310 S Union St

Bolivar, TN 38008

$99,900B-

None bd · 32.0 ba · 1,600 sqft · Built 1938 · MultiFamily · Active · 150 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,511/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$166
• HOA: −$0
• Vac / Maint / Mgmt: −$317
• Net cashflow: $503/mo
• Annual: $6,040/yr
• Cap rate: 12.34%
• Cash-on-cash: 21.59%
• DSCR: 1.96
• 1% rule: 1.51%
• Cash to close: $27,972

Investor read

• This is a 2 × 1-bed/1-bath units multifamily listed at $100k. Condition is rated fair.
• At list price, monthly cash flow is $503 ($6k/yr) — positive. Per door: $252/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• It's been on market 150 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 52/100 on livability (#397 in TN) — a working-class tenant base; expect higher turnover. 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: built in 1938 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 57 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 (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~6 years — after that, you're playing with house money.
• 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.

Questions for listing agent

• It's been on market 150 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1938 — 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.
• 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?

Repairs flagged (vision-AI assessment)

• Major: kitchen — No photos of kitchen
• Major: bathrooms — No photos of bathrooms
• Major: flooring — No photos of flooring
• Major: interior walls/paint — No photos of interior walls/paint