201 Padgett St St · Corbin, KY 40701

$149,900

3 bd · 1.0 ba · 1,333 sqft · SingleFamily public records · 106 Days on market

0.50 ac lot Est $177k · 15% under

---

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 +20.8/30.0
• ARV discount +14.5/15.0
• DSCR +6.6/10.0
• Appreciation +5.9/10.0
• 1% rule +4.2/10.0
• 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

First Time on the market! This 3 Bedroom Home located within walking distance to downtown could be just the home for you! The newly renovated exterior sets this home apart from homes near by with new siding, new windows, and a new roof you are sure to have a home that will last for years to come. This home features a inclosed front sitting area and a private backyard that will suite all of your hosting needs. Not to forget that this home is only one of few in the are with a large amount of drive way space so that all your family and friends can come over to enjoy your new home. Buyer is to verify all aspects of the home so you don't miss out on any of the details.

Key facts

• 0.5 acre lot
• Listed 106 days

Property features AI

Finance

• Other: Lot about 0.5 acre

Exterior

• Parking: Driveway; Off-street parking
• Utilities: Public water; Public sewer
• Home design: House; One story
• Construction: Built with vinyl siding; Metal roof; Block foundation
• Exterior features: Shed(s); Views of trees/woods and neighborhood

Interior

• Kitchen: Microwave; Refrigerator; Range
• Bedrooms: Primary bedroom on the first floor
• Flooring: Hardwood; Tile; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Electric cooling
• Interior features: Primary bedroom on the first floor; Walk-in closet(s); Crawl space basement; No fireplace
• Laundry & utility: Washer hookup (main level); Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $205 ($2k/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 (8.3% below list).
• Recommended offer: $136k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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 ($1k 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 $42k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 106 days — a 9% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y ago; this cycle's ask has dropped $34k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $121k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $136,409 (9.0% below list)

Questions for the listing agent

1. It's been on market 106 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.92% ✗
• Cap rate: 7.93%
• Cash-on-cash: 5.85%
• DSCR: 1.26
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $177,289
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
201 Padgett St St	0.00mi	3/1.0	1,333 (0%)	1mo	$145,000	$109	99
501 Walnut Ave	0.28mi	3/1.0	1,320 (-1%)	0mo	$155,000	$117	85
214 W Center St	0.11mi	4/2.0 (+1)	1,410 (+6%)	3mo	$179,900	$128	74
727 Gordon St	0.26mi	3/2.0	1,400 (+5%)	2mo	$185,500	$133	74
502 Chestnut St	0.24mi	3/2.0	1,212 (-9%)	6mo	$175,000	$144	65
207 W Center St	0.11mi	3/1.0	1,140 (-14%)	9mo	$100,000	$88	63
906 W 8th St	0.53mi	3/2.0	1,326 (-0%)	9mo	$169,000	$127	63
106 W Greendale St	0.70mi	3/2.0	1,304 (-2%)	8mo	$240,000	$184	53
915 W 8th St	0.59mi	3/2.0	1,251 (-6%)	6mo	$199,000	$159	53
913 W 8th St	0.59mi	3/2.0	1,244 (-7%)	10mo	$225,900	$182	49
131 Reasor St	0.61mi	3/2.0	1,233 (-8%)	9mo	$280,000	$227	48
206 Hamlin Ave	0.67mi	3/1.0	1,160 (-13%)	1mo	$110,000	$95	46

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: 9.8%
• Equity multiple: 1.52×
• Total profit: $21,907
• Equity at exit: $57,706

10-year hold

• IRR: 12.9%
• Equity multiple: 2.70×
• Total profit: $71,539
• Equity at exit: $82,021

Cash invested: $41,972 (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: 9.1×

Monthly cashflow live

• Estimated rent: $1,375 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$33 /mo · $396/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$289
• Net cashflow: $205

Break-even live

Break-even rent $1,116

Max offer price $149,900

Occupancy floor 80%

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: $37,475
• Closing costs: $4,497
• 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	0.54mi

