For anglers, Airbnb hosts, and anyone chasing a low-maintenance lake getaway, a newly built cabin near Cave Run Lake in Morehead, Kentucky is now on the market at $109,000. Sitting on nearly three private, unrestricted acres, the property leans hard into its location — and its price history tells a wild story of its own.
Listing Overview
| Detail | Information |
|---|---|
| Address | 299 Igo Rd, Morehead, KY 40351 |
| Price | $$94,000 |
| Price per sq. ft. | $118 |
| Bedrooms | 2 |
| Bathrooms | 1 (full) |
| Living Area | 800 sq. ft. |
| Lot Size | 2.86 Acres |
| Year Built | 2022 |
| Home Type | Single Family — Cabin |
| HOA | None |
| Subdivision | Morehead Est |
| MLS Source | Imagine MLS #26010949 |
| Days on Market | 85 |
What Makes This Cabin Different
The single biggest selling point here is proximity: the cabin sits roughly a mile from Banger Boat Ramp and about four miles from both Longbow and Scott’s Creek Marina, putting Cave Run Lake within easy reach for anyone who wants to fish, boat, or just enjoy lake life without a long drive each time. The listing pitches the property as flexible — suited equally to a full-time residence, a long-term rental, a short-term Airbnb setup, or simply a private vacation cabin.
With no HOA and no deed restrictions, the nearly 3-acre wooded lot offers genuine privacy, along with plenty of room to park multiple boats and trailers — a practical detail for lake-focused buyers. A wraparound deck spans three sides of the cabin, taking in wooded, rural, and mountain views. Built in 2022, the cabin is essentially move-in ready, with ductless electric heating and cooling, hardwood flooring, and a full kitchen setup that includes a washer, dryer, refrigerator, and oven. For those exploring the wider region, the Red River Gorge is about 45 minutes away, and downtown Morehead is roughly 25 minutes out.
Interior & Construction Details
| Feature | Details |
|---|---|
| Levels | One and one-half |
| Flooring | Hardwood and other materials |
| Basement | None |
| Fireplace | None |
| Heating/Cooling | Ductless electric, wall units |
| Appliances Included | Dryer, washer, refrigerator, oven |
| Exterior Material | Wood siding |
| Foundation | Block |
| Roof | Other |
| Additional Structures | Shed(s), workshop |
| Parking | Driveway, uncovered spaces |
| Lot Features | Secluded, wooded, many trees |
| Water Supply | Public |
| Sewer | Septic tank |
| Utilities | Cable available, electricity connected, water connected |
| Horses Permitted | Yes |
Price History
| Date | Event | Price | Price/sq. ft. | Change |
|---|---|---|---|---|
| May 12, 2021 | Sold | $5,000 | $6/sqft | — |
| April 16, 2026 | Sold | $54,200 | $68/sqft | +984% |
| May 15, 2026 | Listed for sale | $125,000 | $156/sqft | +130.6% |
| May 28, 2026 | Price reduced | $119,900 | $150/sqft | -4.1% |
| July 9, 2026 | Price reduced | $114,000 | $143/sqft | -4.9% |
| August 6, 2026 | Price reduced | $109,000 | $136/sqft | -4.4% |
This history is genuinely striking: the raw land sold for just $5,000 back in 2021. By 2026, presumably after the cabin was built, it changed hands again for $54,200 — nearly a 1,000% jump — before being relisted just weeks later at $125,000, more than double that sale price. Since then, the asking price has been trimmed three times, dropping a total of $16,000 to its current $109,000.
Public Tax History
| Year | Property Taxes | Change | Tax Assessment |
|---|---|---|---|
| 2024 | Not available | — | $40,000 |
| 2023 | $341 | -1.4% | $40,000 |
| 2022 | $346 | — | $40,000 |
Note that the tax assessment reflects the value of the land and structure as recorded for tax purposes, which is well below the current market asking price — a common gap for newer builds where assessments haven’t yet caught up to recent construction and sale activity.
Estimated Market Value
| Metric | Value |
|---|---|
| Zestimate | $110,700 |
| Estimated Sales Range | $105,000 – $116,000 |
| Rent Zestimate | $1,143/month |
The Zestimate sits just above the current asking price, suggesting the property is priced roughly in line with the platform’s automated valuation — a useful data point for a buyer weighing whether there’s more room to negotiate.
Estimated Monthly Payment
| Payment Component | Estimated Monthly Cost |
|---|---|
| Principal & Interest | $1,547 |
| Property Taxes | $170 |
| Home Insurance | $105 |
| Mortgage Insurance | $0 |
| HOA Fees | $0 |
| Total Estimated Payment | $1,822/month |
Given the Rent Zestimate of roughly $1,143/month, a buyer planning to use the cabin as a rental should weigh whether projected rental income would realistically offset the estimated mortgage payment above.
Location and Neighborhood
The property carries a Walk Score of 0 out of 100, rated fully car-dependent. Nearby schools include Clearfield Elementary School (rated 5/10, 8.5 miles away), Rowan County Middle School (rated 5/10, 11.7 miles away), and Rowan County Senior High School (rated 6/10, 11.5 miles away).
Should You Consider This Property?
This cabin is built for a specific kind of buyer: someone prioritizing lake access, privacy, and rental flexibility over square footage. Its newer construction, lack of restrictions, and walkable distance to the boat ramp make it a strong candidate for short-term rental income, provided local short-term rental regulations are confirmed in advance. The dramatic swings in its recent sale and price history are also worth understanding fully — buyers may want to ask directly about what changed between the 2021 land sale and the 2026 resale to get a clear picture of the property’s improvements and true value.
Source: Property listing data via Zillow (MLS #26010949).