587 Baker Rd · Martin, TN 38237

$4,150,000

4 bd · None ba · 870 sqft · MultiFamily · 198 Days on market

Built 1995 Fair condition

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Why this score? — see what drove the D 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 +14.1/30.0
• ARV discount +7.5/15.0
• DSCR +4.3/10.0
• 1% rule +3.9/10.0
• Livability +3.8/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

**Income-Producing Property:** This 36-unit apartment complex is situated in the heart of Martin, TN, just 1.2 miles from the University of Tennessee at Martin. This property presents an excellent opportunity to enhance your rental portfolio. Martin is a vibrant university town with various amenities that attract residents to the area. All units are 2-bedroom, 1-bathroom units that feature washer and dryer hookups. Some of the improvements made over the last 12 months include a new roof on buildings A, D, E, H, and J, as well as renovations to 16 units. Additionally, the back deck has been replaced for all 36 units. The current property manager is local and is willing to continue managing the property, facilitating a smooth transition for the new owner.

Key facts

• Built 1995
• Listed 197 days

What this means for you Summary

Snapshot

• This is a 4-bed/?-bath multifamily listed at $4.15M. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $644 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $3.71M (10.6% below list).
• Recommended offer: $3.65M (12.0% below list) — sets the bar for market timing.
• Cap rate 6.5% vs local median 4.0% in Martin — 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 75/100 on livability (#15 in TN, #4,330 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing B+; Watch: commute F, employment F.
• Weakley County (rural): math 34% / reading 38% proficiency, ranked #32 of 139 in TN (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Dresden Elementary (math 47% / reading 37%, grade F, #191 of 952 statewide, top 22%, 467 students, 0% FRL); Martin Middle School (math 26% / reading 31%, grade F, #114 of 333 statewide, top 34%, 446 students, 0% FRL); Westview High School (math 2% / reading 47%, grade F, #125 of 332 statewide, top 38%, 560 students, 0% FRL) — zoned schools average 0% FRL vs 50% district-wide (50 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 86 active listings in the ZIP; 69 units permitted in Weakley County in 2024 (0 in 5+ unit buildings).
• At $37,119/mo this rent would consume 862% of the median local household income ($52k/yr) (locally 636% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $29k of loan paydown is wiped out by about $124k of value loss. Plan a longer hold.
• Weakley County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 198 days — a 12% lower offer ($3.65M) is reasonable based on typical stale-listing flexibility.
• 2 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 $2.38M; list at $4.15M implies a 75% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $3,652,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 198 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.89% ✗
• Cap rate: 6.48%
• Cash-on-cash: 0.67%
• DSCR: 1.03
• GRM: 9.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -15.2%
• Equity multiple: 0.46×
• Total profit: $-630,883
• Equity at exit: $618,778

10-year hold

• IRR: -6.6%
• Equity multiple: 0.57×
• Total profit: $-494,246
• Equity at exit: $358,816

Cash invested: $1,162,000 (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 38237

• Home prices YoY: -16.5%
• Active inventory: 86
• Price-to-rent: 335.4×

Monthly cashflow live

• Estimated rent: $37,119 medium
• Mortgage (P&I): −$21,763
• Tax est. 1.5%: −$5,188 /mo · $62,250/yr
• Insurance: −$1,729
• HOA: −$0
• Vacancy / Maint / Mgmt: −$7,795
• Net cashflow: $644

Break-even live

Break-even rent $36,303

Max offer price $4,150,000

Occupancy floor 93%

Sensitivity live

Price	-10% $3,512	-5% $2,078	+0% $644	+5% $-790	+10% $-2,224
Rent	-10% $-2,288	-5% $-822	+0% $644	+5% $2,110	+10% $3,577
Rate	-1.0pp $2,734	-0.5pp $1,700	base $644	+0.5pp $-431	+1.0pp $-1,525

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

Units	Beds	Baths	Est. rent
▸ 36× units	2	1	$37,116
Total (36 units)			$37,119

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: $1,037,500
• Closing costs: $124,500
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-22
   days on market $4,150,000 Active 198 DOM
2. 2026-06-19
   days on market $4,150,000 Active 195 DOM
3. 2026-06-18
   days on market $4,150,000 Active 194 DOM
4. 2026-06-17
   days on market $4,150,000 Active 193 DOM
5. 2026-06-16
   days on market $4,150,000 Active 192 DOM
6. 2026-06-15
   days on market $4,150,000 Active 191 DOM
7. 2026-06-14
   days on market $4,150,000 Active 189 DOM
8. 2026-06-12
   days on market $4,150,000 Active 188 DOM
9. 2026-06-09
   days on market $4,150,000 Active 185 DOM
10. 2026-06-08
    days on market $4,150,000 Active 184 DOM
11. 2026-06-07
    days on market $4,150,000 Active 183 DOM
12. 2026-06-04
    days on market $4,150,000 Active 179 DOM
13. 2026-06-02
    days on market $4,150,000 Active 178 DOM
14. 2026-06-01
    days on market $4,150,000 Active 177 DOM
15. 2026-05-31
    days on market $4,150,000 Active 176 DOM
16. 2026-05-31
    days on market $4,150,000 Active 175 DOM
17. 2026-02-19
    price $4,150,000 763-char remark