Listing history 18 events

1. 2026-05-23
   status Pending
2. 2026-04-23
   historical Contingent
3. 2026-03-31
   price $149,900
4. 2026-03-22
   status Active
5. 2026-03-17
   historical Contingent
6. 2026-02-17
   status Active
7. 2026-01-17
   price $159,900
8. 2025-10-24
   price $164,900
9. 2025-09-26
   price $169,900
10. 2025-09-05
    status Active
11. 2025-08-27
    historical Contingent
12. 2025-08-26
    historical
13. 2025-08-22
    price $174,900
14. 2025-08-15
    listed $183,900 Active
15. 2023-10-04
    soldstatus $120,900
16. 2023-10-01
    soldstatus $120,900 Closed 673-char remark

    Show marketing remark (673 chars)

    First Time on the market! This 3 Bedroom Home located within walking distance to downtown could be just the home for you! The newly renovated exterior sets this home apart from homes near by with new siding, new windows, and a new roof you are sure to have a home that will last for years to come. This home features a inclosed front sitting area and a private backyard that will suite all of your hosting needs. Not to forget that this home is only one of few in the are with a large amount of drive way space so that all your family and friends can come over to enjoy your new home. Buyer is to verify all aspects of the home so you don't miss out on any of the details.

17. 2023-09-01
    status Pending 673-char remark

    Show marketing remark (673 chars)

    First Time on the market! This 3 Bedroom Home located within walking distance to downtown could be just the home for you! The newly renovated exterior sets this home apart from homes near by with new siding, new windows, and a new roof you are sure to have a home that will last for years to come. This home features a inclosed front sitting area and a private backyard that will suite all of your hosting needs. Not to forget that this home is only one of few in the are with a large amount of drive way space so that all your family and friends can come over to enjoy your new home. Buyer is to verify all aspects of the home so you don't miss out on any of the details.

18. 2023-08-26
    listed $119,999 Active 673-char remark

    Show marketing remark (673 chars)

    First Time on the market! This 3 Bedroom Home located within walking distance to downtown could be just the home for you! The newly renovated exterior sets this home apart from homes near by with new siding, new windows, and a new roof you are sure to have a home that will last for years to come. This home features a inclosed front sitting area and a private backyard that will suite all of your hosting needs. Not to forget that this home is only one of few in the are with a large amount of drive way space so that all your family and friends can come over to enjoy your new home. Buyer is to verify all aspects of the home so you don't miss out on any of the details.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast KY · Resets to sale price

• Current annual tax: $396 · $33/mo
• Projected year-2 tax: $1,289 · $107/mo
• Expected delta: +$893/yr (+$74/mo · 225.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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: −$8,397
• − Property taxes: −$396
• − Insurance: −$750
• − Repairs & maintenance: −$1,320
• − Management: −$1,320
• − Depreciation: −$4,361
• Taxable loss: −$43
• Est. tax savings @ 24.0%: +$10
• After-tax cash flow: $2,467/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

+24.9% since first listed

18 events — show timeline

• 2026-05-23 Pending — ImagineMLS
• 2026-04-23 Contingent — ImagineMLS
• 2026-03-31 Price Changed $149,900 ImagineMLS
• 2026-03-22 Relisted — ImagineMLS
• 2026-03-17 Contingent — ImagineMLS
• 2026-02-17 Relisted — ImagineMLS
• 2026-01-17 Price Changed $159,900 ImagineMLS
• 2025-10-24 Price Changed $164,900 ImagineMLS
• 2025-09-26 Price Changed $169,900 ImagineMLS
• 2025-09-05 Relisted — ImagineMLS
• 2025-08-27 Contingent — ImagineMLS
• 2025-08-26 Listing Removed — ImagineMLS
• 2025-08-22 Price Changed $174,900 ImagineMLS
• 2025-08-15 Listed $183,900 ImagineMLS
• 2023-10-04 Sold (Public Records) $120,900 Public Records
• 2023-10-01 Sold (MLS) $120,900 ImagineMLS
• 2023-09-01 Pending — ImagineMLS
• 2023-08-26 Listed $119,999 ImagineMLS

Property tax history

+22.1%/yr

Latest (2024): $396 · +3203.7% YoY. Source: county tax records.