138 S Main St · Cornersville, TN 37047

$249,900

12 bd · 2.0 ba · 2,074 sqft · MultiFamily public records · 52 Days on market

Built 1900 0.41 ac lot

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.5/10.0
• Livability +3.2/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Investor opportunity in the heart of Cornersville! This historic antebellum tri-plex sits on a spacious 0.5 acre lot and offers a unique chance to step into real estate investing or expand your portfolio. The property features three units: one 2-bedroom, 1.5-bath apartment and two 1-bedroom, 1-bath units. The one-bedroom apartments are currently tenant-occupied, generating $1,100/month and $1,000/month, while the two-bedroom unit was recently leased through April 2026 at $1,300/month. With landlord-paid utilities, the property produces over $40,000 in annual gross rental income, and $30,000 net annual income. Full of character and history, this older home comes with its share of quirks&mdas

Key facts

• 0.41 acre lot
• Built 1900
• Listed 52 days

Property features AI

Finance

• Financial info: Gross income reported at $40,000; Net operating income reported at $30,000; Owner pays electricity and water; Tenants reported as paying none

Exterior

• Parking: No designated or covered parking spaces listed
• Utilities: Public water; Private sewer; Water available
• Home design: Residential income property (triplex); Attached property; One level
• Construction: Vinyl siding
• Exterior features: Lot dimensions approximately 70 x 258

Interior

• Bedrooms: Two 1-bedroom units; One 2-bedroom unit
• Flooring: Wood; Laminate
• Bathrooms: Two 1-bath units; One 2-bath unit
• Heating & cooling: Radiant heating; Wall/window unit(s) for cooling
• Interior features: Wood and laminate flooring; Radiant heating; Wall/window cooling units
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 1×2bd/1.5ba + 2×1bd/1ba units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $576/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $250k).
• Recommended offer: $242k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 65/100 on livability (#152 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: health & safety C-, employment D+, amenities F.
• Marshall County (rural): math 31% / reading 29% proficiency, ranked #58 of 139 in TN (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cornersville Elementary (math 35% / reading 34%, grade F, #319 of 952 statewide, top 37%, 468 students, 0% FRL); Cornersville School (math 21% / reading 32%, grade F, #112 of 332 statewide, top 35%, 442 students, 0% FRL) — zoned schools average 0% FRL vs 48% district-wide (48 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 43 active listings in the ZIP; 400 units permitted in Marshall County in 2024 (75 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($2k loan paydown + $3k appreciation (1.0% local appreciation)).
• Marshall County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (1.0% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 12y ago; this cycle's ask has dropped $19k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $33k; list at $250k implies a 657% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $242,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.66% ✓
• Cap rate: 14.59%
• Cash-on-cash: 29.64%
• DSCR: 2.32
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.03% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 32.0%
• Equity multiple: 2.64×
• Total profit: $115,059
• Equity at exit: $85,683

10-year hold

• IRR: 34.3%
• Equity multiple: 5.13×
• Total profit: $289,110
• Equity at exit: $114,152

Cash invested: $69,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Tennessee: 87 Strongly Landlord-Friendly · R+13
• County: — inherits STATE
• City: — inherits STATE

14-day notice (URLTA); generally landlord-favorable; Nashville court paced moderate.

Methodology + full state rankings →

ZIP-level market 37047

• Home prices YoY: 0.3%
• Active inventory: 43
• Price-to-rent: 15.2×

Monthly cashflow live

• Estimated rent: $4,149 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$135 /mo · $1,616/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$871
• Net cashflow: $1,728

Break-even live

Break-even rent $1,961

Max offer price $249,900

Occupancy floor 53%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	2	1.5	$1,366
▸ 2× units	1	1	$2,782
Total (3 units)			$4,149

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-18
   price $249,900 Active 52 DOM
2. 2026-06-18
   days on market $269,000 Active 52 DOM
3. 2026-06-17
   days on market $269,000 Active 51 DOM
4. 2026-06-16
   days on market $269,000 Active 50 DOM
5. 2026-06-15
   days on market $269,000 Active 49 DOM
6. 2026-06-13
   days on market $269,000 Active 47 DOM
7. 2026-06-09
   days on market $269,000 Active 43 DOM
8. 2026-06-08
   days on market $269,000 Active 42 DOM
9. 2026-06-07
   days on market $269,000 Active 41 DOM
10. 2026-06-03
    days on market $269,000 Active 37 DOM
11. 2026-06-02
    days on market $269,000 Active 36 DOM
12. 2026-06-01
    days on market $269,000 Active 35 DOM
13. 2026-05-31
    days on market $269,000 Active 34 DOM
14. 2026-04-27
    listed $269,000 Active 1371-char remark
15. 2022-03-03
    historical
16. 2022-03-03
    historical
17. 2022-01-12
    listed Active
18. 2022-01-12
    listed Active
19. 2014-09-25
    soldstatus $33,000 Closed
20. 2014-09-25
    soldstatus $33,000
21. 2014-09-22
    soldstatus $33,000 Closed
22. 2014-09-22
    soldstatus $33,000
23. 2014-08-29
    historical
24. 2014-08-27
    historical
25. 2014-02-20
    listed $43,000
26. 2014-02-16
    listed $43,000
27. 2007-10-10
    soldstatus $40,000

