1505/1507 NW Rustic Dr · Cleveland, TN 37312

$234,900

4 bd · 4.0 ba · 1,590 sqft · MultiFamily · 759 Days on market

Built 1984 9,147 sqft lot Est $226k · at est. ↓ 2% since listing

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Why this score? — see what drove the C 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 +25.4/30.0
• DSCR +8.4/10.0
• 1% rule +6.7/10.0
• ARV discount +5.7/15.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Great Investment opportunity! Great NW city location. Duplex with 2 bedrooms & 1 1/2 baths, kitchen, living room, washer/dryer hookups. Live in one side & rent the other or build your own 401K. Tenants pay electric, water, & sewer. Get out of the Stock Market & create wealth today. Drive by showings only. No inside showings until acceptable offer is obtained.

Key facts

• 9,147 sq ft lot
• Garage
• Built 1984

Property features AI

Finance

• HOA & community: No community features

Exterior

• Parking: Has garage
• Utilities: Public water; Public sewer
• Home design: Duplex residential income property; Two levels; Entry at kitchen level
• Construction: Built with other construction materials; Slab foundation
• Exterior features: Shingle roof; Level lot

Interior

• Kitchen: Refrigerator; Electric range
• Bathrooms: 2 full bathrooms; 2 half bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Refrigerator; Electric range

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $235k.

Deal economics

• At list price, monthly cash flow is $540 ($6k/yr) — positive. Per door: $270/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• Recommended offer: $207k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 3.5% in Cleveland — 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 70/100 on livability (#55 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: employment D, crime F, amenities F.
• Cleveland (urban): math 23% / reading 28% proficiency, ranked #85 of 139 in TN (top 61%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Candy'S Creek Cherokee Elementary School (math 43% / reading 47%, grade D-, #158 of 952 statewide, top 17%, 471 students, 0% FRL); Cleveland Middle (math 25% / reading 26%, grade F, #147 of 333 statewide, top 45%, 1,271 students, 0% FRL); Cleveland High (math 8% / reading 29%, grade F, #208 of 332 statewide, top 63%, 1,842 students, 0% FRL) — zoned schools average 0% FRL vs 53% district-wide (53 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents flat; 549 active listings in the ZIP; solid renter incomes; 768 units permitted in Bradley County in 2024 (0 in 5+ unit buildings).
• This rent runs 42% of the median local income ($78k/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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Bradley County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 759 days — a 12% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 2y 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.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $206,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 759 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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.
9. 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.
10. 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.

Investment metrics

• 1% rule: 1.17% ✓
• Cap rate: 9.05%
• Cash-on-cash: 9.85%
• DSCR: 1.44
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $225,780
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4801/4803 Frontage Road Rd	0.09mi	4/3.0	1,760 (+11%)	5mo	$250,000	$142	70
1034 NW Hamilton Cir	0.66mi	4/2.0	1,800 (+13%)	22mo	$250,000	$139	21

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 · 0.15% rent growth · sell at horizon

5-year hold

• IRR: -4.7%
• Equity multiple: 0.83×
• Total profit: $-11,284
• Equity at exit: $35,024

10-year hold

• IRR: 1.2%
• Equity multiple: 1.08×
• Total profit: $5,012
• Equity at exit: $20,310

Cash invested: $65,772 (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 37312

• Rents YoY: 0.1%
• Active inventory: 549
• Price-to-rent: 14.3×

Monthly cashflow live

• Estimated rent: $2,738 medium
• Mortgage (P&I): −$1,232
• Tax est. 1.5%: −$294 /mo · $3,524/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$575
• Net cashflow: $540

Break-even live

Break-even rent $2,055

Max offer price $234,900

Occupancy floor 75%

Sensitivity live

Price	-10% $702	-5% $621	+0% $540	+5% $459	+10% $377
Rent	-10% $323	-5% $432	+0% $540	+5% $648	+10% $756
Rate	-1.0pp $658	-0.5pp $599	base $540	+0.5pp $479	+1.0pp $417

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$2,738
Total (2 units)			$2,738

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: $58,725
• Closing costs: $7,047
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-05-07
   historical Active Under Contract 384-char remark

   Show marketing remark (384 chars)

   Great Investment opportunity! Great NW city location. Duplex with 2 bedrooms & 1 1/2 baths, kitchen, living room, washer/dryer hookups. Live in one side & rent the other or build your own 401K. Tenants pay electric, water, & sewer. Get out of the Stock Market & create wealth today. Drive by showings only. No inside showings until acceptable offer is obtained.

