2134 Fairfax Ave · Nashville-Davidson metropolitan government (balance), TN 37212

$1,750,000

36 bd · 36.0 ba · 4,968 sqft · MultiFamily · 371 Days on market

Built 1965 $210/mo HOA · 13% of rent ↓ 10% since listing

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Why this score? — see what drove the F 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 +11.8/30.0
• ARV discount +7.5/15.0
• 1% rule +3.6/10.0
• DSCR +3.5/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 9 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

Turnkey 9-Unit Portfolio in Hillsboro Village Rare opportunity to own 9 fully leased units at 2134 Fairfax Avenue in one of Nashville’s most desirable neighborhoods. Walking distance to Belmont and Vanderbilt Universities, these units offer one bedroom one bath floorplans, updated interiors, and consistent rental history. Perfect for an investor seeking stable cash flow or identifying a 1031 exchange opportunity. Priced attractively for immediate ROI and long-term appreciation. Don’t miss this chance to own a legacy asset in the urban core.

Key facts

• Stable cash flow
• Fully leased units
• Updated interiors

Tags

• TURNKEY 9-UNIT PORTFOLIO
• FULLY LEASED UNITS
• UPDATED INTERIORS
• STABLE CASH FLOW
• LEGACY ASSET
• URBAN CORE

Property features AI

Finance

• Financial info: Gross income reported: $123,120; Net operating income reported: $123,120; Tenants pay cable TV and electricity; Owner pays association fees
• HOA & community: Has HOA with monthly fee of $210; HOA includes pool, grounds maintenance, insurance, recreation facilities, trash, and water

Exterior

• Parking: Paved parking lot
• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: Public water; Public sewer; Electricity available
• Home design: Residential income property (multi-family); Attached property; One-level building
• Construction: Brick and frame construction; Existing structure
• Exterior features: Has a view; Paved parking lot

Interior

• Bedrooms: Nine 1-bedroom units
• Flooring: Carpet; Laminate; Tile; Vinyl
• Bathrooms: Each 1-bedroom unit has 1 bathroom
• Heating & cooling: Baseboard heating (electric); Wall/window air conditioning units
• Interior features: Carpet, laminate, tile, and vinyl flooring; Smoke and carbon monoxide detectors
• Laundry & utility: Shared laundry

What this means for you Summary

Snapshot

• This is a 9 × 1-bed/1.0-bath units multifamily listed at $1.75M.

Deal economics

• At list price, monthly cash flow is $-476 ($-6k/yr) — negative. Per door: $-53/mo.
• To cash-flow at today's rent, offer at most $1.68M (3.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.50M (14.4% below list).
• Recommended offer: $1.50M (14.4% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 2.9% in Nashville-Davidson metropolitan government (balance) — 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: area grade F — affects rentability + tenant quality, not the cash-flow math above.
• Davidson County (urban): math 12% / reading 19% proficiency, ranked #126 of 139 in TN (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Eakin Elementary (math 42% / reading 47%, grade F, #164 of 952 statewide, top 19%, 524 students, 0% FRL); West End Middle (math 14% / reading 26%, grade F, #198 of 333 statewide, top 61%, 343 students, 0% FRL); Hillsboro High (math 2% / reading 33%, grade F, #214 of 332 statewide, top 64%, 1,227 students, 0% FRL) — zoned schools average 0% FRL vs 66% district-wide (66 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents soft (-1.9%/yr); 192 active listings in the ZIP; solid renter incomes; 6,873 units permitted in Davidson County in 2024 (4,138 in 5+ unit buildings).
• At $14,972/mo this rent would consume 189% of the median local household income ($95k/yr) (locally 1000% 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 $12k of loan paydown is wiped out by about $52k of value loss. Plan a longer hold.
• Davidson County population projected at +42% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 371 days — a 12% lower offer ($1.54M) is reasonable based on typical stale-listing flexibility.
• 19 sale attempts since 3y ago; this cycle's ask is 155456% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• 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 $1,497,200 (14.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 371 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 0.86% ✗
• Cap rate: 5.97%
• Cash-on-cash: -1.17%
• DSCR: 0.95
• GRM: 9.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -21.7%
• Equity multiple: 0.27×
• Total profit: $-357,412
• Equity at exit: $260,931

10-year hold

• IRR: -25.1%
• Equity multiple: -0.06×
• Total profit: $-518,390
• Equity at exit: $151,308

Cash invested: $490,000 (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 37212

