221 N Oak Ave · Cookeville, TN 38501

$1,800

2 bd · 1.0 ba · 1,500 sqft · SingleFamily · 135 Days on market

Built 1974 0.37 ac lot $1/sqft · 99% below area

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Why this score? — see what drove the D 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
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.8/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

North Oak Apartment is a fully furnished second-floor apartment located in the heart of Cookeville. This spacious 1,500 sq. ft. residence offers 2 bedrooms, 1 full bathroom, a large open living area, and a modern full kitchen. The living room is bright and inviting, featuring ample space for relaxing or entertaining. The contemporary kitchen includes quartz countertops, a generous island for seating and dining, and modern finishes throughout. Both bedrooms offer comfortable beds, quality linens, and spacious closets, providing a move-in-ready experience. Ideal for professionals, Tennessee Tech Students/ Professors, Traveling Nurses, locum doctors, etc. or corporate tenants, this apartment combines comfort, convenience, and a prime central location. Minimum 1-year lease required.

Key facts

• Quartz countertops
• Generous island
• Modern full kitchen

Tags

• SECOND-FLOOR APARTMENT
• LARGE OPEN LIVING AREA
• MODERN FULL KITCHEN
• QUARTZ COUNTERTOPS
• GENEROUS ISLAND
• MOVE-IN-READY EXPERIENCE

🏷️ Possibly a rental listed for sale. The $1,800 price doesn't fit this home's estimated sale value (~$234,929) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $2k).
• Recommended offer: $2k (12.0% below list) — sets the bar for market timing.
• Cap rate 814.5% vs local median 3.1% in Cookeville — 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 76/100 on livability (#11 in TN, #3,551 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, health & safety A+; Watch: schools D-, commute F, employment F.
• Putnam County (town): math 32% / reading 31% proficiency, ranked #49 of 139 in TN (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-1.4%/yr); 285 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 700 units permitted in Putnam County in 2024 (48 in 5+ unit buildings).
• This rent runs 36% of the median local income ($52k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $12 of loan paydown is wiped out by about $54 of value loss. Plan a longer hold.
• Putnam County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $504 cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($2k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $1,584 (12.0% below list)

Questions for the listing agent

1. It's been on market 135 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — 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 D-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. 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?
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 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: 86.13% ✓
• Cap rate: 814.48%
• Cash-on-cash: 2886.37%
• DSCR: 129.43
• GRM: 0.1

CMA / ARV

• ARV (median comp): $234,929
• List price: $1,800
• Delta: -99.23%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
346 W 4th St	0.33mi	3/2.0 (+1)	1,365 (-9%)	16mo	$310,000	$227	47
434 W 7th St	0.61mi	3/2.0 (+1)	1,550 (+3%)	14mo	$267,000	$172	45
523 Spruce Ave	0.55mi	3/2.0 (+1)	1,395 (-7%)	10mo	$295,000	$211	45
520 Ash Ave	0.54mi	3/2.0 (+1)	1,590 (+6%)	20mo	$295,000	$186	40
236 Joining Ave	0.55mi	3/2.0 (+1)	1,618 (+8%)	23mo	$341,990	$211	33
333 Walnut Ave S	0.69mi	3/2.0 (+1)	1,680 (+12%)	12mo	$399,900	$238	29
609 N Franklin Ave	0.50mi	3/2.0 (+1)	1,280 (-15%)	17mo	$241,000	$188	29
20 Proffitt St	0.53mi	3/1.0 (+1)	1,304 (-13%)	24mo	$217,250	$167	28
720 Chestnut Ave	0.54mi	3/2.0 (+1)	1,692 (+13%)	22mo	$270,000	$160	26
112 E Stevens St	0.68mi	3/1.0 (+1)	1,294 (-14%)	19mo	$184,500	$143	24

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 144.65×
• Total profit: $72,399
• Equity at exit: $268

10-year hold

• IRR: —
• Equity multiple: 288.70×
• Total profit: $145,002
• Equity at exit: $156

Cash invested: $504 (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 38501

• Home prices YoY: -24.2%
• Rents YoY: -1.4%
• Active inventory: 285
• Price-to-rent: 0.1×

Monthly cashflow live

• Estimated rent: $1,550 high
• Mortgage (P&I): −$9
• Tax est. 1.5%: −$2 /mo · $27/yr
• Insurance: −$1
• HOA: −$0
• Vacancy / Maint / Mgmt: −$326
• Net cashflow: $1,212

Break-even live

Break-even rent $16

Max offer price $1,800

Occupancy floor 17%

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: $450
• Closing costs: $54
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
237 N Maple Ave Cookeville, TN	3.0	2.0	1500	$1,900	$1.27	44d	1	0.75mi
158 King St Cookeville, TN	3.0	1.0	1250	$1,450	$1.16	44d	1	0.78mi
306 E 13th St Cookeville, TN	3.0	2.0	1537	$1,950	$1.27	44d	1	0.99mi
1117 Womack Ave Cookeville, TN	3.0	1.0	1100	$1,500	$1.36	44d	1	1.02mi
1500 N Willow Ave Unit C-4 Cookeville, TN	2.0	2.0	1200	$1,100	$0.92	44d	1	1.23mi
800 E Spring St Cookeville, TN	1.0–3.0	1.0–2.5	1325	$1,310	$0.99	44d	27	1.27mi

