270 Tampa Dr

Nashville-Davidson metropolitan government (balance), TN 37211

$99,000B-

2 bd · 3.0 ba · 1,152 sqft · Built 1971 · Condo · Active · 37 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,468/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$231
• HOA: −$0
• Vac / Maint / Mgmt: −$308
• Net cashflow: $409/mo
• Annual: $4,908/yr
• Cap rate: 12.06%
• Cash-on-cash: 20.58%
• DSCR: 1.92
• 1% rule: 1.48%
• Cash to close: $27,720

Investor read

• This is a 2-bed/3.0-bath condo listed at $99k.
• At list price, monthly cash flow is $409 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• It's been on market 37 days — a 3% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $96k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Davidson County (urban): math 12% / reading 19% proficiency, ranked #126 of 139 in TN (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Paragon Mills Elementary (math 2% / reading 8%, grade F, #896 of 952 statewide, top 96%, 566 students, 0% FRL); Wright Middle (math 2% / reading 3%, grade F, #329 of 333 statewide, top 99%, 686 students, 0% FRL); Glencliff High School (math 0% / reading 6%, grade F, #323 of 332 statewide, top 98%, 1,177 students, 0% FRL) — zoned schools average 0% FRL vs 66% district-wide (66 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents soft (-0.2%/yr); 454 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 6,873 units permitted in Davidson County in 2024 (4,138 in 5+ unit buildings).
• Davidson County population projected at +42% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 8 sale attempts since 13y ago 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $28k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 12.1% vs local median 2.9% in Nashville-Davidson metropolitan government (balance) — 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

• It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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 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.