• Rents YoY: -1.9%
• Active inventory: 192
• Price-to-rent: 87.7×

Monthly cashflow live

• Estimated rent: $14,972 high
• Mortgage (P&I): −$9,177
• Tax est. 1.5%: −$2,188 /mo · $26,250/yr
• Insurance: −$729
• HOA: −$210
• Vacancy / Maint / Mgmt: −$3,144
• Net cashflow: $-476

Break-even live

Break-even rent $15,575

Max offer price $1,681,125

Occupancy floor 98%

Sensitivity live

Price	-10% $733	-5% $129	+0% $-476	+5% $-1,081	+10% $-1,685
Rent	-10% $-1,659	-5% $-1,067	+0% $-476	+5% $115	+10% $707
Rate	-1.0pp $405	-0.5pp $-31	base $-476	+0.5pp $-929	+1.0pp $-1,391

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

Units	Beds	Baths	Est. rent
▸ 9× units	1	1	$14,976
Total (9 units)			$14,972

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: $437,500
• Closing costs: $52,500
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $210 · $2,520/yr

Listing history 50 events

1. 2026-06-21
   days on market $1,750,000 Active 371 DOM
2. 2026-06-18
   days on market $1,750,000 Active 368 DOM
3. 2026-06-17
   days on market $1,750,000 Active 367 DOM
4. 2026-06-16
   days on market $1,750,000 Active 366 DOM
5. 2026-06-15
   days on market $1,750,000 Active 365 DOM
6. 2026-06-13
   days on market $1,750,000 Active 363 DOM
7. 2026-06-13
   days on market $1,750,000 Active 362 DOM
8. 2026-06-09
   days on market $1,750,000 Active 359 DOM
9. 2026-06-08
   days on market $1,750,000 Active 358 DOM
10. 2026-06-07
    days on market $1,750,000 Active 357 DOM
11. 2026-06-05
    days on market $1,750,000 Active 354 DOM
12. 2026-06-03
    days on market $1,750,000 Active 353 DOM
13. 2026-06-02
    days on market $1,750,000 Active 352 DOM
14. 2026-06-01
    days on market $1,750,000 Active 351 DOM
15. 2026-05-31
    days on market $1,750,000 Active 350 DOM
16. 2026-04-13
    historical $1,125
17. 2026-03-12
    listed $1,125
18. 2026-03-12
    historical $1,125
19. 2026-03-03
    listed $1,125
20. 2026-03-03
    historical $1,150
21. 2026-02-14
    price $1,150
22. 2026-02-09
    price $1,750,000
23. 2026-02-07
    price $1,250
24. 2026-01-14
    status Active
25. 2026-01-10
    price $1,200
26. 2026-01-01
    historical
27. 2025-12-02
    listed $1,250
28. 2025-11-17
    historical $1,250
29. 2025-10-16
    listed $1,250
30. 2025-10-05
    historical $1,300
31. 2025-09-04
    listed $1,300
32. 2025-08-09
    historical $1,300
33. 2025-07-09
    listed $1,300
34. 2025-06-02
    listed $1,800,000 Active
35. 2025-04-09
    historical $1,300
36. 2025-03-18
    listed $1,300
37. 2025-02-08
    historical $1,200
38. 2025-01-30
    listed $1,200
39. 2025-01-20
    historical $1,200
40. 2025-01-04
    listed $1,200
41. 2024-09-15
    historical $1,095
42. 2024-09-06
    price $1,095
43. 2024-08-03
    price $1,195
44. 2024-07-27
    price $1,200
45. 2024-07-03
    listed $1,250
46. 2024-04-01
    historical $650
47. 2024-03-29
    listed $650
48. 2024-03-29
    historical $650
49. 2024-03-28
    listed $650
50. 2024-03-24
    historical $1,250

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥106°F today · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $179,664
• − Mortgage interest: −$98,027
• − Property taxes: −$26,250
• − Insurance: −$8,750
• − Repairs & maintenance: −$14,373
• − Management: −$14,373
• − HOA: −$2,520
• − Depreciation: −$50,909
• Taxable loss: −$35,539
• Est. tax savings @ 24.0%: +$8,529
• After-tax cash flow: $2,818/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: Davidson County
• NCES district ID: 4703180
• Math proficiency: 12% ▼ -17.00%
• Reading proficiency: 19% ▼ -7.00%
• Median HH income: $48,667
• Composite: 14.03/100
• National rank: #9472
• State rank: #126 of 139 in TN

Livability — Nashville-Davidson metropolitan government (balance)

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Nashville-Davidson metropolitan government (balance), TN
• County: Davidson County · 680,067 people
• City population: 677,595
• Metro: Nashville-Davidson--Murfreesboro--Franklin, TN
• Population (ZIP): 20,592
• Household income: $95,145
• Rent vs Own: 59.0% rent · 41.0% own
• Severe rent burden: 1000.0

