236 Airways Blvd · Jackson, TN 38301

$398,000

60 bd · 60.0 ba · 11,730 sqft · MultiFamily · 165 Days on market

Built 1920 0.33 ac lot

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +3.8/5.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 10 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 MLS

10 unit apartment for sale. New Window 2014. Ready to finish out and rent.

Key facts

• Future expansion
• Outdoor amenities
• 0.33 acre lot

Tags

• MULTIFAMILY PROPERTY PORTFOLIO
• STRUCTURE IN SHELL CONDITION
• PREPPED FOR RENOVATION
• OUTDOOR AMENITIES
• FUTURE EXPANSION
• PUBLIC AND PRIVATE INVESTMENT

Property features AI

Finance

• Other: Above-grade finished area approximately 7,820 sq ft (assessor); Below-grade finished area approximately 3,910 sq ft (assessor); Total living/building area approximately 11,730 sq ft (assessor)
• Financial info: Owner pays trash collection and water; Tenants pay cable TV, electricity and other utilities; Property is zoned Commercial; Total of 10 units
• HOA & community: Sidewalks (association amenity)

Exterior

• Parking: Parking lot with 17 open parking spaces
• Security: Fire alarm; Fire sprinkler system; Smoke detectors
• Utilities: Public water; Public sewer; Water available
• Home design: Residential income (multi-family); Attached property; Three or more levels; Existing structure
• Construction: Brick, frame, vinyl siding and wood siding construction; Shingle roof
• Exterior features: Sidewalks; Lot dimensions approximately 100 x 144 (irregular corner)

Interior

• Bedrooms: Two-bedroom units (2 bathrooms); One-bedroom units (1 bathroom)
• Flooring: Other
• Bathrooms: Two-bathroom units; One-bathroom units
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Accessible approach with ramp, accessible entrance and doors, and accessible hallways; Other flooring
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 10 × 6-bed/6.0-bath units multifamily listed at $398k.

Deal economics

• At list price, monthly cash flow is $10k ($125k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $398k).
• Recommended offer: $350k (12.0% below list) — sets the bar for market timing.
• Cap rate 37.6% vs local median 3.5% in Jackson — 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 62/100 on livability (#216 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime F, amenities F.
• Madison County (urban): math 10% / reading 17% proficiency, ranked #131 of 139 in TN (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Isaac Lane Technology Magnet Elementary (math 2% / reading 2%, grade F, #926 of 952 statewide, top 100%, 467 students, 0% FRL); South Side High School (math 10% / reading 15%, grade F, #257 of 332 statewide, top 78%, 810 students, 0% FRL) — zoned schools average 0% FRL vs 68% district-wide (68 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+5.2%/yr); 254 active listings in the ZIP; lower-income renter base — watch delinquency; 247 units permitted in Madison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Madison County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $111k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 165 days — a 12% lower offer ($350k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y ago; this cycle's ask has dropped $298k (43%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $39k; list at $398k implies a 921% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• 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 $350,240 (12.0% below list)

Questions for the listing agent

1. It's been on market 165 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. Crime grade is F 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?
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: 4.18% ✓
• Cap rate: 37.59%
• Cash-on-cash: 111.77%
• DSCR: 5.97
• GRM: 2.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.19% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.69×
• Total profit: $634,242
• Equity at exit: $59,343

10-year hold

• IRR: —
• Equity multiple: 15.04×
• Total profit: $1,565,131
• Equity at exit: $34,412

Cash invested: $111,440 (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 38301

• Rents YoY: 5.2%
• Active inventory: 254
• Price-to-rent: 20.0×

Monthly cashflow live

• Estimated rent: $16,620 medium
• Mortgage (P&I): −$2,087
• Tax est. 1.5%: −$498 /mo · $5,970/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,490
• Net cashflow: $10,379

Break-even live

Break-even rent $3,482

Max offer price $398,000

Occupancy floor 33%

Sensitivity live

Price	-10% $10,654	-5% $10,517	+0% $10,379	+5% $10,242	+10% $10,104
Rent	-10% $9,066	-5% $9,723	+0% $10,379	+5% $11,036	+10% $11,692
Rate	-1.0pp $10,580	-0.5pp $10,481	base $10,379	+0.5pp $10,276	+1.0pp $10,171

