1316 Old Cowan Rd · Winchester, TN 37398

$364,900

6 bd · 4.0 ba · 2,052 sqft · MultiFamily public records · 29 Days on market

Built 2022 Good condition 0.30 ac lot Est $359k · 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 +26.6/30.0
• DSCR +9.1/10.0
• ARV discount +6.8/15.0
• 1% rule +6.2/10.0
• Condition / age +3.8/5.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Schools +1.7/10.0
• 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

INVESTOR SPECIAL! INCLUDES 1316/1318 OLD COWAN RD! Duplex featuring 3BR/2BA units with stainless appliances, tile flooring, and city water and sewer. Strong rental potential in a convenient location just minutes from downtown Winchester. Low‑maintenance finishes and solid layout make this an excellent income‑producing opportunity for any portfolio.

Key facts

• Stainless appliances
• City water and sewer
• Tile flooring

Tags

• STAINLESS APPLIANCES
• TILE FLOORING
• CITY WATER AND SEWER
• STRONG RENTAL POTENTIAL
• CONVENIENT LOCATION
• LOW MAINTENANCE FINISHES

Property features AI

Finance

• Other: Zoning: r
• Financial info: Gross income reported as $33,000; Net operating income reported as $33,000; Tenant pays electricity

Exterior

• Parking: Driveway parking; 2 total parking spaces (2 open)
• Utilities: Public water; Public sewer; Electricity available
• Home design: Residential income property; Attached duplex; One-story
• Construction: Vinyl siding; Shingle roof; Duplex structure
• Exterior features: Irregular lot dimensions approximately 122.9 x 104.99

Interior

• Bedrooms: Two 3-bedroom units (each unit is 3 bedrooms)
• Flooring: Tile
• Bathrooms: Each unit has 2 bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Tile flooring
• Laundry & utility: Individual laundry hook-ups; Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 2 × 3.0-bed/2.0-bath units multifamily listed at $365k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $975 ($12k/yr) — positive. Per door: $487/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $365k).
• Recommended offer: $359k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.5% vs local median 3.0% in Winchester — 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 65/100 on livability (#149 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, crime D, amenities D-.
• Franklin County (town): math 18% / reading 22% proficiency, ranked #111 of 139 in TN (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Clark Memorial School (math 14% / reading 27%, grade F, #637 of 952 statewide, top 68%, 489 students, 0% FRL); Franklin Co High School (math 5% / reading 22%, grade F, #255 of 332 statewide, top 77%, 1,180 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: 324 active listings in the ZIP; 422 units permitted in Franklin County in 2024 (5 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Franklin County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $102k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($359k) is reasonable based on typical stale-listing flexibility.

Recommended offer $359,426 (1.5% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.12% ✓
• Cap rate: 9.50%
• Cash-on-cash: 11.45%
• DSCR: 1.51
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $359,100
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1106 Old Cowan Rd	0.21mi	6/4.0	2,052 (0%)	8mo	$360,000	$175	84

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: 0.7%
• Equity multiple: 1.03×
• Total profit: $2,834
• Equity at exit: $54,408

10-year hold

• IRR: 10.3%
• Equity multiple: 1.80×
• Total profit: $81,952
• Equity at exit: $31,550

Cash invested: $102,172 (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 37398

• Home prices YoY: -21.1%
• Active inventory: 324
• Price-to-rent: 14.9×

Monthly cashflow live

• Estimated rent: $4,074 medium
• Mortgage (P&I): −$1,914
• Tax from tax record: −$178 /mo · $2,139/yr
• Insurance: −$152
• HOA: −$0
• Vacancy / Maint / Mgmt: −$856
• Net cashflow: $975

Break-even live

Break-even rent $2,840

Max offer price $364,900

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3.0	2	$4,074
Total (2 units)			$4,074

