373 Garrison Rd · Dayton, TN 37321

$110,000

3 bd · 3.0 ba · 1,504 sqft · Manufactured public records · 104 Days on market

Built 1970 0.47 ac lot $73/sqft · 46% below area Est $205k · 46% under

---

Why this score? — see what drove the B 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 +29.8/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.3/10.0
• Livability +3.2/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great investment opportunity with strong potential! This property features two separate units, offering flexibility for rental income or future multi-generational living. Unit 1 is currently rented, providing immediate cash flow. Unit 2 requires repairs and updates to become habitable, making this a perfect value-add project for investors or savvy buyers looking to build equity. Don't miss your chance to turn this property into a profitable income-producing asset

Key facts

• Two separate units
• Rental income
• 0.47 acre lot

Tags

• TWO SEPARATE UNITS
• RENTAL INCOME

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath manufactured listed at $110k.

Deal economics

• At list price, monthly cash flow is $405 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $100k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.7% vs local median 2.5% in Dayton — 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 65/100 on livability (#143 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime B; Watch: schools F, amenities F, commute F.
• Rhea County (rural): math 35% / reading 31% proficiency, ranked #38 of 139 in TN (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 215 active listings in the ZIP; 198 units permitted in Rhea County in 2024 (40 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 104 days — a 9% lower offer ($100k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 4y 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.
• Current owner paid $60k; list at $110k implies a 83% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $100,100 (9.0% below list)

Questions for the listing agent

1. It's been on market 104 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 1.23% ✓
• Cap rate: 10.72%
• Cash-on-cash: 15.80%
• DSCR: 1.70
• GRM: 6.8

CMA / ARV

• ARV (median comp): $205,216
• List price: $110,000
• Delta: -46.40%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 6.6%
• Equity multiple: 1.26×
• Total profit: $7,958
• Equity at exit: $16,401

10-year hold

• IRR: 16.0%
• Equity multiple: 2.30×
• Total profit: $40,018
• Equity at exit: $9,511

Cash invested: $30,800 (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 37321

• Home prices YoY: -12.0%
• Active inventory: 215
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,351 medium
• Mortgage (P&I): −$577
• Tax from tax record: −$39 /mo · $471/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $405

Break-even live

Break-even rent $838

Max offer price $110,000

Occupancy floor 65%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-18
   days on market $110,000 Active 104 DOM
2. 2026-06-17
   days on market $110,000 Active 103 DOM
3. 2026-06-16
   days on market $110,000 Active 102 DOM
4. 2026-06-15
   days on market $110,000 Active 101 DOM
5. 2026-06-13
   days on market $110,000 Active 99 DOM
6. 2026-06-12
   days on market $110,000 Active 98 DOM
7. 2026-06-09
   days on market $110,000 Active 95 DOM
8. 2026-06-08
   days on market $110,000 Active 94 DOM
9. 2026-06-08
   days on market $110,000 Active 93 DOM
10. 2026-06-07
    days on market $110,000 Active 92 DOM
11. 2026-06-03
    days on market $110,000 Active 89 DOM
12. 2026-06-02
    days on market $110,000 Active 88 DOM
13. 2026-06-01
    days on market $110,000 Active 87 DOM
14. 2026-05-31
    days on market $110,000 Active 86 DOM
15. 2026-03-06
    listed $110,000 Active 467-char remark

    Show marketing remark (467 chars)

    Great investment opportunity with strong potential! This property features two separate units, offering flexibility for rental income or future multi-generational living. Unit 1 is currently rented, providing immediate cash flow. Unit 2 requires repairs and updates to become habitable, making this a perfect value-add project for investors or savvy buyers looking to build equity. Don't miss your chance to turn this property into a profitable income-producing asset

16. 2026-03-06
    listed $110,000 Active 467-char remark

    Show marketing remark (467 chars)

    Great investment opportunity with strong potential! This property features two separate units, offering flexibility for rental income or future multi-generational living. Unit 1 is currently rented, providing immediate cash flow. Unit 2 requires repairs and updates to become habitable, making this a perfect value-add project for investors or savvy buyers looking to build equity. Don't miss your chance to turn this property into a profitable income-producing asset

