946 Greenwood Ave

Clarksville, TN 37040

$214,900C-

3 bd · 2.0 ba · 2,200 sqft · Built 1958 · SingleFamily · Active · 195 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,816/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$213
• HOA: −$0
• Vac / Maint / Mgmt: −$381
• Net cashflow: $95/mo
• Annual: $1,139/yr
• Cap rate: 6.82%
• Cash-on-cash: 1.89%
• DSCR: 1.08
• 1% rule: 0.85%
• Cash to close: $60,172

Investor read

• This is a 3-bed/2.0-bath single-family listed at $215k.
• At list price, monthly cash flow is $95 ($1k/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 $182k (15.5% below list).
• It's been on market 195 days — a 12% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $182k (15.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#1 in TN, #798 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment C-, crime D+.
• Montgomery County (urban): math 25% / reading 31% proficiency, ranked #65 of 139 in TN (top 47%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Barksdale Elementary (math 45% / reading 35%, grade F, #226 of 952 statewide, top 24%, 496 students, 0% FRL); Montgomery Central Middle (math 22% / reading 25%, grade F, #162 of 333 statewide, top 50%, 806 students, 0% FRL); Clarksville High (math 7% / reading 52%, grade F, #86 of 332 statewide, top 27%, 1,561 students, 0% FRL) — zoned schools average 0% FRL vs 40% district-wide (40 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.3%/yr); 608 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 2,583 units permitted in Montgomery County in 2024 (617 in 5+ unit buildings).
• Montgomery County population projected at +49% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 15 sale attempts since 8y ago; this cycle's ask has dropped $25k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 6.8% vs local median 3.5% in Clarksville — 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.
• This rent runs 32% of the median local income ($68k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 195 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• 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.
• 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.
• 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.