171 Cedar Grove Rd · Shelbyville, TN 37160

$299,900

4 bd · 2.0 ba · 1,562 sqft · MultiFamily public records · 43 Days on market

Built 1939 0.44 ac lot $192/sqft · at area comps Est $294k · at est.

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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 +23.7/30.0
• DSCR +7.6/10.0
• ARV discount +6.6/15.0
• 1% rule +5.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Income producer. Excellent condition duplex - 2 Br 1 Ba Each side. Refrigerator, stove, CHA (4 years old), 6-year old roof, Each side rented for $140/week. That's $280/week and tenants pay their own utilities.

Key facts

• 0.44 acre lot
• Built 1939
• Listed 42 days

Property features AI

Finance

• Other: Total units: 2
• Financial info: Property zoned RES; Owner pays: none; Tenants pay electricity and water; Two-unit income property

Exterior

• Parking: Driveway with gravel parking; On-site parking accessible via alley behind property
• Security: Smoke detector(s)
• Utilities: Electricity available; Water available; Public water; Public sewer
• Home design: Duplex (attached residential income property); Single-story / One level; 1,579 square feet above grade (professional measurement)
• Construction: Vinyl siding exterior; Existing structure
• Exterior features: Lot irregularly shaped approximately 148 x 129; Public water available; Public sewer available

Interior

• Kitchen: No specific appliances listed
• Bedrooms: Two 2-bedroom units (each unit is 2 bedrooms)
• Flooring: Wood flooring; Vinyl flooring
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: Smoke detectors
• Laundry & utility: Individual laundry hookups; Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $570 ($7k/yr) — positive. Per door: $285/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $300k).
• Recommended offer: $291k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 3.6% in Shelbyville — 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 64/100 on livability (#183 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime D, employment D.
• Bedford County (rural): math 24% / reading 23% proficiency, ranked #97 of 139 in TN (top 70%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: East Side Elementary (math 13% / reading 17%, grade F, #749 of 952 statewide, top 79%, 424 students, 0% FRL); Shelbyville Central High School (math 2% / reading 28%, grade F, #236 of 332 statewide, top 71%, 1,553 students, 0% FRL) — zoned schools average 0% FRL vs 56% district-wide (56 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 354 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 630 units permitted in Bedford County in 2024 (6 in 5+ unit buildings).
• At $3,009/mo this rent would consume 56% of the median local household income ($65k/yr) (locally 1093% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Bedford County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $59k; list at $300k implies a 407% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $290,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 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 1939 — 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 F-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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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.
9. 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.
10. 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: 1.00% ✓
• Cap rate: 8.57%
• Cash-on-cash: 8.14%
• DSCR: 1.36
• GRM: 8.3

CMA / ARV

• ARV (median comp): $294,243
• List price: $299,900
• Delta: 1.92%
• Verdict: FAIR
• Comps: 5 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
115 W End Cir	0.67mi	4/—	1,336 (-14%)	7mo	$301,500	$226	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -4.0%
• Equity multiple: 0.85×
• Total profit: $-12,430
• Equity at exit: $44,716

10-year hold

• IRR: 5.7%
• Equity multiple: 1.42×
• Total profit: $35,420
• Equity at exit: $25,930

Cash invested: $83,972 (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 37160

• Home prices YoY: -23.1%
• Active inventory: 354
• Price-to-rent: 16.6×

Monthly cashflow live

• Estimated rent: $3,009 medium
• Mortgage (P&I): −$1,573
• Tax from tax record: −$110 /mo · $1,317/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$632
• Net cashflow: $570

Break-even live

Break-even rent $2,288

Max offer price $299,900

Occupancy floor 76%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,008
Total (2 units)			$3,009

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
111 W End Ave Shelbyville, TN	3.0	2.0	1120	$1,675	$1.50	44d	1	0.84mi
403 Dover St Shelbyville, TN	3.0	2.0	1221	$1,105	$0.90	12d	1	0.92mi
217 Chevelle Ct Shelbyville, TN	3.0	2.5	1650	$2,500	$1.52	44d	1	1.19mi

Listing history 24 events

1. 2026-06-19
   days on market $299,900 Active 43 DOM
2. 2026-06-18
   days on market $299,900 Active 42 DOM
3. 2026-06-17
   days on market $299,900 Active 41 DOM
4. 2026-06-16
   days on market $299,900 Active 40 DOM
5. 2026-06-15
   days on market $299,900 Active 39 DOM
6. 2026-06-14
   days on market $299,900 Active 37 DOM
7. 2026-06-13
   days on market $299,900 Active 36 DOM
8. 2026-06-10
   days on market $299,900 Active 34 DOM
9. 2026-06-09
   days on market $299,900 Active 33 DOM
10. 2026-06-08
    days on market $299,900 Active 32 DOM
11. 2026-06-07
    days on market $299,900 Active 31 DOM
12. 2026-06-03
    days on market $299,900 Active 27 DOM
13. 2026-06-02
    days on market $299,900 Active 26 DOM
14. 2026-06-01
    days on market $299,900 Active 25 DOM
15. 2026-05-31
    days on market $299,900 Active 24 DOM
16. 2026-05-30
    days on market $299,900 Active 23 DOM
17. 2026-05-08
    listed $315,000 Active 1352-char remark
18. 2026-05-01
    historical $315,000 1352-char remark
19. 2015-12-01
    soldstatus $59,100 Closed 212-char remark

    Show marketing remark (212 chars)

    Income producer. Excellent condition duplex - 2 Br 1 Ba Each side. Refrigerator, stove, CHA (4 years old), 6-year old roof, Each side rented for $140/week. That's $280/week and tenants pay their own utilities.

