21 Knox St

North Corbin, KY 40701

$64,900B

2 bd · 1.0 ba · 1,048 sqft · Built 1920 · SingleFamily · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $994/mo
• Mortgage (P&I): −$340
• Tax + insurance: −$113
• HOA: −$0
• Vac / Maint / Mgmt: −$209
• Net cashflow: $332/mo
• Annual: $3,983/yr
• Cap rate: 12.43%
• Cash-on-cash: 21.92%
• DSCR: 1.98
• 1% rule: 1.53%
• Cash to close: $18,172

Investor read

• This is a 2-bed/1.0-bath single-family listed at $65k.
• At list price, monthly cash flow is $332 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($994 rent vs $65k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $2k of equity ($449 loan paydown + $1k appreciation (1.8% local appreciation)).
• Location reads 66/100 on livability (#245 in KY) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Knox County (town): math 24% / reading 38% proficiency, ranked #116 of 165 in KY (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Knox County Middle School (math 17% / reading 42%, grade F, #151 of 217 statewide, top 71%, 429 students, 81% FRL).
• Watch-outs: built in 1920 — 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.
• Current owner paid $44k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (1.8% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1920 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.