2. 2026-05-07
   status Pending

   Show marketing remark (384 chars)

   Great Investment opportunity! Great NW city location. Duplex with 2 bedrooms & 1 1/2 baths, kitchen, living room, washer/dryer hookups. Live in one side & rent the other or build your own 401K. Tenants pay electric, water, & sewer. Get out of the Stock Market & create wealth today. Drive by showings only. No inside showings until acceptable offer is obtained.

3. 2026-04-28
   status Active

   Show marketing remark (384 chars)

   Great Investment opportunity! Great NW city location. Duplex with 2 bedrooms & 1 1/2 baths, kitchen, living room, washer/dryer hookups. Live in one side & rent the other or build your own 401K. Tenants pay electric, water, & sewer. Get out of the Stock Market & create wealth today. Drive by showings only. No inside showings until acceptable offer is obtained.

4. 2026-04-28
   status Active 384-char remark

   Show marketing remark (384 chars)

   Great Investment opportunity! Great NW city location. Duplex with 2 bedrooms & 1 1/2 baths, kitchen, living room, washer/dryer hookups. Live in one side & rent the other or build your own 401K. Tenants pay electric, water, & sewer. Get out of the Stock Market & create wealth today. Drive by showings only. No inside showings until acceptable offer is obtained.

5. 2026-04-15
   status Pending

   Show marketing remark (384 chars)

   Great Investment opportunity! Great NW city location. Duplex with 2 bedrooms & 1 1/2 baths, kitchen, living room, washer/dryer hookups. Live in one side & rent the other or build your own 401K. Tenants pay electric, water, & sewer. Get out of the Stock Market & create wealth today. Drive by showings only. No inside showings until acceptable offer is obtained.

6. 2026-04-15
   historical Active Under Contract 384-char remark

   Show marketing remark (384 chars)

   Great Investment opportunity! Great NW city location. Duplex with 2 bedrooms & 1 1/2 baths, kitchen, living room, washer/dryer hookups. Live in one side & rent the other or build your own 401K. Tenants pay electric, water, & sewer. Get out of the Stock Market & create wealth today. Drive by showings only. No inside showings until acceptable offer is obtained.

7. 2025-06-16
   status Active
8. 2025-04-24
   status Active

   Show marketing remark (384 chars)

   Great Investment opportunity! Great NW city location. Duplex with 2 bedrooms & 1 1/2 baths, kitchen, living room, washer/dryer hookups. Live in one side & rent the other or build your own 401K. Tenants pay electric, water, & sewer. Get out of the Stock Market & create wealth today. Drive by showings only. No inside showings until acceptable offer is obtained.

9. 2025-04-24
   status Active 384-char remark

   Show marketing remark (384 chars)

   Great Investment opportunity! Great NW city location. Duplex with 2 bedrooms & 1 1/2 baths, kitchen, living room, washer/dryer hookups. Live in one side & rent the other or build your own 401K. Tenants pay electric, water, & sewer. Get out of the Stock Market & create wealth today. Drive by showings only. No inside showings until acceptable offer is obtained.

10. 2025-04-21
    historical Active Under Contract 384-char remark

    Show marketing remark (384 chars)

    Great Investment opportunity! Great NW city location. Duplex with 2 bedrooms & 1 1/2 baths, kitchen, living room, washer/dryer hookups. Live in one side & rent the other or build your own 401K. Tenants pay electric, water, & sewer. Get out of the Stock Market & create wealth today. Drive by showings only. No inside showings until acceptable offer is obtained.

11. 2025-04-21
    historical Active Under Contract

    Show marketing remark (384 chars)

    Great Investment opportunity! Great NW city location. Duplex with 2 bedrooms & 1 1/2 baths, kitchen, living room, washer/dryer hookups. Live in one side & rent the other or build your own 401K. Tenants pay electric, water, & sewer. Get out of the Stock Market & create wealth today. Drive by showings only. No inside showings until acceptable offer is obtained.