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

Tax reassessment forecast TN · Resets to sale price

• Current annual tax: $1,616 · $135/mo
• Projected year-2 tax: $1,774 · $148/mo
• Expected delta: +$158/yr (+$13/mo · 9.8%)

ⓘ 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 5/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥104°F today · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 14% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $49,788
• − Mortgage interest: −$13,998
• − Property taxes: −$1,616
• − Insurance: −$1,250
• − Repairs & maintenance: −$3,983
• − Management: −$3,983
• − Depreciation: −$7,270
• Taxable income: $17,688
• Est. tax owed @ 24.0%: −$4,245
• After-tax cash flow: $16,496/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: Marshall County
• NCES district ID: 4702670
• Math proficiency: 31% ▼ -9.00%
• Reading proficiency: 29% ▼ -5.00%
• Median HH income: $43,058
• Composite: 25.56/100
• National rank: #7426
• State rank: #58 of 139 in TN

Livability — Cornersville

• Score: 65/100
• State rank: #152
• US rank: #13391

Category grades

Amenities F Commute F Cost of living A+ Crime B+ Employment D+ Housing A+ Health & safety C- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cornersville, TN
• Population (ZIP): 2,685

Population outlook (Marshall County) Hauer SSP2

• Today (2025): 33,222 people
• By 2030: 33,867 · +1.9%
• By 2040: 34,743 · +4.6%
• By 2050: 34,954 · +5.2%
• By 2075: 34,652 · +4.3%
• By 2100: 31,862 · -4.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Two or more races 18% Black 3% Hispanic / Latino 3%
• Common ancestry: Lithuanian 2% Iranian 2% Polish 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 3% German/W. Germanic 1%

Political lean MEDSL · Marshall

• 2024 margin: Solid R (+56.6) · D 21.2% · R 77.8%
• 2008→2024 swing: -17.0pp toward R · 2008: -39.6pp · 2024: -56.6pp
• All cycles: 2024: R+56.6 2020: R+50.0 2016: R+46.6 2012: R+28.9 2008: R+39.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.03%
• Current HPI: 366.0155
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.78%
• F500 in state: 22

Industry mix (Fortune 500 HQ in TN)

Industry	F500 HQs	Revenue
▸Healthcare	3	$91B
▸Retail	3	$72B
▸Transportation / Logistics	1	$88B
▸Paper / Packaging	1	$19B
▸Insurance	1	$13B
▸Energy	1	$12B

Price history

+524.8% since first listed

15 events — show timeline

• 2026-06-18 Price Changed $249,900 REALTRACS as Distributed by MLS Grid
• 2026-04-27 Listed $269,000 REALTRACS as Distributed by MLS Grid
• 2022-03-03 Listing Removed — REALTRACS as Distributed by MLS Grid
• 2022-03-03 Listing Removed — REALTRACS as Distributed by MLS Grid
• 2022-01-12 Listed — REALTRACS as Distributed by MLS Grid
• 2022-01-12 Listed — REALTRACS as Distributed by MLS Grid
• 2014-09-25 Sold (MLS) $33,000 REALTRACS as Distributed by MLS Grid
• 2014-09-25 Sold (MLS) $33,000 REALTRACS as Distributed by MLS Grid
• 2014-09-22 Sold (MLS) $33,000 REALTRACS as Distributed by MLS Grid
• 2014-09-22 Sold (MLS) $33,000 REALTRACS as Distributed by MLS Grid
• 2014-08-29 Listing Removed — REALTRACS as Distributed by MLS Grid
• 2014-08-27 Listing Removed — REALTRACS as Distributed by MLS Grid
• 2014-02-20 Listed $43,000 REALTRACS as Distributed by MLS Grid
• 2014-02-16 Listed $43,000 REALTRACS as Distributed by MLS Grid
• 2007-10-10 Sold (Public Records) $40,000 Public Records

Property tax history

+12.8%/yr

Latest (2025): $1,616 · +5.6% YoY. Source: county tax records.