419 Belmont Ave · Shelbyville, TN 37160

$499,900

10 bd · 4.0 ba · 3,359 sqft · MultiFamily public records · 63 Days on market

Built 1948 0.35 ac lot $149/sqft · 30% above area Est $385k · 30% over

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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 +29.4/30.0
• DSCR +10.0/10.0
• 1% rule +7.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Five unit apartment building in town. Unit 5 is a studio unit rented for $650/month Recent updates (past 3 years) include a new roof, kitchen & bath updates. New wood framing replaced/repaired where needed due to a previous poor drainage issue in rim joist & floor. New foundation drains installed. Main sewage pipe replaced to street. Large parking area. Free trash pick-up. Incredibly convenient location.

Key facts

• Major improvements
• Strong rental appeal
• 0.35 acre lot

Tags

• HISTORIC DOWNTOWN SQUARE
• BRICK APARTMENT BUILDING
• STRONG RENTAL APPEAL
• PRIVATE SIDE DECK ACCESS
• MAJOR IMPROVEMENTS
• NEW FOUNDATION DRAINAGE SYSTEM

Property features AI

Finance

• Financial info: Gross income reported at $45,775; Net operating income reported at $29,640; Owner pays electricity and water; Tenant pays: none listed

Exterior

• Parking: Parking lot; no covered spaces listed
• Security: Smoke detectors
• Utilities: Public water; Public sewer; Water available
• Home design: Multi-family residential income property; Attached property; Two levels
• Construction: Brick construction; Shingle roof; Approximate year built (not specified)
• Exterior features: Parking lot; Lot dimensions approximately 102.5 x 150 (irregular)

Interior

• Bedrooms: Five units total: two 1-bedroom units and three 2-bedroom units
• Flooring: Wood flooring; Tile flooring
• Bathrooms: Each unit has one bathroom
• Heating & cooling: Baseboard heating; Wall/Window unit(s) for cooling
• Interior features: Wood and tile flooring; Baseboard heating; Wall/window cooling units; Smoke detectors
• Laundry & utility: No on-site laundry features (none listed)

What this means for you Summary

Snapshot

• This is a 2×2.0bd/1.0ba + 2×1.0bd/1.0ba + 1×?bd/1.0ba units multifamily listed at $500k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $356/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $500k).
• Recommended offer: $470k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.6% vs local median 3.6% in Shelbyville — 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 64/100 on livability (#183 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime D, employment D.
• Bedford County (rural): math 24% / reading 23% proficiency, ranked #97 of 139 in TN (top 70%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: East Side Elementary (math 13% / reading 17%, grade F, #749 of 952 statewide, top 79%, 424 students, 0% FRL); Harris Middle School (math 16% / reading 13%, grade F, #231 of 333 statewide, top 70%, 963 students, 0% FRL); Shelbyville Central High School (math 2% / reading 28%, grade F, #236 of 332 statewide, top 71%, 1,553 students, 0% FRL) — zoned schools average 0% FRL vs 56% district-wide (56 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 354 active listings in the ZIP; 630 units permitted in Bedford County in 2024 (6 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• Bedford County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $140k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($470k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 9y ago; this cycle's ask is 58712% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $265k; list at $500k implies a 89% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1948 — 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 $469,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. Crime grade is D 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.23% ✓
• Cap rate: 10.56%
• Cash-on-cash: 15.26%
• DSCR: 1.68
• GRM: 6.8

CMA / ARV

• ARV (median comp): $385,000
• List price: $499,900
• Delta: 29.84%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 5.9%
• Equity multiple: 1.23×
• Total profit: $32,185
• Equity at exit: $74,537

10-year hold

• IRR: 15.3%
• Equity multiple: 2.24×
• Total profit: $173,386
• Equity at exit: $43,222

Cash invested: $139,972 (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 37160

• Home prices YoY: -23.1%
• Active inventory: 354
• Price-to-rent: 32.1×

Monthly cashflow live

• Estimated rent: $6,145 medium
• Mortgage (P&I): −$2,622
• Tax from tax record: −$245 /mo · $2,944/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,290
• Net cashflow: $1,779

Break-even live

Break-even rent $3,893

Max offer price $499,900

Occupancy floor 66%

Sensitivity live

Price	-10% $2,062	-5% $1,921	+0% $1,779	+5% $1,638	+10% $1,496
Rent	-10% $1,294	-5% $1,537	+0% $1,779	+5% $2,022	+10% $2,265
Rate	-1.0pp $2,031	-0.5pp $1,907	base $1,779	+0.5pp $1,650	+1.0pp $1,518

5-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2.0	1	$2,596
▸ 2× units	1.0	1	$2,384
1× unit	0.0	1	$1,163
Total (5 units)			$6,145

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: $124,975
• Closing costs: $14,997
• Reserves months: —
• Total cash needed: —