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: $91,225
• Closing costs: $10,947
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   pricedays on market $364,900 Active 29 DOM
2. 2026-06-18
   days on market $369,900 Active 28 DOM
3. 2026-06-17
   days on market $369,900 Active 27 DOM
4. 2026-06-16
   days on market $369,900 Active 26 DOM
5. 2026-06-15
   days on market $369,900 Active 25 DOM
6. 2026-06-14
   days on market $369,900 Active 23 DOM
7. 2026-06-13
   days on market $369,900 Active 22 DOM
8. 2026-06-10
   days on market $369,900 Active 20 DOM
9. 2026-06-09
   days on market $369,900 Active 19 DOM
10. 2026-06-08
    days on market $369,900 Active 18 DOM
11. 2026-06-07
    days on market $369,900 Active 17 DOM
12. 2026-06-05
    days on market $369,900 Active 14 DOM
13. 2026-06-03
    days on market $369,900 Active 13 DOM
14. 2026-06-02
    days on market $369,900 Active 12 DOM
15. 2026-06-01
    days on market $369,900 Active 11 DOM
16. 2026-05-31
    days on market $369,900 Active 10 DOM
17. 2026-05-30
    days on market $369,900 Active 9 DOM
18. 2026-05-21
    listed $369,900 Active
19. 2023-05-02
    soldstatus $345,000

ⓘ 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: $2,139 · $178/mo
• Projected year-2 tax: $2,591 · $216/mo
• Expected delta: +$452/yr (+$38/mo · 21.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $48,888
• − Mortgage interest: −$20,440
• − Property taxes: −$2,139
• − Insurance: −$1,824
• − Repairs & maintenance: −$3,911
• − Management: −$3,911
• − Depreciation: −$10,615
• Taxable income: $6,047
• Est. tax owed @ 24.0%: −$1,451
• After-tax cash flow: $10,244/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 · 3 photos

Good 75/100 Cosmetic rehab

This multi-family home is in good condition with minimal repairs needed. It offers a good investment opportunity with potential for both resale and rental value through updates such as new flooring, smart home devices, and landscaping improvements.

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics.
• Both Replace ceiling fans — Modern ceiling fans improve airflow and aesthetics.
• Both Replace carpet with hardwood or tile — Hardwood or tile flooring increases resale value and is easier to maintain.
• Both Install smart home devices — Smart home devices improve convenience and can increase property value.
• Rental Add outdoor lighting — Outdoor lighting enhances safety and curb appeal for tenants.
• Resale Upgrade kitchen appliances — Upgraded appliances can attract more buyers and increase the home's value.
• Both Add a deck or patio — An outdoor living space increases the home's livability and can boost both resale and rental value.
• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract more buyers/tenants.
• Both Add a smart thermostat — A smart thermostat can improve energy efficiency and comfort, attracting more buyers/tenants.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Replace ceiling fans — Modern ceiling fans improve airflow and aesthetics. ↑
• Both Replace carpet with hardwood or tile — Hardwood or tile flooring increases resale value and is easier to maintain. ↑
• Both Install smart home devices — Smart home devices improve convenience and can increase property value. ↑
• Rental Add outdoor lighting — Outdoor lighting enhances safety and curb appeal for tenants. ↑
• Resale Upgrade kitchen appliances — Upgraded appliances can attract more buyers and increase the home's value. ↑
• Both Add a deck or patio — An outdoor living space increases the home's livability and can boost both resale and rental value. ↑
• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract more buyers/tenants. ↑
• Both Add a smart thermostat — A smart thermostat can improve energy efficiency and comfort, attracting more buyers/tenants. ↑

ⓘ 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: Franklin County
• NCES district ID: 4701290
• Math proficiency: 18% ▼ -9.00%
• Reading proficiency: 22% ▼ -8.00%
• Median HH income: $43,108
• Composite: 17.24/100
• National rank: #9094
• State rank: #111 of 139 in TN

Livability — Winchester

• Score: 65/100
• State rank: #149
• US rank: #13341

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Winchester, TN
• Population (ZIP): 15,712

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 42,858 people
• By 2030: 43,540 · +1.6%
• By 2040: 44,623 · +4.1%
• By 2050: 45,523 · +6.2%
• By 2075: 48,954 · +14.2%
• By 2100: 50,170 · +17.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 7% Black 7% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Serbian 2% Lithuanian 2% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Franklin

• 2024 margin: Solid R (+53.2) · D 23.0% · R 76.1%
• 2008→2024 swing: -30.6pp toward R · 2008: -22.5pp · 2024: -53.2pp
• All cycles: 2024: R+53.2 2020: R+47.7 2016: R+43.7 2012: R+28.9 2008: R+22.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -89.03%
• Current HPI: 333.839
• 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

+7.2% since first listed

2 events — show timeline

• 2026-05-21 Listed $369,900 REALTRACS as Distributed by MLS Grid
• 2023-05-02 Sold (Public Records) $345,000 Public Records

Property tax history

+0.0%/yr

Latest (2025): $2,139 · +0.0% YoY. Source: county tax records.