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

Units	Beds	Baths	Est. rent
▸ 10× units	6	6	$16,620
Total (10 units)			$16,620

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: $99,500
• Closing costs: $11,940
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-21
   days on market $398,000 Active 165 DOM
2. 2026-06-19
   days on market $398,000 Active 163 DOM
3. 2026-06-18
   days on market $398,000 Active 162 DOM
4. 2026-06-17
   days on market $398,000 Active 161 DOM
5. 2026-06-16
   days on market $398,000 Active 160 DOM
6. 2026-06-15
   days on market $398,000 Active 159 DOM
7. 2026-06-14
   days on market $398,000 Active 157 DOM
8. 2026-06-13
   days on market $398,000 Active 156 DOM
9. 2026-06-10
   days on market $398,000 Active 154 DOM
10. 2026-06-09
    days on market $398,000 Active 153 DOM
11. 2026-06-08
    days on market $398,000 Active 152 DOM
12. 2026-06-07
    days on market $398,000 Active 151 DOM
13. 2026-06-05
    pricedays on market $398,000 Active 148 DOM
14. 2026-06-03
    days on market $445,000 Active 147 DOM
15. 2026-06-02
    days on market $445,000 Active 146 DOM
16. 2026-06-01
    days on market $445,000 Active 145 DOM
17. 2026-05-31
    days on market $445,000 Active 144 DOM
18. 2026-05-30
    days on market $445,000 Active 143 DOM
19. 2026-05-03
    price $445,000
20. 2026-04-17
    price $569,000
21. 2026-02-11
    price $596,000
22. 2026-01-07
    listed $696,000 Active
23. 2017-08-03
    soldstatus $39,000 74-char remark

    Show marketing remark (74 chars)

    10 unit apartment for sale. New Window 2014. Ready to finish out and rent.

24. 2017-02-10
    listed $159,900 74-char remark

    Show marketing remark (74 chars)

    10 unit apartment for sale. New Window 2014. Ready to finish out and rent.

ⓘ 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 ≥108°F today · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 14% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $199,440
• − Mortgage interest: −$22,294
• − Property taxes: −$5,970
• − Insurance: −$1,990
• − Repairs & maintenance: −$15,955
• − Management: −$15,955
• − Depreciation: −$11,578
• Taxable income: $125,697
• Est. tax owed @ 24.0%: −$30,167
• After-tax cash flow: $94,384/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: Madison County
• NCES district ID: 4702580
• Math proficiency: 10% ▼ -11.00%
• Reading proficiency: 17% ▼ -4.00%
• Median HH income: $42,015
• Composite: 11.74/100
• National rank: #9687
• State rank: #131 of 139 in TN

Livability — Jackson

• Score: 62/100
• State rank: #216
• US rank: #16488

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Jackson, TN
• County: Madison County · 87,024 people
• City population: 87,024
• Metro: Jackson, TN
• Population (ZIP): 33,536
• Household income: $43,227
• Rent vs Own: 48.9% rent · 51.1% own
• Severe rent burden: 1701.0

Population outlook (Madison County) Hauer SSP2

• Today (2025): 95,952 people
• By 2030: 94,264 · -1.8%
• By 2040: 89,607 · -6.6%
• By 2050: 84,133 · -12.3%
• By 2075: 72,215 · -24.7%
• By 2100: 62,062 · -35.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Black 50% White 42% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Slovak 1% Serbian 1% Portuguese 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Madison

• 2024 margin: R (+18.2) · D 40.3% · R 58.5% · Other 1.2%
• 2008→2024 swing: +3.4pp toward D · 2008: -21.6pp · 2024: -18.2pp
• All cycles: 2024: R+18.2 2020: R+12.9 2016: R+15.6 2012: R+8.9 2008: R+21.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -112.26%
• Current HPI: 162.2273
• Rent YoY: ▲ 5.19%
• Metro: Jackson, 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

+178.3% since first listed

6 events — show timeline

• 2026-05-03 Price Changed $445,000 REALTRACS as Distributed by MLS Grid
• 2026-04-17 Price Changed $569,000 REALTRACS as Distributed by MLS Grid
• 2026-02-11 Price Changed $596,000 REALTRACS as Distributed by MLS Grid
• 2026-01-07 Listed $696,000 REALTRACS as Distributed by MLS Grid
• 2017-08-03 Sold (MLS) $39,000 CWTAR
• 2017-02-10 Listed $159,900 CWTAR