123 Grey Dove Ln

Powell, TN 37849

$189,900B

5 bd · 1.0 ba · 1,782 sqft · Built 2009 · Manufactured · Active · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,299/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$160
• HOA: −$0
• Vac / Maint / Mgmt: −$483
• Net cashflow: $660/mo
• Annual: $7,921/yr
• Cap rate: 10.46%
• Cash-on-cash: 14.90%
• DSCR: 1.66
• 1% rule: 1.21%
• Cash to close: $53,172

Investor read

• This is a 5-bed/1.0-bath manufactured listed at $190k.
• At list price, monthly cash flow is $660 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• It's been on market 36 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $184k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Anderson County (town): math 25% / reading 28% proficiency, ranked #75 of 139 in TN (top 54%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Claxton Elementary (math 18% / reading 25%, grade F, #630 of 952 statewide, top 66%, 502 students, 0% FRL); Clinton Middle School (math 25% / reading 25%, grade F, #153 of 333 statewide, top 46%, 609 students, 0% FRL); Clinton High School (math 17% / reading 37%, grade F, #104 of 332 statewide, top 33%, 1,126 students, 0% FRL) — zoned schools average 0% FRL vs 49% district-wide (49 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 19 active listings in the ZIP; solid renter incomes; 400 units permitted in Anderson County in 2024 (91 in 5+ unit buildings).
• 2 sale attempts 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~8 years — after that, you're playing with house money.
• This rent runs 33% of the median local income ($84k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.