172/174 Cedar St · Friendship, TN 38034

$175,000

4 bd · 2.0 ba · 1,328 sqft · MultiFamily · 12 Days on market

Built 1979 Good condition 1.10 ac lot

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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 +15.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +4.6/10.0
• 1% rule +4.1/10.0
• Condition / age +4.0/5.0
• Livability +2.7/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0

Multi-family units

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

Listing remarks

Fully remodeled duplex on 1.1 acres in Friendship, TN featuring a 2BR/1BA unit and a 1BR/1BA unit. Updates include all new flooring, fresh paint, new siding, 3 new mini-split units, new cabinets, new stove/range, new microwave with vent hood, 2 new water heaters, and MORE! Turnkey investment opportunity with excellent rental potential and convenient access to local amenities and Highway 412. Give Seth Rodgers a call or email at 731-618-7925 / [email protected] to see this Duplex TODAY!

Key facts

• Remodeled duplex
• 1.1 acres
• Fresh paint

Tags

• REMODELED DUPLEX
• 1.1 ACRES
• NEW FLOORING
• FRESH PAINT
• NEW SIDING
• NEW MINI-SPLIT UNITS

Property features AI

Finance

• Financial info: Zoned commercial

Exterior

• Parking: Three parking spaces; Circular gravel driveway
• Utilities: Public water; Public sewer; 200+ amp electric service; Electricity connected; Water connected; Sewer connected; Cable available; Phone available
• Home design: Duplex residential income property; One-story
• Construction: Vinyl siding; Metal roof; Slab foundation; Built as a one-level structure
• Exterior features: Patio; Level to rolling slope lot; Concrete road frontage on a city street; Publicly maintained road

Interior

• Kitchen: Electric oven; Range
• Bathrooms: One bathroom in one unit; One bathroom in the other unit
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Electric oven; Range
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 1×2.0bd/1.0ba + 1×1.0bd/1.0ba units multifamily listed at $175k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $55 ($655/yr) — positive. Per door: $27/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $160k (8.6% below list).
• Recommended offer: $160k (8.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 53/100 on livability (#387 in TN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: health & safety C-, schools F, crime F.
• Crockett County (rural): math 31% / reading 32% proficiency, ranked #48 of 139 in TN (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 20 active listings in the ZIP; 26 units permitted in Crockett County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $160,000 (8.6% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is F 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?
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: 0.91% ✗
• Cap rate: 6.67%
• Cash-on-cash: 1.34%
• DSCR: 1.06
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $91,632
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7543 Tn-189	0.24mi	3/2.0 (-1)	1,455 (+10%)	3mo	$100,000	$69	66

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.2%
• Equity multiple: 3.02×
• Total profit: $98,812
• Equity at exit: $157,654

10-year hold

• IRR: 22.3%
• Equity multiple: 6.88×
• Total profit: $288,298
• Equity at exit: $339,987

Cash invested: $49,000 (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 38034

• Home prices YoY: 5.3%
• Active inventory: 20
• Price-to-rent: 17.9×

Monthly cashflow live

• Estimated rent: $1,600 medium
• Mortgage (P&I): −$918
• Tax est. 1.5%: −$219 /mo · $2,625/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$336
• Net cashflow: $55

Break-even live

Break-even rent $1,531

Max offer price $175,000

Occupancy floor 92%

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

Units	Beds	Baths	Est. rent
1× unit	2.0	1	$813
1× unit	1.0	1	$787
Total (2 units)			$1,600

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-18
   days on market $175,000 Active 12 DOM
2. 2026-06-17
   days on market $175,000 Active 11 DOM
3. 2026-06-16
   days on market $175,000 Active 10 DOM
4. 2026-06-15
   days on market $175,000 Active 9 DOM
5. 2026-06-13
   days on market $175,000 Active 7 DOM
6. 2026-06-12
   days on market $175,000 Active 6 DOM
7. 2026-06-09
   days on market $175,000 Active 3 DOM
8. 2026-06-08
   days on market $175,000 Active 2 DOM
9. 2026-06-07
   remarks 496-char remark
10. 2026-06-07
    listed $175,000 Active 1 DOM

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥108°F today · 19 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 11% 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: $19,200
• − Mortgage interest: −$9,803
• − Property taxes: −$2,625
• − Insurance: −$875
• − Repairs & maintenance: −$1,536
• − Management: −$1,536
• − Depreciation: −$5,091
• Taxable loss: −$2,266
• Est. tax savings @ 24.0%: +$544
• After-tax cash flow: $1,199/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.

Condition & rehab AI · 13 photos

Good 80/100 Cosmetic rehab

This fully remodeled duplex is in good condition with fresh paint and new mini-split units. It offers excellent rental potential and is turnkey ready.

Value-add opportunities

• Both Painting the exterior siding — Fresh paint enhances curb appeal and can increase both resale and rental value.
• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract more renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior siding — Fresh paint enhances curb appeal and can increase both resale and rental value. ↑
• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract more renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Crockett County
• NCES district ID: 4700850
• Math proficiency: 31% ▼ -10.00%
• Reading proficiency: 32% ▲ 3.00%
• Median HH income: $36,758
• Composite: 26.19/100
• National rank: #7266
• State rank: #48 of 139 in TN

Livability — Friendship

• Score: 53/100
• State rank: #387
• US rank: #24343

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Friendship, TN
• Population (ZIP): 3,366

Population outlook (Crockett County) Hauer SSP2

• Today (2025): 14,795 people
• By 2030: 14,812 · +0.1%
• By 2040: 14,811 · +0.1%
• By 2050: 14,809 · +0.1%
• By 2075: 15,405 · +4.1%
• By 2100: 16,200 · +9.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Two or more races 9% Black 8% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Lithuanian 5% Italian 3% Iranian 3%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · Crockett

• 2024 margin: Solid R (+58.7) · D 20.2% · R 78.9%
• 2008→2024 swing: -25.2pp toward R · 2008: -33.6pp · 2024: -58.7pp
• All cycles: 2024: R+58.7 2020: R+53.8 2016: R+49.7 2012: R+38.4 2008: R+33.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 13.00%
• Current HPI: 257.4293
• 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

1 event — show timeline

• 2026-05-30 Listed $175,000 CWTAR