Listing history 20 events

1. 2026-06-19
   days on market $1,800 Active 135 DOM
2. 2026-06-18
   days on market $1,800 Active 134 DOM
3. 2026-06-17
   days on market $1,800 Active 133 DOM
4. 2026-06-16
   days on market $1,800 Active 132 DOM
5. 2026-06-15
   days on market $1,800 Active 131 DOM
6. 2026-06-14
   days on market $1,800 Active 129 DOM
7. 2026-06-13
   days on market $1,800 Active 128 DOM
8. 2026-06-10
   days on market $1,800 Active 126 DOM
9. 2026-06-09
   days on market $1,800 Active 125 DOM
10. 2026-06-08
    days on market $1,800 Active 124 DOM
11. 2026-06-07
    days on market $1,800 Active 123 DOM
12. 2026-06-05
    days on market $1,800 Active 120 DOM
13. 2026-06-02
    days on market $1,800 Active 118 DOM
14. 2026-06-01
    days on market $1,800 Active 117 DOM
15. 2026-05-31
    days on market $1,800 Active 116 DOM
16. 2026-05-30
    days on market $1,800 Active 115 DOM
17. 2026-04-07
    listed $1,800
18. 2026-04-06
    historical $1,800
19. 2026-02-06
    listed $1,800
20. 2026-02-04
    listed $1,800 Active 789-char remark

    Show marketing remark (789 chars)

    North Oak Apartment is a fully furnished second-floor apartment located in the heart of Cookeville. This spacious 1,500 sq. ft. residence offers 2 bedrooms, 1 full bathroom, a large open living area, and a modern full kitchen. The living room is bright and inviting, featuring ample space for relaxing or entertaining. The contemporary kitchen includes quartz countertops, a generous island for seating and dining, and modern finishes throughout. Both bedrooms offer comfortable beds, quality linens, and spacious closets, providing a move-in-ready experience. Ideal for professionals, Tennessee Tech Students/ Professors, Traveling Nurses, locum doctors, etc. or corporate tenants, this apartment combines comfort, convenience, and a prime central location. Minimum 1-year lease required.

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

Taxation est. · year 1

• Rental income: $18,603
• − Mortgage interest: −$101
• − Property taxes: −$27
• − Insurance: −$9
• − Repairs & maintenance: −$1,488
• − Management: −$1,488
• − Depreciation: −$52
• Taxable income: $15,438
• Est. tax owed @ 24.0%: −$3,705
• After-tax cash flow: $10,842/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: Putnam County
• NCES district ID: 4703480
• Math proficiency: 32% ▼ -6.00%
• Reading proficiency: 31% ▼ -5.00%
• Median HH income: $35,738
• Composite: 26.09/100
• National rank: #7291
• State rank: #49 of 139 in TN

Livability — Cookeville

• Score: 76/100
• State rank: #11
• US rank: #3551

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cookeville, TN
• County: Putnam County · 72,571 people
• City population: 72,571
• Metro: Cookeville, TN
• Population (ZIP): 42,471
• Household income: $52,145
• Rent vs Own: 51.1% rent · 48.9% own
• Severe rent burden: 2410.0

Population outlook (Putnam County) Hauer SSP2

• Today (2025): 80,122 people
• By 2030: 82,798 · +3.3%
• By 2040: 87,913 · +9.7%
• By 2050: 92,659 · +15.6%
• By 2075: 104,965 · +31.0%
• By 2100: 113,256 · +41.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 9% Two or more races 6% Black 4% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Serbian 2% Slovak 2% Lithuanian 2%
• Foreign-born: 6% · Canada
• Languages at home: 92% English-only · Spanish 5% Other Indo-European 1% French/Haitian/Cajun 1%

Political lean MEDSL · Putnam

• 2024 margin: Solid R (+47.4) · D 25.7% · R 73.1% · Other 1.1%
• 2008→2024 swing: -20.5pp toward R · 2008: -26.9pp · 2024: -47.4pp
• All cycles: 2024: R+47.4 2020: R+43.4 2016: R+45.0 2012: R+37.1 2008: R+26.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -91.19%
• Current HPI: 285.6959
• Rent YoY: ▼ -1.45%
• Metro: Cookeville, TN
• 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

+0.0% since first listed

4 events — show timeline

• 2026-04-07 Listed for Rent $1,800 REALTRACS
• 2026-04-06 Rental Removed $1,800 REALTRACS
• 2026-02-06 Listed for Rent $1,800 REALTRACS
• 2026-02-04 Listed $1,800 UCMLS