321 W Short St · Manchester, TN 37355

$175,000

3 bd · 1.0 ba · 1,652 sqft · SingleFamily public records · 97 Days on market

Built 1938 0.56 ac lot Est $269k · 35% under

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Why this score? — see what drove the C 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 +22.2/30.0
• ARV discount +15.0/15.0
• DSCR +7.1/10.0
• 1% rule +4.6/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investment opportunity! two rental units on one property. The house and an apartment over a detached garage are currently rented. Large corner lot, perfect for apartments with rezoning. This property will not finance FHA, VA, USDA, or most secondary market loans. Selling AS-IS

Key facts

• Large corner lot
• Two rental units
• Detached garage

Tags

• TWO RENTAL UNITS
• DETACHED GARAGE
• LARGE CORNER LOT

Property features AI

Finance

• Other: Property type: Residential; Sub-type: Single Family Residence; Lot size about 0.56 acres; Directions: From Manchester square take W Main St. to left on Oakdale, then right on W Short St., property is on the left.

Exterior

• Parking: Detached garage (1 covered space; 1 total garage space); Gravel parking
• Utilities: Public water; Public sewer; Electricity available; Natural gas available; Water available
• Home design: Single-family residence; One story
• Construction: Frame construction with vinyl siding; Shingle roof; Block foundation; Existing year built; Living area approximately 924 square feet
• Exterior features: Level lot; Lot dimensions approximately 116.63 x 200

Interior

• Kitchen: Kitchen 10 x 8; No appliances included
• Bedrooms: 3 bedrooms total (1 on main level); Bedroom sizes: 13 x 13; 10 x 11; 14 x 8; Den 20 x 11; Living room 18 x 15
• Flooring: Vinyl flooring; Other flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard heating (natural gas); Cooling via electric wall/window unit(s)
• Interior features: Crawl space basement; Other and vinyl flooring
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $286 ($3k/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 $169k (3.7% below list).
• Recommended offer: $159k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 3.1% in Manchester — 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 58/100 on livability (#305 in TN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Manchester (town): math 31% / reading 29% proficiency, ranked #61 of 139 in TN (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Westwood Elementary (math 38% / reading 29%, grade F, #354 of 952 statewide, top 38%, 574 students, 0% FRL) — zoned schools average 0% FRL vs 52% district-wide (52 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 206 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 389 units permitted in Coffee County in 2024 (6 in 5+ unit buildings).
• This rent runs 32% of the median local income ($63k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Coffee County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($159k) is reasonable based on typical stale-listing flexibility.
• 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.
• Current owner paid $50k; list at $175k implies a 250% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $159,250 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
6. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.96% ✗
• Cap rate: 8.26%
• Cash-on-cash: 7.01%
• DSCR: 1.31
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $269,276
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
303 Willow St	0.11mi	3/2.0	1,838 (+11%)	4mo	$224,000	$122	68
408 W High St	0.55mi	3/2.5	1,685 (+2%)	0mo	$210,000	$125	65
512 W High St	0.56mi	3/2.5	1,680 (+2%)	8mo	$160,000	$95	59
615 Riverside Dr	0.26mi	3/2.0	1,472 (-11%)	13mo	$275,000	$187	54
510 Noel Ave	0.10mi	2/1.0 (-1)	1,405 (-15%)	15mo	$229,000	$163	53
503 S Ramsey St	0.48mi	3/1.0	1,404 (-15%)	5mo	$203,000	$145	49
902 Mcarthur St	0.68mi	3/2.0	1,520 (-8%)	5mo	$190,000	$125	47
25 Stonehenge	0.73mi	4/2.5 (+1)	1,670 (+1%)	10mo	$325,000	$195	45
1104 Remington Pl	0.62mi	3/2.5	1,779 (+8%)	14mo	$329,000	$185	41
1011 S Spring St	0.71mi	3/2.0	1,444 (-13%)	2mo	$235,000	$163	40
1008 S Spring St	0.68mi	2/2.0 (-1)	1,512 (-8%)	17mo	$260,000	$172	31

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -5.6%
• Equity multiple: 0.79×
• Total profit: $-10,199
• Equity at exit: $26,093

10-year hold

• IRR: 4.0%
• Equity multiple: 1.29×
• Total profit: $14,292
• Equity at exit: $15,131

Cash invested: $49,000 (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 37355

• Home prices YoY: -7.5%
• Active inventory: 206
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,685 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$54 /mo · $653/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$354
• Net cashflow: $286

