509 N Cedar St · Gleason, TN 38229

$65,000

2 bd · 1.0 ba · 882 sqft · SingleFamily public records · 88 Days on market

Built 1950 0.45 ac lot $74/sqft · 16% below area Est $78k · 16% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +14.8/15.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• Appreciation +5.5/10.0
• Livability +3.2/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Located in Gleason, this 2-bedroom, 1-bath home offers a great opportunity for first-time buyers or investors looking to expand their rental portfolio. Situated in a quiet neighborhood, the property features a spacious backyard with plenty of room for outdoor enjoyment, pets, or future improvements. Inside, the home provides a functional layout with comfortable living spaces and natural light throughout. The back porch adds an additional area to relax or entertain, overlooking the yard. Whether you're searching for a starter home or a property with income potential, this one checks the boxes for affordability, location, and opportunity.

Key facts

• Spacious backyard
• Natural light
• Back porch

Tags

• SPACIOUS BACKYARD
• QUIET NEIGHBORHOOD
• BACK PORCH
• FUNCTIONAL LAYOUT
• NATURAL LIGHT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $275 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($845 rent vs $65k).
• Recommended offer: $61k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#163 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: health & safety C-, employment D+, schools F.
• Weakley County (rural): math 34% / reading 38% proficiency, ranked #32 of 139 in TN (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 18 active listings in the ZIP; 69 units permitted in Weakley County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($449 loan paydown + $642 appreciation (1.0% local appreciation)).
• Weakley County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 88 days — a 6% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $16k; list at $65k implies a 306% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $61,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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 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.

Investment metrics

• 1% rule: 1.30% ✓
• Cap rate: 11.36%
• Cash-on-cash: 18.10%
• DSCR: 1.81
• GRM: 6.4

CMA / ARV

• ARV (median comp): $77,610
• List price: $65,000
• Delta: -16.25%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
502 West St	0.39mi	2/1.0	852 (-3%)	16mo	$28,000	$33	62
220 Parks Rd	0.37mi	3/1.0 (+1)	992 (+12%)	22mo	$88,500	$89	39
205 West St	0.57mi	1/1.0 (-1)	750 (-15%)	23mo	$12,500	$17	24

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

Projected returns pro-forma

0.99% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.1%
• Equity multiple: 2.02×
• Total profit: $18,642
• Equity at exit: $22,148

10-year hold

• IRR: 23.2%
• Equity multiple: 3.79×
• Total profit: $50,822
• Equity at exit: $29,401

Cash invested: $18,200 (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 38229

• Home prices YoY: 0.5%
• Active inventory: 18
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $845 medium
• Mortgage (P&I): −$341
• Tax from tax record: −$25 /mo · $305/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$178
• Net cashflow: $275

Break-even live

Break-even rent $498

Max offer price $65,000

Occupancy floor 63%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $65,000 Active 88 DOM
2. 2026-06-18
   days on market $65,000 Active 87 DOM
3. 2026-06-17
   days on market $65,000 Active 86 DOM
4. 2026-06-16
   days on market $65,000 Active 85 DOM
5. 2026-06-15
   days on market $65,000 Active 84 DOM
6. 2026-06-14
   days on market $65,000 Active 82 DOM
7. 2026-06-12
   days on market $65,000 Active 81 DOM
8. 2026-06-09
   days on market $65,000 Active 78 DOM
9. 2026-06-08
   days on market $65,000 Active 77 DOM
10. 2026-06-07
    days on market $65,000 Active 76 DOM
11. 2026-06-04
    days on market $65,000 Active 72 DOM
12. 2026-06-02
    days on market $65,000 Active 71 DOM
13. 2026-06-01
    days on market $65,000 Active 70 DOM
14. 2026-05-31
    days on market $65,000 Active 69 DOM
15. 2026-05-31
    days on market $65,000 Active 68 DOM
16. 2026-03-17
    listed $65,000 Active 644-char remark

    Show marketing remark (644 chars)

    Located in Gleason, this 2-bedroom, 1-bath home offers a great opportunity for first-time buyers or investors looking to expand their rental portfolio. Situated in a quiet neighborhood, the property features a spacious backyard with plenty of room for outdoor enjoyment, pets, or future improvements. Inside, the home provides a functional layout with comfortable living spaces and natural light throughout. The back porch adds an additional area to relax or entertain, overlooking the yard. Whether you're searching for a starter home or a property with income potential, this one checks the boxes for affordability, location, and opportunity.

17. 2009-08-03
    soldstatus $16,000

ⓘ 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: $305 · $25/mo
• Projected year-2 tax: $462 · $38/mo
• Expected delta: +$156/yr (+$13/mo · 51.3%)

ⓘ 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 5/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥108°F today · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 12% 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: $10,146
• − Mortgage interest: −$3,641
• − Property taxes: −$305
• − Insurance: −$325
• − Repairs & maintenance: −$812
• − Management: −$812
• − Depreciation: −$1,891
• Taxable income: $2,361
• Est. tax owed @ 24.0%: −$567
• After-tax cash flow: $2,728/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: Weakley County
• NCES district ID: 4704470
• Math proficiency: 34% ▼ -10.00%
• Reading proficiency: 38% ▼ -2.00%
• Median HH income: $35,389
• Composite: 29.77/100
• National rank: #6434
• State rank: #32 of 139 in TN

Livability — Gleason

• Score: 64/100
• State rank: #163
• US rank: #14059

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gleason, TN
• City population: 2,509
• Population (ZIP): 2,509

Population outlook (Weakley County) Hauer SSP2

• Today (2025): 31,862 people
• By 2030: 30,688 · -3.7%
• By 2040: 27,935 · -12.3%
• By 2050: 25,485 · -20.0%
• By 2075: 21,080 · -33.8%
• By 2100: 18,214 · -42.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 2% Two or more races 2% Black 1%
• Common ancestry: Slovak 2% Italian 1%
• Foreign-born: 0%
• Languages at home: 97% English-only · Spanish 3%

Political lean MEDSL · Weakley

• 2024 margin: Solid R (+58.4) · D 20.3% · R 78.7%
• 2008→2024 swing: -27.2pp toward R · 2008: -31.1pp · 2024: -58.4pp
• All cycles: 2024: R+58.4 2020: R+53.7 2016: R+51.4 2012: R+41.0 2008: R+31.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.99%
• Current HPI: 215.6697
• 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

+306.2% since first listed

2 events — show timeline

• 2026-03-17 Listed $65,000 CWTAR
• 2009-08-03 Sold (Public Records) $16,000 Public Records

Property tax history

+2.6%/yr

Latest (2025): $305 · +7.0% YoY. Source: county tax records.