Listing history 47 events

1. 2026-06-22
   days on market $499,900 Active 63 DOM
2. 2026-06-21
   days on market $499,900 Active 62 DOM
3. 2026-06-19
   days on market $499,900 Active 60 DOM
4. 2026-06-18
   days on market $499,900 Active 59 DOM
5. 2026-06-17
   days on market $499,900 Active 58 DOM
6. 2026-06-16
   days on market $499,900 Active 57 DOM
7. 2026-06-15
   days on market $499,900 Active 56 DOM
8. 2026-06-14
   days on market $499,900 Active 54 DOM
9. 2026-06-13
   days on market $499,900 Active 53 DOM
10. 2026-06-10
    days on market $499,900 Active 51 DOM
11. 2026-06-09
    days on market $499,900 Active 50 DOM
12. 2026-06-08
    days on market $499,900 Active 49 DOM
13. 2026-06-07
    days on market $499,900 Active 48 DOM
14. 2026-06-03
    days on market $499,900 Active 44 DOM
15. 2026-06-02
    days on market $499,900 Active 43 DOM
16. 2026-06-01
    days on market $499,900 Active 42 DOM
17. 2026-05-31
    pricedays on market $499,900 Active 41 DOM
18. 2026-05-30
    days on market $525,000 Active 40 DOM
19. 2026-04-26
    historical $950
20. 2026-04-25
    historical $950
21. 2026-04-21
    listed $525,000 Active 1161-char remark
22. 2026-01-23
    listed $950
23. 2025-12-04
    listed $950
24. 2025-08-03
    historical $850
25. 2025-07-26
    listed $850
26. 2025-01-01
    historical 418-char remark

    Show marketing remark (418 chars)

    Five unit apartment building in town. Unit 5 is a studio unit rented for $650/month Recent updates (past 3 years) include a new roof, kitchen & bath updates. New wood framing replaced/repaired where needed due to a previous poor drainage issue in rim joist & floor. New foundation drains installed. Main sewage pipe replaced to street. Large parking area. Free trash pick-up. Incredibly convenient location.

27. 2024-07-19
    price $524,900 418-char remark

    Show marketing remark (418 chars)

    Five unit apartment building in town. Unit 5 is a studio unit rented for $650/month Recent updates (past 3 years) include a new roof, kitchen & bath updates. New wood framing replaced/repaired where needed due to a previous poor drainage issue in rim joist & floor. New foundation drains installed. Main sewage pipe replaced to street. Large parking area. Free trash pick-up. Incredibly convenient location.

28. 2024-06-03
    listed $538,500 Active 418-char remark

    Show marketing remark (418 chars)

    Five unit apartment building in town. Unit 5 is a studio unit rented for $650/month Recent updates (past 3 years) include a new roof, kitchen & bath updates. New wood framing replaced/repaired where needed due to a previous poor drainage issue in rim joist & floor. New foundation drains installed. Main sewage pipe replaced to street. Large parking area. Free trash pick-up. Incredibly convenient location.

29. 2022-02-03
    price $650
30. 2020-12-07
    soldstatus $265,000
31. 2018-04-30
    soldstatus $123,500 Closed

    Show marketing remark (38 chars)

    5 units that bring in $2050.00 a month

32. 2018-04-30
    soldstatus $123,500

    Show marketing remark (38 chars)

    5 units that bring in $2050.00 a month

33. 2018-03-16
    status Pending

    Show marketing remark (38 chars)

    5 units that bring in $2050.00 a month

34. 2018-02-12
    price $129,900

    Show marketing remark (38 chars)

    5 units that bring in $2050.00 a month

35. 2018-02-12
    status Active

    Show marketing remark (38 chars)

    5 units that bring in $2050.00 a month

36. 2018-01-24
    status Pending

    Show marketing remark (38 chars)

    5 units that bring in $2050.00 a month

37. 2018-01-15
    price $139,900

    Show marketing remark (38 chars)

    5 units that bring in $2050.00 a month

38. 2017-12-15
    price $144,900

    Show marketing remark (38 chars)

    5 units that bring in $2050.00 a month

39. 2017-11-22
    price $149,900

    Show marketing remark (38 chars)

    5 units that bring in $2050.00 a month

40. 2017-11-06
    price $154,900

    Show marketing remark (38 chars)

    5 units that bring in $2050.00 a month

41. 2017-10-19
    status Active

    Show marketing remark (38 chars)

    5 units that bring in $2050.00 a month

42. 2017-10-18
    historical Contingent - Financing

    Show marketing remark (38 chars)

    5 units that bring in $2050.00 a month

43. 2017-09-29
    listed $159,900 Active

    Show marketing remark (38 chars)

    5 units that bring in $2050.00 a month

44. 2011-09-01
    soldstatus $128,100
45. 2007-10-09
    soldstatus $124,000
46. 2005-07-11
    soldstatus $148,000
47. 2004-02-24
    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: $2,944 · $245/mo
• Projected year-2 tax: $3,549 · $296/mo
• Expected delta: +$605/yr (+$50/mo · 20.6%)