    Show marketing remark (763 chars)

    **Income-Producing Property:** This 36-unit apartment complex is situated in the heart of Martin, TN, just 1.2 miles from the University of Tennessee at Martin. This property presents an excellent opportunity to enhance your rental portfolio. Martin is a vibrant university town with various amenities that attract residents to the area. All units are 2-bedroom, 1-bathroom units that feature washer and dryer hookups. Some of the improvements made over the last 12 months include a new roof on buildings A, D, E, H, and J, as well as renovations to 16 units. Additionally, the back deck has been replaced for all 36 units. The current property manager is local and is willing to continue managing the property, facilitating a smooth transition for the new owner.

18. 2025-12-06
    listed $4,250,000 Active 763-char remark

    Show marketing remark (763 chars)

    **Income-Producing Property:** This 36-unit apartment complex is situated in the heart of Martin, TN, just 1.2 miles from the University of Tennessee at Martin. This property presents an excellent opportunity to enhance your rental portfolio. Martin is a vibrant university town with various amenities that attract residents to the area. All units are 2-bedroom, 1-bathroom units that feature washer and dryer hookups. Some of the improvements made over the last 12 months include a new roof on buildings A, D, E, H, and J, as well as renovations to 16 units. Additionally, the back deck has been replaced for all 36 units. The current property manager is local and is willing to continue managing the property, facilitating a smooth transition for the new owner.

19. 2022-11-30
    soldstatus $2,375,000
20. 2022-09-15
    listed $2,375,000

ⓘ 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 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 8% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $445,428
• − Mortgage interest: −$232,465
• − Property taxes: −$62,250
• − Insurance: −$20,750
• − Repairs & maintenance: −$35,634
• − Management: −$35,634
• − Depreciation: −$120,727
• Taxable loss: −$62,032
• Est. tax savings @ 24.0%: +$14,888
• After-tax cash flow: $22,619/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.

Condition & rehab AI · 13 photos

Fair 45/100 Moderate rehab

This 36-unit apartment complex in Martin, TN, requires moderate repairs and maintenance to improve its condition and value. Repainting the exterior and maintaining the landscaping would significantly enhance its curb appeal and property value.

Repairs flagged

• Minor Landscaping — Some areas appear overgrown or uneven
• Minor Exterior paint — Some areas appear faded or chipped

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and property value
• Both Landscaping — Improves curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Landscaping · Some areas appear overgrown or uneven	Minor	$500–3,000
Exterior paint · Some areas appear faded or chipped	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and property value ↑
• Both Landscaping — Improves curb appeal and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Weakley County
• NCES district ID: 4704470
• Math proficiency: 34% ▼ -10.00%
• Reading proficiency: 38% ▼ -2.00%
• Median HH income: $35,389
• Composite: 29.77/100
• National rank: #6434
• State rank: #32 of 139 in TN

Livability — Martin

• Score: 75/100
• State rank: #15
• US rank: #4330

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Martin, TN
• County: Weakley County · 15,627 people
• City population: 15,627
• Metro: Martin, TN
• Population (ZIP): 15,627
• Household income: $51,670
• Rent vs Own: 44.6% rent · 55.4% own
• Severe rent burden: 636.0

Population outlook (Weakley County) Hauer SSP2

• Today (2025): 31,862 people
• By 2030: 30,688 · -3.7%
• By 2040: 27,935 · -12.3%
• By 2050: 25,485 · -20.0%
• By 2075: 21,080 · -33.8%
• By 2100: 18,214 · -42.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Black 13% Two or more races 5% Hispanic / Latino 4% Asian 2%
• Common ancestry: Slovak 2% Italian 1% Serbian 1%
• Foreign-born: 4% · Canada, Vietnam, South Korea
• Languages at home: 95% English-only · Spanish 2% Vietnamese 1% Other Indo-European 1%

Political lean MEDSL · Weakley

• 2024 margin: Solid R (+58.4) · D 20.3% · R 78.7%
• 2008→2024 swing: -27.2pp toward R · 2008: -31.1pp · 2024: -58.4pp
• All cycles: 2024: R+58.4 2020: R+53.7 2016: R+51.4 2012: R+41.0 2008: R+31.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -46.05%
• Current HPI: 233.76
• Rent YoY: —
• Metro: Martin, 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

+74.7% since first listed

4 events — show timeline

• 2026-02-19 Price Changed $4,150,000 REALTRACS as Distributed by MLS Grid
• 2025-12-06 Listed $4,250,000 REALTRACS as Distributed by MLS Grid
• 2022-11-30 Sold (MLS) $2,375,000 CWTAR
• 2022-09-15 Listed $2,375,000 CWTAR