322 Mulberry Ter Unit 157-A

Nashville-Davidson metropolitan government (balance), TN 37115

$326,900F

2 bd · 2.5 ba · 1,569 sqft · Built 2026 · Townhouse · Active · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,969/mo
• Mortgage (P&I): −$1,714
• Tax + insurance: −$545
• HOA: −$0
• Vac / Maint / Mgmt: −$414
• Net cashflow: $-703/mo
• Annual: $-8,441/yr
• Cap rate: 3.71%
• Cash-on-cash: -9.22%
• DSCR: 0.59
• 1% rule: 0.60%
• Cash to close: $91,532

Investor read

• This is a 2-bed/2.5-bath townhouse listed at $327k. Condition is rated excellent.
• At list price, monthly cash flow is $-703 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $225k (31.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $197k (39.8% below list).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $197k (39.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads: area grade F — 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: Stratton Elementary (math 2% / reading 8%, grade F, #896 of 952 statewide, top 96%, 474 students, 0% FRL); Madison Middle (math 2% / reading 3%, grade F, #329 of 333 statewide, top 99%, 400 students, 0% FRL); Hunters Lane High (math 0% / reading 8%, grade F, #321 of 332 statewide, top 97%, 1,466 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.
• Market conditions: Rents soft (-0.9%/yr); 475 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• Cap rate 3.7% vs local median 3.0% in Nashville-Davidson metropolitan government (balance) — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 43% of the median local income ($55k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.