115 Old Cemetary Rd

Greeneville, TN 37745

$124,900D

1 bd · 1.0 ba · 1,129 sqft · Built 2012 · SingleFamily · Active · 104 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,176/mo
• Mortgage (P&I): −$655
• Tax + insurance: −$275
• HOA: −$0
• Vac / Maint / Mgmt: −$247
• Net cashflow: $-1/mo
• Annual: $-12/yr
• Cap rate: 6.92%
• Cash-on-cash: 2.25%
• DSCR: 1.10
• 1% rule: 0.94%
• Cash to close: $34,972

Investor read

• This is a 1-bed/1.0-bath single-family listed at $125k. Condition is rated poor.
• At list price, monthly cash flow is $-1 ($-12/yr) — negative.
• To cash-flow at today's rent, offer at most $125k (0.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $118k (5.9% below list).
• It's been on market 104 days — a 9% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $114k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#125 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Greene County (rural): math 27% / reading 24% proficiency, ranked #83 of 139 in TN (top 60%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Baileyton Elementary (math 37% / reading 27%, grade F, #369 of 952 statewide, top 42%, 434 students, 0% FRL); North Greene Middle School (math 21% / reading 17%, grade F, #204 of 333 statewide, top 62%, 201 students, 0% FRL); North Greene High School (math 12% / reading 32%, grade F, #163 of 332 statewide, top 51%, 314 students, 0% FRL) — zoned schools average 0% FRL vs 58% district-wide (58 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 223 active listings in the ZIP; 333 units permitted in Greene County in 2024 (72 in 5+ unit buildings).
• Greene County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 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.
• Climate carrying-cost: severe flood risk; moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.9% vs local median 2.6% in Greeneville — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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?

Repairs flagged (vision-AI assessment)

• Major: Exposed cabinets — Structural damage
• Major: Exposed plumbing — Structural damage
• Major: Exposed insulation — Structural damage
• Major: Exposed walls — Structural damage
• Major: Exposed beams — Structural damage
• Major: Exposed ducts — Structural damage