12. 2024-07-12
    price $234,900

    Show marketing remark (384 chars)

    Great Investment opportunity! Great NW city location. Duplex with 2 bedrooms & 1 1/2 baths, kitchen, living room, washer/dryer hookups. Live in one side & rent the other or build your own 401K. Tenants pay electric, water, & sewer. Get out of the Stock Market & create wealth today. Drive by showings only. No inside showings until acceptable offer is obtained.

13. 2024-07-12
    price $234,900 384-char remark

    Show marketing remark (384 chars)

    Great Investment opportunity! Great NW city location. Duplex with 2 bedrooms & 1 1/2 baths, kitchen, living room, washer/dryer hookups. Live in one side & rent the other or build your own 401K. Tenants pay electric, water, & sewer. Get out of the Stock Market & create wealth today. Drive by showings only. No inside showings until acceptable offer is obtained.

14. 2024-01-30
    listed $239,900 Active
15. 2024-01-23
    listed $239,900 Active 384-char remark

    Show marketing remark (384 chars)

    Great Investment opportunity! Great NW city location. Duplex with 2 bedrooms & 1 1/2 baths, kitchen, living room, washer/dryer hookups. Live in one side & rent the other or build your own 401K. Tenants pay electric, water, & sewer. Get out of the Stock Market & create wealth today. Drive by showings only. No inside showings until acceptable offer is obtained.

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,856
• − Mortgage interest: −$13,158
• − Property taxes: −$3,524
• − Insurance: −$1,174
• − Repairs & maintenance: −$2,628
• − Management: −$2,628
• − Depreciation: −$6,833
• Taxable income: $2,910
• Est. tax owed @ 24.0%: −$698
• After-tax cash flow: $5,778/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: Cleveland
• NCES district ID: 4700690
• Math proficiency: 23% ▼ -9.00%
• Reading proficiency: 28% ▼ -6.00%
• Median HH income: $37,612
• Composite: 21.28/100
• National rank: #8394
• State rank: #85 of 139 in TN

Livability — Cleveland

• Score: 70/100
• State rank: #55
• US rank: #7689

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cleveland, TN
• County: Bradley County · 99,337 people
• City population: 99,337
• Metro: Cleveland, TN
• Population (ZIP): 36,669
• Household income: $78,261
• Rent vs Own: 33.1% rent · 66.9% own
• Severe rent burden: 908.0

Population outlook (Bradley County) Hauer SSP2

• Today (2025): 114,901 people
• By 2030: 120,137 · +4.6%
• By 2040: 130,125 · +13.2%
• By 2050: 139,257 · +21.2%
• By 2075: 161,664 · +40.7%
• By 2100: 179,767 · +56.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 7% Two or more races 6% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Serbian 3% Slovak 2% Italian 2%
• Foreign-born: 7% · Canada, South Korea
• Languages at home: 92% English-only · Spanish 4% Other Indo-European 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Bradley

• 2024 margin: Solid R (+58.9) · D 20.0% · R 78.9% · Other 1.1%
• 2008→2024 swing: -9.2pp toward R · 2008: -49.7pp · 2024: -58.9pp
• All cycles: 2024: R+58.9 2020: R+55.3 2016: R+59.1 2012: R+53.9 2008: R+49.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -206.27%
• Current HPI: 260.8746
• Rent YoY: ▲ 0.15%
• Metro: Cleveland, 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

-2.1% since first listed

15 events — show timeline

• 2026-05-07 Contingent — RCAOR
• 2026-05-07 Pending — GCAR
• 2026-04-28 Relisted — GCAR
• 2026-04-28 Relisted — RCAOR
• 2026-04-15 Pending — GCAR
• 2026-04-15 Contingent — RCAOR
• 2025-06-16 Relisted — GCAR
• 2025-04-24 Relisted — GCAR
• 2025-04-24 Relisted — RCAOR
• 2025-04-21 Contingent — RCAOR
• 2025-04-21 Contingent — GCAR
• 2024-07-12 Price Changed $234,900 GCAR
• 2024-07-12 Price Changed $234,900 RCAOR
• 2024-01-30 Listed $239,900 GCAR
• 2024-01-23 Listed $239,900 RCAOR