1706 N Tennessee Blvd

Murfreesboro, TN 37130

$49,900B-

3 bd · 2.0 ba · 1,140 sqft · Built 2007 · Manufactured · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,594/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$83
• HOA: −$750
• Vac / Maint / Mgmt: −$335
• Net cashflow: $164/mo
• Annual: $1,971/yr
• Cap rate: 10.24%
• Cash-on-cash: 14.11%
• DSCR: 1.63
• 1% rule: 3.19%
• Cash to close: $13,972

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $50k. Condition is rated good.
• At list price, monthly cash flow is $164 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $345 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#10 in TN, #3,499 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, housing A+, health & safety A+; Watch: crime D, commute F.
• Murfreesboro (urban): math 40% / reading 34% proficiency, ranked #21 of 139 in TN (top 15%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: John Pittard Elementary (math 27% / reading 21%, grade F, #584 of 952 statewide, top 62%, 821 students, 0% FRL) — zoned schools average 0% FRL vs 46% district-wide (46 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 24% at this address vs 37% district-wide (-13 pts) — the specific schools serving this property underperform the Murfreesboro average; the district grade overstates school quality for this exact location.
• Watch-outs: HOA is 47% of rent.
• Market conditions: Rents rising (+1.2%/yr); 325 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 3,421 units permitted in Rutherford County in 2024 (400 in 5+ unit buildings).
• Rutherford County population projected at +60% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 10y 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.
• Cap rate 10.2% vs local median 3.0% in Murfreesboro — 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.
• This rent runs 31% of the median local income ($63k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D 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?
• 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.