20. 2015-12-01
    soldstatus $59,100

    Show marketing remark (212 chars)

    Income producer. Excellent condition duplex - 2 Br 1 Ba Each side. Refrigerator, stove, CHA (4 years old), 6-year old roof, Each side rented for $140/week. That's $280/week and tenants pay their own utilities.

21. 2015-07-17
    historical Contingent - Inspection 212-char remark

    Show marketing remark (212 chars)

    Income producer. Excellent condition duplex - 2 Br 1 Ba Each side. Refrigerator, stove, CHA (4 years old), 6-year old roof, Each side rented for $140/week. That's $280/week and tenants pay their own utilities.

22. 2015-07-10
    listed $65,000 Active 212-char remark

    Show marketing remark (212 chars)

    Income producer. Excellent condition duplex - 2 Br 1 Ba Each side. Refrigerator, stove, CHA (4 years old), 6-year old roof, Each side rented for $140/week. That's $280/week and tenants pay their own utilities.

23. 2005-02-28
    soldstatus $49,000
24. 2001-10-10
    soldstatus $58,000

ⓘ 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: $1,317 · $110/mo
• Projected year-2 tax: $2,129 · $177/mo
• Expected delta: +$812/yr (+$68/mo · 61.7%)

ⓘ 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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 12% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,108
• − Mortgage interest: −$16,799
• − Property taxes: −$1,317
• − Insurance: −$1,500
• − Repairs & maintenance: −$2,889
• − Management: −$2,889
• − Depreciation: −$8,724
• Taxable income: $1,991
• Est. tax owed @ 24.0%: −$478
• After-tax cash flow: $6,359/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: Bedford County
• NCES district ID: 4700180
• Math proficiency: 24% ▼ -4.00%
• Reading proficiency: 23% ▼ -3.00%
• Median HH income: $41,704
• Composite: 20.03/100
• National rank: #8658
• State rank: #97 of 139 in TN

Livability — Shelbyville

• Score: 64/100
• State rank: #183
• US rank: #14818

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shelbyville, TN
• County: Bedford County · 38,148 people
• City population: 38,148
• Metro: Shelbyville, TN
• Population (ZIP): 38,148
• Household income: $64,800
• Rent vs Own: 34.6% rent · 65.4% own
• Severe rent burden: 1093.0

Population outlook (Bedford County) Hauer SSP2

• Today (2025): 51,064 people
• By 2030: 52,954 · +3.7%
• By 2040: 56,534 · +10.7%
• By 2050: 59,482 · +16.5%
• By 2075: 65,597 · +28.5%
• By 2100: 68,030 · +33.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (66%)
• Race & ethnicity: White 66% Hispanic / Latino 21% Two or more races 11% Black 8% Native American 2%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Serbian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 9% · Canada
• Languages at home: 84% English-only · Spanish 15% Arabic 1%

Political lean MEDSL · Bedford

• 2024 margin: Solid R (+58.0) · D 20.5% · R 78.5%
• 2008→2024 swing: -24.5pp toward R · 2008: -33.5pp · 2024: -58.0pp
• All cycles: 2024: R+58.0 2020: R+51.9 2016: R+52.8 2012: R+40.3 2008: R+33.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -99.18%
• Current HPI: 330.802
• Rent YoY: —
• Metro: Shelbyville, TN
• 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

+417.1% since first listed

9 events — show timeline

• 2026-05-22 Price Changed $299,900 REALTRACS as Distributed by MLS Grid
• 2026-05-08 Listed $315,000 REALTRACS as Distributed by MLS Grid
• 2026-05-01 Coming Soon $315,000 REALTRACS as Distributed by MLS Grid
• 2015-12-01 Sold (Public Records) $59,100 Public Records
• 2015-12-01 Sold (MLS) $59,100 REALTRACS as Distributed by MLS Grid
• 2015-07-17 Contingent — REALTRACS as Distributed by MLS Grid
• 2015-07-10 Listed $65,000 REALTRACS as Distributed by MLS Grid
• 2005-02-28 Sold (Public Records) $49,000 Public Records
• 2001-10-10 Sold (Public Records) $58,000 Public Records

Property tax history

+6.5%/yr

Latest (2025): $1,317 · +0.0% YoY. Source: county tax records.