ⓘ 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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥105°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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $73,740
• − Mortgage interest: −$28,002
• − Property taxes: −$2,944
• − Insurance: −$2,500
• − Repairs & maintenance: −$5,899
• − Management: −$5,899
• − Depreciation: −$14,543
• Taxable income: $13,953
• Est. tax owed @ 24.0%: −$3,349
• After-tax cash flow: $18,004/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: Bedford County
• NCES district ID: 4700180
• Math proficiency: 24% ▼ -4.00%
• Reading proficiency: 23% ▼ -3.00%
• Median HH income: $41,704
• Composite: 20.03/100
• National rank: #8658
• State rank: #97 of 139 in TN

Livability — Shelbyville

• Score: 64/100
• State rank: #183
• US rank: #14818

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shelbyville, TN
• County: Bedford County · 38,148 people
• City population: 38,148
• Metro: Shelbyville, TN
• Population (ZIP): 38,148
• Household income: $64,800
• Rent vs Own: 34.6% rent · 65.4% own
• Severe rent burden: 1093.0

Population outlook (Bedford County) Hauer SSP2

• Today (2025): 51,064 people
• By 2030: 52,954 · +3.7%
• By 2040: 56,534 · +10.7%
• By 2050: 59,482 · +16.5%
• By 2075: 65,597 · +28.5%
• By 2100: 68,030 · +33.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (66%)
• Race & ethnicity: White 66% Hispanic / Latino 21% Two or more races 11% Black 8% Native American 2%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Serbian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 9% · Canada
• Languages at home: 84% English-only · Spanish 15% Arabic 1%

Political lean MEDSL · Bedford

• 2024 margin: Solid R (+58.0) · D 20.5% · R 78.5%
• 2008→2024 swing: -24.5pp toward R · 2008: -33.5pp · 2024: -58.0pp
• All cycles: 2024: R+58.0 2020: R+51.9 2016: R+52.8 2012: R+40.3 2008: R+33.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -99.18%
• Current HPI: 330.802
• Rent YoY: —
• Metro: Shelbyville, 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

+899.8% since first listed

31 events — show timeline

• 2026-06-09 Listed for Rent $850 SHOWMOJO
• 2026-05-30 Price Changed $499,900 REALTRACS as Distributed by MLS Grid
• 2026-04-26 Rental Removed $950 SHOWMOJO
• 2026-04-25 Rental Removed $950 SHOWMOJO
• 2026-04-21 Listed $525,000 REALTRACS as Distributed by MLS Grid
• 2026-01-23 Listed for Rent $950 SHOWMOJO
• 2025-12-04 Listed for Rent $950 SHOWMOJO
• 2025-08-03 Rental Removed $850 SHOWMOJO
• 2025-07-26 Listed for Rent $850 SHOWMOJO
• 2025-01-01 Listing Removed — REALTRACS as Distributed by MLS Grid
• 2024-07-19 Price Changed $524,900 REALTRACS as Distributed by MLS Grid
• 2024-06-03 Listed $538,500 REALTRACS as Distributed by MLS Grid
• 2022-02-03 Price Changed $650 RENT.
• 2020-12-07 Sold (Public Records) $265,000 Public Records
• 2018-04-30 Sold (Public Records) $123,500 Public Records
• 2018-04-30 Sold (MLS) $123,500 REALTRACS as Distributed by MLS Grid
• 2018-03-16 Pending — REALTRACS as Distributed by MLS Grid
• 2018-02-12 Price Changed $129,900 REALTRACS as Distributed by MLS Grid
• 2018-02-12 Relisted — REALTRACS as Distributed by MLS Grid
• 2018-01-24 Pending — REALTRACS as Distributed by MLS Grid
• 2018-01-15 Price Changed $139,900 REALTRACS as Distributed by MLS Grid
• 2017-12-15 Price Changed $144,900 REALTRACS as Distributed by MLS Grid
• 2017-11-22 Price Changed $149,900 REALTRACS as Distributed by MLS Grid
• 2017-11-06 Price Changed $154,900 REALTRACS as Distributed by MLS Grid
• 2017-10-19 Relisted — REALTRACS as Distributed by MLS Grid
• 2017-10-18 Contingent — REALTRACS as Distributed by MLS Grid
• 2017-09-29 Listed $159,900 REALTRACS as Distributed by MLS Grid
• 2011-09-01 Sold (Public Records) $128,100 Public Records
• 2007-10-09 Sold (Public Records) $124,000 Public Records
• 2005-07-11 Sold (Public Records) $148,000 Public Records
• 2004-02-24 Sold (Public Records) $50,000 Public Records

Property tax history

+2.9%/yr

Latest (2025): $2,944 · +0.0% YoY. Source: county tax records.