2690 Highway 48 · Clarksville, TN 37040

$514,900

22 bd · 8.0 ba · 4,232 sqft · MultiFamily public records · 1 Days on market

Built 1976

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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 +21.4/30.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• 1% rule +4.4/10.0
• Livability +4.2/5.0
• Rent growth +2.8/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

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

* * * NEW PRICE * * * ALL 4 units currently occupied with immediate INCOME! 3 of the 4 tenants have been in their units between 5 and 13 years! ADDITIONAL access building with 1 bedroom / 1 bath generating $550 as well. Don't MISS an opportunity in owning this long-term investment property! CALL TODAY! DON'T miss the opportunity in calling this HOME!

Key facts

• Built 1976

Property features AI

Finance

• Financial info: Gross income: $2,820; Net operating income: $2,820; Tenant pays cable TV, electricity, trash collection and water; Owner pays: none

Exterior

• Parking: Covered spaces listed as 0; Total parking listed as 0; Driveway parking
• Utilities: Private water; Public sewer; Electricity available; Water available
• Home design: Residential income property (quadruplex); Attached property; One level
• Construction: Brick construction; Shingle roof; Existing structure
• Exterior features: Circular driveway; Gravel driveway; Lot approximately 0.61 acres

Interior

• Bedrooms: Four 2-bedroom units (each unit is 2 bedrooms)
• Flooring: Carpet; Laminate; Tile; Vinyl
• Bathrooms: Four 1-bath units (each unit has 1 bathroom)
• Heating & cooling: Central electric heating; Central electric air conditioning
• Interior features: Carpet, laminate, tile and vinyl flooring
• Laundry & utility: Individual laundry hookups in units; Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.3-bath units multifamily listed at $515k.

Deal economics

• At list price, monthly cash flow is $761 ($9k/yr) — positive. Per door: $254/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $486k (5.6% below list).
• Recommended offer: $486k (5.6% below list) — sets the bar for 1% rule.
• Cap rate 8.1% 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.

Location & tenants

• 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: Cumberland Heights Elementary (math 45% / reading 34%, grade F, #231 of 952 statewide, top 26%, 592 students, 0% FRL); Montgomery Central High (math 6% / reading 40%, grade F, #149 of 332 statewide, top 46%, 1,056 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.
• Market conditions: Rents rising (+1.3%/yr); 604 active listings in the ZIP; 2,583 units permitted in Montgomery County in 2024 (617 in 5+ unit buildings).
• At $4,861/mo this rent would consume 86% of the median local household income ($68k/yr) (locally 2670% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• Montgomery County population projected at +49% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.
• Current owner paid $26k; list at $515k implies a 1880% gain — meaningful room to come down on a strong offer.

Recommended offer $486,100 (5.6% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.94% ✗
• Cap rate: 8.07%
• Cash-on-cash: 6.34%
• DSCR: 1.28
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.32% rent growth · sell at horizon

5-year hold

• IRR: -8.3%
• Equity multiple: 0.70×
• Total profit: $-43,252
• Equity at exit: $76,773

10-year hold

• IRR: -0.9%
• Equity multiple: 0.94×
• Total profit: $-8,190
• Equity at exit: $44,519

Cash invested: $144,172 (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 37040

• Home prices YoY: -22.0%
• Rents YoY: 1.3%
• Active inventory: 604
• Price-to-rent: 26.5×

Monthly cashflow live

• Estimated rent: $4,861 medium
• Mortgage (P&I): −$2,700
• Tax from tax record: −$164 /mo · $1,970/yr
• Insurance: −$215
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,021
• Net cashflow: $761

Break-even live

Break-even rent $3,897

Max offer price $514,900

Occupancy floor 79%

Sensitivity live

Price	-10% $1,053	-5% $907	+0% $761	+5% $616	+10% $470
Rent	-10% $377	-5% $569	+0% $761	+5% $953	+10% $1,145
Rate	-1.0pp $1,021	-0.5pp $892	base $761	+0.5pp $628	+1.0pp $492

