223 Sycamore St

Whiteville, TN 38075

$115,000B

4 bd · 1.0 ba · 2,671 sqft · Built 1931 · SingleFamily · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,627/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$148
• HOA: −$0
• Vac / Maint / Mgmt: −$342
• Net cashflow: $534/mo
• Annual: $6,411/yr
• Cap rate: 11.87%
• Cash-on-cash: 19.91%
• DSCR: 1.89
• 1% rule: 1.41%
• Cash to close: $32,200

Investor read

• This is a 4-bed/1.0-bath single-family listed at $115k.
• At list price, monthly cash flow is $534 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $9k of equity ($795 loan paydown + $8k appreciation (7.3% local appreciation)).
• Location reads 62/100 on livability (#220 in TN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, employment D, amenities F.
• Hardeman County Schools (rural): math 11% / reading 16% proficiency, ranked #133 of 139 in TN (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Whiteville Elementary (math 8% / reading 12%, grade F, #818 of 952 statewide, top 87%, 215 students, 0% FRL); Central High School (math 2% / reading 22%, grade F, #259 of 332 statewide, top 79%, 697 students, 0% FRL) — zoned schools average 0% FRL vs 73% district-wide (73 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 17 active listings in the ZIP; 43 units permitted in Hardeman County in 2024 (0 in 5+ unit buildings).
• Hardeman County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $35k; list at $115k implies a 229% gain — meaningful room to come down on a strong offer.
• At projected returns (7.3% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1931 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.