360 Floyd Dr

Smithville, TN 37166

$130,000C

2 bd · 2.0 ba · 1,120 sqft · Built 1988 · Manufactured · Coming Soon · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,493/mo
• Mortgage (P&I): −$682
• Tax + insurance: −$217
• HOA: −$0
• Vac / Maint / Mgmt: −$314
• Net cashflow: $281/mo
• Annual: $3,372/yr
• Cap rate: 8.89%
• Cash-on-cash: 9.26%
• DSCR: 1.41
• 1% rule: 1.15%
• Cash to close: $36,400

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $130k. Condition is rated poor.
• At list price, monthly cash flow is $281 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#164 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing B+; Watch: crime C-, health & safety C-, amenities F.
• Dekalb County (rural): math 17% / reading 23% proficiency, ranked #115 of 139 in TN (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Smithville Elementary (599 students, 0% FRL); De Kalb County High School (math 12% / reading 32%, grade F, #163 of 332 statewide, top 51%, 807 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: 357 active listings in the ZIP; 143 units permitted in DeKalb County in 2024 (0 in 5+ unit buildings).
• DeKalb County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $55k; list at $130k implies a 136% gain — meaningful room to come down on a strong offer.
• Cap rate 8.9% vs local median 2.4% in Smithville — 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.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Repairs flagged (vision-AI assessment)

• Major: siding — Significant damage
• Major: roof — Missing shingles
• Major: flooring — Worn-out carpet
• Major: interior walls — Peeling paint