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.3	$4,860
Total (3 units)			$4,861

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: $128,725
• Closing costs: $15,447
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-19
   remarks 359-char remark
2. 2026-06-19
   pricedays on marketlisting id $514,900 Active 1 DOM
3. 2026-06-09
   days on market $524,900 Active 96 DOM
4. 2026-06-08
   days on market $524,900 Active 95 DOM
5. 2026-06-07
   days on market $524,900 Active 94 DOM
6. 2026-06-05
   days on market $524,900 Active 91 DOM
7. 2026-06-03
   days on market $524,900 Active 90 DOM
8. 2026-06-02
   days on market $524,900 Active 89 DOM
9. 2026-05-31
   days on market $524,900 Active 87 DOM
10. 2026-05-30
    days on market $524,900 Active 86 DOM
11. 2026-03-05
    listed $524,900 Active
12. 2026-02-27
    historical
13. 2026-01-11
    listed $574,900 Active
14. 2000-04-03
    soldstatus $26,000

ⓘ 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: $1,970 · $164/mo
• Projected year-2 tax: $3,656 · $305/mo
• Expected delta: +$1,686/yr (+$140/mo · 85.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $58,332
• − Mortgage interest: −$28,842
• − Property taxes: −$1,970
• − Insurance: −$2,574
• − Repairs & maintenance: −$4,667
• − Management: −$4,667
• − Depreciation: −$14,979
• Taxable income: $633
• Est. tax owed @ 24.0%: −$152
• After-tax cash flow: $8,984/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: Montgomery County
• NCES district ID: 4703030
• Math proficiency: 25% ▼ -20.00%
• Reading proficiency: 31% ▼ -10.00%
• Median HH income: $50,423
• Composite: 24.56/100
• National rank: #7641
• State rank: #65 of 139 in TN

Livability — Clarksville

• Score: 84/100
• State rank: #1
• US rank: #798

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Montgomery County · 211,371 people
• City population: 211,371
• Metro: Clarksville, TN-KY
• Population (ZIP): 64,977
• Household income: $67,745
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 2670.0

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 236,633 people
• By 2030: 258,978 · +9.4%
• By 2040: 305,456 · +29.1%
• By 2050: 353,147 · +49.2%
• By 2075: 471,289 · +99.2%
• By 2100: 564,122 · +138.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 56% Black 25% Two or more races 11% Hispanic / Latino 10% Asian 2%
• Hispanic origin (detail): Mexican 6% Puerto Rican 2%
• Common ancestry: Italian 4% Lithuanian 1% Slovak 1%
• Foreign-born: 6% · Canada, South Korea
• Languages at home: 90% English-only · Spanish 5% Other Asian/Pacific 1% Other Indo-European 1%

Political lean MEDSL · Montgomery

• 2024 margin: R (+18.4) · D 40.0% · R 58.5% · Other 1.5%
• 2008→2024 swing: -10.5pp toward R · 2008: -7.9pp · 2024: -18.4pp
• All cycles: 2024: R+18.4 2020: R+12.7 2016: R+18.6 2012: R+10.5 2008: R+7.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -75.79%
• Current HPI: 269.0601
• Rent YoY: ▲ 1.32%
• Metro: Clarksville, TN-KY
• 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

+1918.8% since first listed

4 events — show timeline

• 2026-03-05 Listed $524,900 REALTRACS as Distributed by MLS Grid
• 2026-02-27 Listing Removed — REALTRACS as Distributed by MLS Grid
• 2026-01-11 Listed $574,900 REALTRACS as Distributed by MLS Grid
• 2000-04-03 Sold (Public Records) $26,000 Public Records

Property tax history

+15.5%/yr

Latest (2025): $1,970 · +0.0% YoY. Source: county tax records.