2783 Glade Creek Rd

Mayland, TN 38583

$159,000D-

3 bd · 2.0 ba · 945 sqft · Built 1995 · Manufactured · Pending · 204 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,327/mo
• Mortgage (P&I): −$834
• Tax + insurance: −$265
• HOA: −$0
• Vac / Maint / Mgmt: −$279
• Net cashflow: $-51/mo
• Annual: $-609/yr
• Cap rate: 5.91%
• Cash-on-cash: -1.37%
• DSCR: 0.94
• 1% rule: 0.83%
• Cash to close: $44,520

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $159k. Condition is rated good.
• At list price, monthly cash flow is $-51 ($-609/yr) — negative.
• To cash-flow at today's rent, offer at most $152k (4.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $133k (16.6% below list).
• It's been on market 204 days — a 12% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $133k (16.6% below list) — sets the bar for 1% rule.
• In year one you build about $340 of equity ($1k loan paydown + $-759 appreciation (-0.5% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Putnam County (town): math 32% / reading 31% proficiency, ranked #49 of 139 in TN (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 354 active listings in the ZIP; 700 units permitted in Putnam County in 2024 (48 in 5+ unit buildings).
• Putnam County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts; this cycle's ask has dropped $191k (55%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 5.9% vs local median 0.8% in Mayland — 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.

Questions for listing agent

• 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?
• It's been on market 204 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
• 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.
• 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?
• 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.