222 Hamlin Ave

Corbin, KY 40701

$59,900B+

2 bd · 1.0 ba · 986 sqft · Built 1940 · SingleFamily · Pending · 37 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $943/mo
• Mortgage (P&I): −$314
• Tax + insurance: −$65
• HOA: −$0
• Vac / Maint / Mgmt: −$198
• Net cashflow: $366/mo
• Annual: $4,393/yr
• Cap rate: 13.63%
• Cash-on-cash: 26.19%
• DSCR: 2.17
• 1% rule: 1.57%
• Cash to close: $16,772

Investor read

• This is a 2-bed/1.0-bath single-family listed at $60k.
• At list price, monthly cash flow is $366 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($943 rent vs $60k).
• It's been on market 37 days — a 3% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $58k (3.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($414 loan paydown + $1k 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.
• 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 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).
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 331 active listings in the ZIP.
• Knox County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 8 sale attempts since 19y 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.
• At projected returns (1.8% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 13.6% 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.

Questions for listing agent

• It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1940 — 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.
• 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?
• 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.