673 Blythe Ave

Gallatin, TN 37066

$150,000B-

2 bd · 1.0 ba · 1,104 sqft · Built 1925 · SingleFamily · Active · 223 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,557/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$109
• HOA: −$0
• Vac / Maint / Mgmt: −$327
• Net cashflow: $335/mo
• Annual: $4,022/yr
• Cap rate: 8.97%
• Cash-on-cash: 9.58%
• DSCR: 1.43
• 1% rule: 1.04%
• Cash to close: $42,000

Investor read

• This is a 2-bed/1.0-bath single-family listed at $150k.
• At list price, monthly cash flow is $335 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• It's been on market 223 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $132k (12.0% 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 $4k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#108 in TN) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A, crime A-; Watch: amenities F, commute F, health & safety F.
• Sumner County (suburban): math 44% / reading 39% proficiency, ranked #12 of 139 in TN (top 9%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Benny C. Bills Elementary School (math 15% / reading 20%, grade F, #704 of 952 statewide, top 74%, 713 students, 0% FRL); Joe Shafer Middle School (math 35% / reading 23%, grade F, #110 of 333 statewide, top 34%, 666 students, 0% FRL); Gallatin Senior High School (math 15% / reading 28%, grade F, #172 of 332 statewide, top 52%, 1,659 students, 0% FRL) — zoned schools average 0% FRL vs 34% district-wide (34 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 23% at this address vs 42% district-wide (-19 pts) — the specific schools serving this property underperform the Sumner County average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 1005 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,748 units permitted in Sumner County in 2024 (124 in 5+ unit buildings).
• Sumner County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $150k (50%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.0% vs local median 2.8% in Gallatin — 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.

Questions for listing agent

• It's been on market 223 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.