17. 2026-03-06
    listed $110,000 Active

    Show marketing remark (467 chars)

    Great investment opportunity with strong potential! This property features two separate units, offering flexibility for rental income or future multi-generational living. Unit 1 is currently rented, providing immediate cash flow. Unit 2 requires repairs and updates to become habitable, making this a perfect value-add project for investors or savvy buyers looking to build equity. Don't miss your chance to turn this property into a profitable income-producing asset

18. 2026-03-06
    listed $110,000 Active

    Show marketing remark (467 chars)

    Great investment opportunity with strong potential! This property features two separate units, offering flexibility for rental income or future multi-generational living. Unit 1 is currently rented, providing immediate cash flow. Unit 2 requires repairs and updates to become habitable, making this a perfect value-add project for investors or savvy buyers looking to build equity. Don't miss your chance to turn this property into a profitable income-producing asset

19. 2022-06-24
    soldstatus $60,000 Closed
20. 2022-06-24
    soldstatus $60,000
21. 2022-06-24
    soldstatus $60,000
22. 2022-05-27
    status Pending
23. 2022-05-24
    status Active
24. 2022-05-21
    status Pending
25. 2022-05-20
    listed $70,000 Active
26. 2022-05-20
    listed $70,000

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

Tax reassessment forecast TN · Resets to sale price

• Current annual tax: $471 · $39/mo
• Projected year-2 tax: $781 · $65/mo
• Expected delta: +$310/yr (+$26/mo · 65.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 6/10 Major 7 d/yr ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 9% 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: $16,213
• − Mortgage interest: −$6,162
• − Property taxes: −$471
• − Insurance: −$550
• − Repairs & maintenance: −$1,297
• − Management: −$1,297
• − Depreciation: −$3,200
• Taxable income: $3,236
• Est. tax owed @ 24.0%: −$777
• After-tax cash flow: $4,089/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: Rhea County
• NCES district ID: 4703510
• Math proficiency: 35% ▼ -7.00%
• Reading proficiency: 31% ▼ -5.00%
• Median HH income: $39,059
• Composite: 27.67/100
• National rank: #6917
• State rank: #38 of 139 in TN

Livability — Dayton

• Score: 65/100
• State rank: #143
• US rank: #12896

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 20,670
• Population (ZIP): 20,670

Population outlook (Rhea County) Hauer SSP2

• Today (2025): 33,187 people
• By 2030: 33,482 · +0.9%
• By 2040: 33,786 · +1.8%
• By 2050: 33,730 · +1.6%
• By 2075: 33,603 · +1.3%
• By 2100: 33,312 · +0.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 9% Two or more races 8% Black 1% Asian 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Slovak 2% Lithuanian 2% Serbian 2%
• Foreign-born: 5% · Canada
• Languages at home: 93% English-only · Spanish 6% Other Indo-European 1%

Political lean MEDSL · Rhea

• 2024 margin: Solid R (+66.9) · D 16.0% · R 82.9% · Other 1.1%
• 2008→2024 swing: -20.7pp toward R · 2008: -46.2pp · 2024: -66.9pp
• All cycles: 2024: R+66.9 2020: R+63.7 2016: R+61.3 2012: R+48.9 2008: R+46.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -44.20%
• Current HPI: 323.7125
• Rent YoY: —
• Metro: —
• 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

+57.1% since first listed

12 events — show timeline

• 2026-03-06 Listed $110,000 REALTRACS as Distributed by MLS Grid
• 2026-03-06 Listed $110,000 Knoxville MLS
• 2026-03-06 Listed $110,000 GCAR
• 2026-03-06 Listed $110,000 RCAOR
• 2022-06-24 Sold (Public Records) $60,000 Public Records
• 2022-06-24 Sold (MLS) $60,000 RCAOR
• 2022-06-24 Sold (MLS) $60,000 GCAR
• 2022-05-27 Pending — GCAR
• 2022-05-24 Relisted — GCAR
• 2022-05-21 Pending — GCAR
• 2022-05-20 Listed $70,000 GCAR
• 2022-05-20 Listed $70,000 RCAOR

Property tax history

+12.7%/yr

Latest (2025): $471 · +0.0% YoY. Source: county tax records.