2405 Ryan Rd

Bowman, TN 38571

$240,900B

4 bd · 2.0 ba · 1,971 sqft · Built 1997 · MultiFamily · Active · 101 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,750/mo
• Mortgage (P&I): −$1,263
• Tax + insurance: −$161
• HOA: −$0
• Vac / Maint / Mgmt: −$578
• Net cashflow: $748/mo
• Annual: $8,974/yr
• Cap rate: 10.02%
• Cash-on-cash: 13.30%
• DSCR: 1.59
• 1% rule: 1.14%
• Cash to close: $67,452

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $241k.
• At list price, monthly cash flow is $748 ($9k/yr) — positive. Per door: $374/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $241k).
• It's been on market 101 days — a 9% lower offer ($219k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $219k (9.0% below list) — sets the bar for market timing.
• In year one you build about $26k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• Location reads 67/100 on livability (#103 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, schools F, crime D-.
• Cumberland County (rural): math 30% / reading 31% proficiency, ranked #59 of 139 in TN (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 216 active listings in the ZIP; 114 units permitted in Cumberland County in 2024 (0 in 5+ unit buildings).
• Cumberland County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $67k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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 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?
• 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.