1011 Vida Way #202

Nashville-Davidson metropolitan government (balance), TN 37135

$295,000F

2 bd · 2.0 ba · 1,309 sqft · Built 2022 · Condo · Active · 111 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,393/mo
• Mortgage (P&I): −$1,547
• Tax + insurance: −$319
• HOA: −$310
• Vac / Maint / Mgmt: −$502
• Net cashflow: $-286/mo
• Annual: $-3,426/yr
• Cap rate: 5.13%
• Cash-on-cash: -4.15%
• DSCR: 0.82
• 1% rule: 0.81%
• Cash to close: $82,600

Investor read

• This is a 2-bed/2.0-bath condo listed at $295k. Condition is rated good.
• At list price, monthly cash flow is $-286 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $245k (17.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $239k (18.9% below list).
• It's been on market 111 days — a 9% lower offer ($268k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $239k (18.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads: area grade F — affects rentability + tenant quality, not the cash-flow math above.
• Davidson County (urban): math 12% / reading 19% proficiency, ranked #126 of 139 in TN (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Henry C. Maxwell Elementary (math 12% / reading 12%, grade F, #786 of 952 statewide, top 84%, 555 students, 0% FRL); Thurgood Marshall Middle (math 4% / reading 7%, grade F, #291 of 333 statewide, top 88%, 753 students, 0% FRL); Cane Ridge High School (math 0% / reading 11%, grade F, #307 of 332 statewide, top 92%, 1,948 students, 0% FRL) — zoned schools average 0% FRL vs 66% district-wide (66 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 446 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals lingering (median 67d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 6,873 units permitted in Davidson County in 2024 (4,138 in 5+ unit buildings).
• Davidson County population projected at +42% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 4y ago 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: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.1% vs local median 3.0% in Nashville-Davidson metropolitan government (balance) — 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 111 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• 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?
• 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.
• 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?
• 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.