0 Skylar Way -kirk Loop

Middleton, TN 38052

$750,000B+

None bd · None ba · 13,500 sqft · Built 1991 · MultiFamily · Active · 300 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $12,541/mo
• Mortgage (P&I): −$3,933
• Tax + insurance: −$1,316
• HOA: −$0
• Vac / Maint / Mgmt: −$2,634
• Net cashflow: $4,658/mo
• Annual: $55,894/yr
• Cap rate: 13.85%
• Cash-on-cash: 27.00%
• DSCR: 2.20
• 1% rule: 1.67%
• Cash to close: $210,000

Investor read

• This is a multifamily listed at $750k. Condition is rated fair.
• At list price, monthly cash flow is $5k ($56k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $750k).
• It's been on market 300 days — a 12% lower offer ($660k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $660k (12.0% below list) — sets the bar for market timing.
• In year one you build about $73k of equity ($5k loan paydown + $68k appreciation (9.1% local appreciation)).
• Location reads 61/100 on livability (#247 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: health & safety C-, schools F, crime F.
• Hardeman County Schools (rural): math 11% / reading 16% proficiency, ranked #133 of 139 in TN (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 40 active listings in the ZIP; 43 units permitted in Hardeman County in 2024 (0 in 5+ unit buildings).
• Hardeman County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (9.1% appreciation + 3.0% rent growth), your $210k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$117k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→20/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 300 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior paint — Peeling paint indicates significant wear
• Major: roof — Aged roof may need replacement
• Major: HVAC units — No visible units, likely in need of repair