410 Kenmore St

Corning, AR 72422

$70,500B

2 bd · 1.0 ba · 858 sqft · Built 1970 · SingleFamily · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $848/mo
• Mortgage (P&I): −$370
• Tax + insurance: −$118
• HOA: −$0
• Vac / Maint / Mgmt: −$178
• Net cashflow: $182/mo
• Annual: $2,190/yr
• Cap rate: 9.40%
• Cash-on-cash: 11.09%
• DSCR: 1.49
• 1% rule: 1.20%
• Cash to close: $19,740

Investor read

• This is a 2-bed/1.0-bath single-family listed at $70k.
• At list price, monthly cash flow is $182 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($848 rent vs $70k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $2k of equity ($487 loan paydown + $1k appreciation (1.8% local appreciation)).
• Location reads 71/100 on livability (#38 in AR) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Corning School District (town): math 33% / reading 38% proficiency, ranked #123 of 238 in AR (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Park Elementary School (math 52% / reading 47%, grade D, #93 of 454 statewide, top 23%, 349 students, 71% FRL); Corning Middle School (math 33% / reading 36%, grade F, #124 of 201 statewide, top 62%, 255 students, 72% FRL); Corning High School (math 17% / reading 32%, grade F, #187 of 292 statewide, top 70%, 228 students, 71% FRL) — zoned schools average 71% FRL vs 56% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 44 active listings in the ZIP; 4 units permitted in Clay County in 2024 (0 in 5+ unit buildings).
• Clay County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $55k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (1.8% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.4% vs local median 7.0% in Corning — 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 1970 — 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 D-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.