15 Ralph Jenkins Rd

Eubank, KY 40489

$60,000B

3 bd · 1.5 ba · 1,344 sqft · Built 1976 · Manufactured · Active · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,090/mo
• Mortgage (P&I): −$315
• Tax + insurance: −$74
• HOA: −$0
• Vac / Maint / Mgmt: −$229
• Net cashflow: $473/mo
• Annual: $5,672/yr
• Cap rate: 15.75%
• Cash-on-cash: 33.76%
• DSCR: 2.50
• 1% rule: 1.82%
• Cash to close: $16,800

Investor read

• This is a 3-bed/1.5-bath manufactured listed at $60k.
• At list price, monthly cash flow is $473 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• It's been on market 24 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-1.1%/yr); year-one equity from $415 of loan paydown is wiped out by about $632 of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#262 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.
• Lincoln County (rural): math 20% / reading 35% proficiency, ranked #131 of 165 in KY (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 27 active listings in the ZIP; 91 units permitted in Lincoln County in 2024 (0 in 5+ unit buildings).
• Lincoln County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-1.1% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 15.7% vs local median 4.0% in Eubank — 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 1976 — 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.