188 Mill St

Trimble, TN 38259

$23,900B

2 bd · 1.0 ba · 1,155 sqft · Built 1933 · SingleFamily · Active · 260 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $989/mo
• Mortgage (P&I): −$125
• Tax + insurance: −$26
• HOA: −$0
• Vac / Maint / Mgmt: −$208
• Net cashflow: $630/mo
• Annual: $7,562/yr
• Cap rate: 37.93%
• Cash-on-cash: 113.00%
• DSCR: 6.03
• 1% rule: 4.14%
• Cash to close: $6,692

Investor read

• This is a 2-bed/1.0-bath single-family listed at $24k.
• At list price, monthly cash flow is $630 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($989 rent vs $24k).
• It's been on market 260 days — a 12% lower offer ($21k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $21k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-2.3%/yr); year-one equity from $165 of loan paydown is wiped out by about $549 of value loss. Plan a longer hold.
• Location reads 56/100 on livability (#350 in TN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B+; Watch: health & safety C-, crime F, amenities F.
• Dyer County (rural): math 40% / reading 38% proficiency, ranked #16 of 139 in TN (top 12%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Trimble Elementary (math 32% / reading 27%, grade F, #423 of 952 statewide, top 48%, 163 students, 0% FRL); Northview Middle School (math 40% / reading 32%, grade F, #60 of 333 statewide, top 19%, 413 students, 0% FRL); Dyer County High School (math 21% / reading 48%, grade F, #41 of 332 statewide, top 15%, 1,070 students, 0% FRL) — zoned schools average 0% FRL vs 54% district-wide (54 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1933 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 3 active listings in the ZIP; 74 units permitted in Dyer County in 2024 (6 in 5+ unit buildings).
• Dyer County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-2.3% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.
• 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.

Questions for listing agent

• It's been on market 260 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1933 — 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 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 F 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.
• 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.