505 Draper St · Paris, TN 38242

$37,000

2 bd · 1.0 ba · 1,008 sqft · SingleFamily public records · 17 Days on market

Built 1938 0.91 ac lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

2-bedroom, 2-bath home in Paris with 1,008 sq ft of living space and updates completed in 2022. The kitchen has been improved and offers a functional layout for daily living. Roof was replaced in 2022, while the foundation is reported to be in fair condition. Electrical and plumbing systems are operational. Great opportunity for investors or buyers looking to add their own finishing touches. Property sold AS-IS

Key facts

• Updates completed
• Operational plumbing
• Functional layout

Tags

• FUNCTIONAL LAYOUT
• ROOF REPLACED
• OPERATIONAL ELECTRICAL
• OPERATIONAL PLUMBING
• UPDATES COMPLETED

Property features AI

Exterior

• Parking: Carport with 1 covered space (unassigned); Total of 1 parking space
• Utilities: Public water; Public sewer; Natural gas available
• Home design: Single family residence; One level
• Construction: Wood siding; Existing structure
• Exterior features: Approximately 0.91-acre lot with irregular 231 x 175 dimensions

Interior

• Kitchen: No appliances reported
• Bedrooms: 2 bedrooms (both on the main level)
• Flooring: Other flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating; No central cooling reported
• Interior features: Ceiling fan(s); Low VOC paints
• Laundry & utility: No laundry appliances reported

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $37k.

Deal economics

• At list price, monthly cash flow is $492 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($928 rent vs $37k).
• Recommended offer: $36k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 75/100 on livability (#13 in TN, #4,115 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, commute F, employment F.
• Paris (town): math 42% / reading 32% proficiency, ranked #28 of 139 in TN (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: W G Rhea Elementary (571 students, 0% FRL) — zoned schools average 0% FRL vs 53% district-wide (53 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 186 active listings in the ZIP; 19 units permitted in Henry County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $256 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Henry County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($36k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $12k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $21k; list at $37k implies a 76% 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→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $36,445 (1.5% below list)

Questions for the listing agent

1. Built in 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.51% ✓
• Cap rate: 22.24%
• Cash-on-cash: 56.95%
• DSCR: 3.53
• GRM: 3.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 55.4%
• Equity multiple: 3.44×
• Total profit: $25,322
• Equity at exit: $5,517

10-year hold

• IRR: 60.4%
• Equity multiple: 7.02×
• Total profit: $62,390
• Equity at exit: $3,199

Cash invested: $10,360 (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 38242

• Home prices YoY: -17.6%
• Active inventory: 186
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $928 medium
• Mortgage (P&I): −$194
• Tax from tax record: −$32 /mo · $385/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$195
• Net cashflow: $492

Break-even live

Break-even rent $306

Max offer price $37,000

Occupancy floor 42%

Sensitivity live

Price	-10% $513	-5% $502	+0% $492	+5% $481	+10% $471
Rent	-10% $418	-5% $455	+0% $492	+5% $528	+10% $565
Rate	-1.0pp $510	-0.5pp $501	base $492	+0.5pp $482	+1.0pp $472

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: $9,250
• Closing costs: $1,110
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-09
   status $37,000 Pending 17 DOM
2. 2026-06-08
   days on market $37,000 Active 17 DOM
3. 2026-06-08
   days on market $37,000 Active 16 DOM
4. 2026-06-07
   pricedays on market $37,000 Active 15 DOM
5. 2026-06-03
   pricedays on market $39,000 Active 12 DOM
6. 2026-06-02
   pricedays on market $37,000 Active 11 DOM
7. 2026-06-01
   days on market $43,000 Active 10 DOM
8. 2026-05-31
   days on market $43,000 Active 9 DOM
9. 2026-05-31
   price $43,000 Active 8 DOM
10. 2026-05-22
    listed $49,000 Active
11. 2025-11-05
    historical
12. 2025-10-17
    listed $59,900 Active
13. 2013-01-30
    soldstatus $21,000

ⓘ 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: $385 · $32/mo
• Projected year-2 tax: $385 · $32/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥107°F today · 18 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 11% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,137
• − Mortgage interest: −$2,073
• − Property taxes: −$385
• − Insurance: −$185
• − Repairs & maintenance: −$891
• − Management: −$891
• − Depreciation: −$1,076
• Taxable income: $5,636
• Est. tax owed @ 24.0%: −$1,353
• After-tax cash flow: $4,547/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: Paris
• NCES district ID: 4703360
• Math proficiency: 42% ▼ -4.00%
• Reading proficiency: 32% ▼ -2.00%
• Median HH income: $30,045
• Composite: 30.15/100
• National rank: #6330
• State rank: #28 of 139 in TN

Livability — Paris

• Score: 75/100
• State rank: #13
• US rank: #4115

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Paris, TN
• City population: 19,619
• Population (ZIP): 19,619

Population outlook (Henry County) Hauer SSP2

• Today (2025): 31,750 people
• By 2030: 31,277 · -1.5%
• By 2040: 30,064 · -5.3%
• By 2050: 28,675 · -9.7%
• By 2075: 25,767 · -18.8%
• By 2100: 22,318 · -29.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Black 10% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Slovak 2% Italian 1% Serbian 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · German/W. Germanic 2% Spanish 2%

Political lean MEDSL · Henry

• 2024 margin: Solid R (+55.3) · D 21.8% · R 77.1% · Other 1.1%
• 2008→2024 swing: -33.0pp toward R · 2008: -22.4pp · 2024: -55.3pp
• All cycles: 2024: R+55.3 2020: R+51.1 2016: R+49.8 2012: R+30.2 2008: R+22.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -49.93%
• Current HPI: 234.3442
• Rent YoY: —
• Metro: —
• 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

+133.3% since first listed

4 events — show timeline

• 2026-05-22 Listed $49,000 REALTRACS as Distributed by MLS Grid
• 2025-11-05 Listing Removed — REALTRACS as Distributed by MLS Grid
• 2025-10-17 Listed $59,900 REALTRACS as Distributed by MLS Grid
• 2013-01-30 Sold (Public Records) $21,000 Public Records

Property tax history

+2.7%/yr

Latest (2025): $385 · +21.1% YoY. Source: county tax records.