279B Harrier Ct

Clarksville, TN 37042

$2,350,000D-

192 bd · 128.0 ba · 15,872 sqft · Built 1992 · MultiFamily · Active · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $19,215/mo
• Mortgage (P&I): −$12,324
• Tax + insurance: −$3,917
• HOA: −$0
• Vac / Maint / Mgmt: −$4,035
• Net cashflow: $-1,060/mo
• Annual: $-12,726/yr
• Cap rate: 5.75%
• Cash-on-cash: -1.93%
• DSCR: 0.91
• 1% rule: 0.82%
• Cash to close: $658,000

Investor read

• This is a 16 × 3-bed/2-bath units multifamily listed at $2.35M. Condition is rated good.
• At list price, monthly cash flow is $-1k ($-13k/yr) — negative. Per door: $-66/mo.
• To cash-flow at today's rent, offer at most $2.20M (6.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.92M (18.2% below list).
• It's been on market 44 days — a 3% lower offer ($2.28M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.92M (18.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $16k of loan paydown is wiped out by about $70k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#1 in TN, #798 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment C-, crime D+.
• Montgomery County (urban): math 25% / reading 31% proficiency, ranked #65 of 139 in TN (top 47%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Ringgold Elementary (math 19% / reading 23%, grade F, #633 of 952 statewide, top 67%, 801 students, 0% FRL); West Creek High (math 5% / reading 33%, grade F, #202 of 332 statewide, top 62%, 1,755 students, 0% FRL) — zoned schools average 0% FRL vs 40% district-wide (40 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+1.3%/yr); 897 active listings in the ZIP; 2,583 units permitted in Montgomery County in 2024 (617 in 5+ unit buildings).
• Montgomery County population projected at +49% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• Cap rate 5.8% vs local median 3.5% in Clarksville — 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.
• At $19,215/mo this rent would consume 328% of the median local household income ($70k/yr) (locally 2093% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 44 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.