Break-even live

Break-even rent $1,323

Max offer price $175,000

Occupancy floor 78%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
504 Casey St Manchester, TN	3.0	1.0	1131	$1,350	$1.19	43d	1	0.19mi
1508 Bartlett Dr Manchester, TN	3.0	2.5	1360	$1,950	$1.43	43d	1	1.26mi
296 Hunt St Manchester, TN	2.0	2.0	1400	$1,490	$1.06	43d	1	1.31mi

Listing history 21 events

1. 2026-06-19
   days on market $175,000 Active 97 DOM
2. 2026-06-18
   days on market $175,000 Active 96 DOM
3. 2026-06-17
   days on market $175,000 Active 95 DOM
4. 2026-06-16
   days on market $175,000 Active 94 DOM
5. 2026-06-15
   days on market $175,000 Active 93 DOM
6. 2026-06-14
   days on market $175,000 Active 91 DOM
7. 2026-06-13
   days on market $175,000 Active 90 DOM
8. 2026-06-10
   days on market $175,000 Active 88 DOM
9. 2026-06-09
   days on market $175,000 Active 87 DOM
10. 2026-06-08
    days on market $175,000 Active 86 DOM
11. 2026-06-07
    days on market $175,000 Active 85 DOM
12. 2026-06-03
    days on market $175,000 Active 81 DOM
13. 2026-06-02
    days on market $175,000 Active 80 DOM
14. 2026-06-01
    days on market $175,000 Active 79 DOM
15. 2026-05-31
    days on market $175,000 Active 78 DOM
16. 2026-05-30
    days on market $175,000 Active 77 DOM
17. 2026-05-14
    status Active
18. 2026-04-23
    historical Active Under Contract
19. 2026-03-14
    listed $175,000 Active
20. 2008-11-26
    soldstatus $50,000
21. 2007-10-30
    soldstatus $50,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast TN · Resets to sale price

• Current annual tax: $653 · $54/mo
• Projected year-2 tax: $1,242 · $104/mo
• Expected delta: +$590/yr (+$49/mo · 90.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥103°F today · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 10% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,223
• − Mortgage interest: −$9,803
• − Property taxes: −$653
• − Insurance: −$875
• − Repairs & maintenance: −$1,618
• − Management: −$1,618
• − Depreciation: −$5,091
• Taxable income: $566
• Est. tax owed @ 24.0%: −$136
• After-tax cash flow: $3,300/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.

Schools (NCES district)

• District: Manchester
• NCES district ID: 4702610
• Math proficiency: 31% ▼ -4.00%
• Reading proficiency: 29% ▼ -5.00%
• Median HH income: $41,102
• Composite: 25.37/100
• National rank: #7472
• State rank: #61 of 139 in TN

Livability — Manchester

• Score: 58/100
• State rank: #305
• US rank: #20837

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Manchester, TN
• County: Coffee County · 57,744 people
• City population: 29,805
• Metro: Tullahoma-Manchester, TN
• Population (ZIP): 29,805
• Household income: $63,357
• Rent vs Own: 30.1% rent · 69.9% own
• Severe rent burden: 401.0

Population outlook (Coffee County) Hauer SSP2

• Today (2025): 57,234 people
• By 2030: 58,571 · +2.3%
• By 2040: 60,972 · +6.5%
• By 2050: 62,537 · +9.3%
• By 2075: 65,694 · +14.8%
• By 2100: 63,355 · +10.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 7% Two or more races 5% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Lithuanian 1% Romanian 1% Italian 1%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 4% Other Asian/Pacific 1%

Political lean MEDSL · Coffee

• 2024 margin: Solid R (+55.1) · D 21.8% · R 76.9% · Other 1.3%
• 2008→2024 swing: -25.7pp toward R · 2008: -29.4pp · 2024: -55.1pp
• All cycles: 2024: R+55.1 2020: R+50.2 2016: R+48.6 2012: R+37.1 2008: R+29.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -27.43%
• Current HPI: 336.5317
• Rent YoY: —
• Metro: Tullahoma-Manchester, 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

+250.0% since first listed

5 events — show timeline

• 2026-05-14 Relisted — REALTRACS as Distributed by MLS Grid
• 2026-04-23 Contingent — REALTRACS as Distributed by MLS Grid
• 2026-03-14 Listed $175,000 REALTRACS as Distributed by MLS Grid
• 2008-11-26 Sold (Public Records) $50,000 Public Records
• 2007-10-30 Sold (Public Records) $50,000 Public Records

Property tax history

-1.0%/yr

Latest (2025): $653 · -6.3% YoY. Source: county tax records.