7000 Big Horn Dr Unit A-3

Lake Tansi, TN 38572

$214,999D

2 bd · 2.0 ba · 1,762 sqft · Built 1978 · Condo · Active · 58 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,600/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$129
• HOA: −$210
• Vac / Maint / Mgmt: −$336
• Net cashflow: $-203/mo
• Annual: $-2,432/yr
• Cap rate: 5.16%
• Cash-on-cash: -4.04%
• DSCR: 0.82
• 1% rule: 0.74%
• Cash to close: $60,200

Investor read

• This is a 2-bed/2.0-bath condo listed at $215k.
• At list price, monthly cash flow is $-203 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $179k (16.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $160k (25.6% below list).
• It's been on market 58 days — a 3% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $160k (25.6% below list) — sets the bar for 1% rule.
• In year one you build about $23k of equity ($1k loan paydown + $22k appreciation (10.0% local appreciation)).
• Location reads 61/100 on livability (#245 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, schools F, amenities F.
• 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: 452 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• 7 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.
• Current owner paid $110k; list at $215k implies a 95% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 58 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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?
• 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?