212 (+14%)	6mo	$175,000	$144	50
41 Oaklawn Dr	0.60mi	3/1.0	1,144 (+8%)	8mo	$174,000	$152	49

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: 7.6%
• Equity multiple: 1.41×
• Total profit: $15,937
• Equity at exit: $53,895

10-year hold

• IRR: 11.0%
• Equity multiple: 2.46×
• Total profit: $57,301
• Equity at exit: $76,604

Cash invested: $39,200 (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: 8.5×

Monthly cashflow live

• Estimated rent: $1,375 medium
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,100/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$289
• Net cashflow: $119

Break-even live

Break-even rent $1,225

Max offer price $140,000

Occupancy floor 86%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1003 W 5th St Corbin, KY	3.0	1.0	1186	$1,375	$1.16	43d	1	0.25mi

Listing history 24 events

1. 2026-06-18
   days on market $140,000 Active 55 DOM
2. 2026-06-17
   days on market $140,000 Active 54 DOM
3. 2026-06-17
   status $140,000 Active 53 DOM
4. 2026-06-16
   days on market $140,000 Contingent 53 DOM
5. 2026-06-15
   days on market $140,000 Contingent 52 DOM
6. 2026-06-13
   days on market $140,000 Contingent 50 DOM
7. 2026-06-12
   days on market $140,000 Contingent 49 DOM
8. 2026-06-09
   days on market $140,000 Contingent 46 DOM
9. 2026-06-08
   days on market $140,000 Contingent 45 DOM
10. 2026-06-07
    days on market $140,000 Contingent 44 DOM
11. 2026-06-04
    days on market $140,000 Contingent 40 DOM
12. 2026-06-02
    days on market $140,000 Contingent 39 DOM
13. 2026-06-01
    days on market $140,000 Contingent 38 DOM
14. 2026-05-31
    days on market $140,000 Contingent 37 DOM
15. 2026-05-31
    days on market $140,000 Contingent 36 DOM
16. 2026-04-28
    historical Contingent
17. 2026-04-23
    listed $140,000 Active
18. 2022-02-06
    price $1,350
19. 2017-05-16
    soldstatus $55,000 Sold 235-char remark

    Show marketing remark (235 chars)

    Home features 2 bedrooms, 2 all new full baths with showers, hardwood floors, new windows, new roof, new heat and air installed this year. Home is total electric. Home has basement that could be used for 3rd bedroom, also has bathroom.

20. 2017-05-15
    soldstatus $55,000
21. 2017-04-07
    status Pending 235-char remark

    Show marketing remark (235 chars)

    Home features 2 bedrooms, 2 all new full baths with showers, hardwood floors, new windows, new roof, new heat and air installed this year. Home is total electric. Home has basement that could be used for 3rd bedroom, also has bathroom.

22. 2017-04-05
    price $59,900 235-char remark

    Show marketing remark (235 chars)

    Home features 2 bedrooms, 2 all new full baths with showers, hardwood floors, new windows, new roof, new heat and air installed this year. Home is total electric. Home has basement that could be used for 3rd bedroom, also has bathroom.

23. 2017-03-21
    price $75,000 235-char remark

    Show marketing remark (235 chars)

    Home features 2 bedrooms, 2 all new full baths with showers, hardwood floors, new windows, new roof, new heat and air installed this year. Home is total electric. Home has basement that could be used for 3rd bedroom, also has bathroom.

24. 2016-10-25
    listed $85,900 Active 235-char remark

    Show marketing remark (235 chars)

    Home features 2 bedrooms, 2 all new full baths with showers, hardwood floors, new windows, new roof, new heat and air installed this year. Home is total electric. Home has basement that could be used for 3rd bedroom, also has bathroom.

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥100°F today · 19 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: $16,500
• − Mortgage interest: −$7,842
• − Property taxes: −$2,100
• − Insurance: −$700
• − Repairs & maintenance: −$1,320
• − Management: −$1,320
• − Depreciation: −$4,073
• Taxable loss: −$855
• Est. tax savings @ 24.0%: +$205
• After-tax cash flow: $1,630/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

+63.0% since first listed

9 events — show timeline

• 2026-04-28 Contingent — ImagineMLS
• 2026-04-23 Listed $140,000 ImagineMLS
• 2022-02-06 Price Changed $1,350 RENT.
• 2017-05-16 Sold (MLS) $55,000 ImagineMLS
• 2017-05-15 Sold (Public Records) $55,000 Public Records
• 2017-04-07 Pending — ImagineMLS
• 2017-04-05 Price Changed $59,900 ImagineMLS
• 2017-03-21 Price Changed $75,000 ImagineMLS
• 2016-10-25 Listed $85,900 ImagineMLS

Property tax history

+7.3%/yr

Latest (2024): $242 · +28.6% YoY. Source: county tax records.