Population outlook (Davidson County) Hauer SSP2

• Today (2025): 808,568 people
• By 2030: 874,489 · +8.2%
• By 2040: 1,009,046 · +24.8%
• By 2050: 1,147,294 · +41.9%
• By 2075: 1,475,439 · +82.5%
• By 2100: 1,714,101 · +112.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Black 12% Asian 9% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Slovak 3% Italian 3% Lithuanian 2%
• Foreign-born: 10% · China, Canada, South Korea
• Languages at home: 87% English-only · Chinese 3% Spanish 3% Other Indo-European 2%

Political lean MEDSL · Davidson

• 2024 margin: Strong D (+27.4) · D 62.7% · R 35.3% · Other 2.0%
• 2008→2024 swing: +6.5pp toward D · 2008: 21.0pp · 2024: 27.4pp
• All cycles: 2024: D+27.4 2020: D+32.1 2016: D+26.0 2012: D+18.7 2008: D+21.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -376.56%
• Current HPI: 433.5117
• Rent YoY: ▼ -1.87%
• Metro: Nashville-Davidson--Murfreesboro--Franklin, 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

-10.0% since first listed

46 events — show timeline

• 2026-04-13 Rental Removed $1,125 TURBOTENANT
• 2026-03-12 Listed for Rent $1,125 TURBOTENANT
• 2026-03-12 Rental Removed $1,125 BUILDIUM
• 2026-03-03 Listed for Rent $1,125 BUILDIUM
• 2026-03-03 Rental Removed $1,150 TURBOTENANT
• 2026-02-14 Price Changed $1,150 TURBOTENANT
• 2026-02-09 Price Changed $1,750,000 REALTRACS as Distributed by MLS Grid
• 2026-02-07 Price Changed $1,250 TURBOTENANT
• 2026-01-14 Relisted — REALTRACS as Distributed by MLS Grid
• 2026-01-10 Price Changed $1,200 TURBOTENANT
• 2026-01-01 Listing Removed — REALTRACS as Distributed by MLS Grid
• 2025-12-02 Listed for Rent $1,250 TURBOTENANT
• 2025-11-17 Rental Removed $1,250 TURBOTENANT
• 2025-10-16 Listed for Rent $1,250 TURBOTENANT
• 2025-10-05 Rental Removed $1,300 TURBOTENANT
• 2025-09-04 Listed for Rent $1,300 TURBOTENANT
• 2025-08-09 Rental Removed $1,300 TURBOTENANT
• 2025-07-09 Listed for Rent $1,300 TURBOTENANT
• 2025-06-02 Listed $1,800,000 REALTRACS as Distributed by MLS Grid
• 2025-04-09 Rental Removed $1,300 TURBOTENANT
• 2025-03-18 Listed for Rent $1,300 TURBOTENANT
• 2025-02-08 Rental Removed $1,200 APPFOLIO
• 2025-01-30 Listed for Rent $1,200 APPFOLIO
• 2025-01-20 Rental Removed $1,200 APPFOLIO
• 2025-01-04 Listed for Rent $1,200 APPFOLIO
• 2024-09-15 Rental Removed $1,095 BUILDIUM
• 2024-09-06 Price Changed $1,095 BUILDIUM
• 2024-08-03 Price Changed $1,195 BUILDIUM
• 2024-07-27 Price Changed $1,200 BUILDIUM
• 2024-07-03 Listed for Rent $1,250 BUILDIUM
• 2024-04-01 Rental Removed $650 APPFOLIO
• 2024-03-29 Listed for Rent $650 APPFOLIO
• 2024-03-29 Rental Removed $650 TURBOTENANT
• 2024-03-28 Listed for Rent $650 TURBOTENANT
• 2024-03-24 Rental Removed $1,250 APPFOLIO
• 2024-03-17 Rental Removed $1,250 TURBOTENANT
• 2024-03-17 Listed for Rent $1,250 APPFOLIO
• 2024-03-16 Listed for Rent $1,250 TURBOTENANT
• 2024-01-28 Rental Removed $1,250 APPFOLIO
• 2024-01-27 Listed for Rent $1,250 APPFOLIO
• 2023-12-30 Rental Removed $1,250 APPFOLIO
• 2023-12-28 Listed for Rent $1,250 APPFOLIO
• 2023-12-28 Rental Removed $1,250 TURBOTENANT
• 2023-12-28 Listed for Rent $1,250 TURBOTENANT
• 2023-06-17 Rental Removed — REALTRACS
• 2022-12-19 Rental Removed — BUILDIUM