380 Loreeta Dr

Walland, TN 37886

$119,900B+

3 bd · 2.0 ba · 1,568 sqft · Built 2017 · Manufactured · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,689/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$102
• HOA: −$0
• Vac / Maint / Mgmt: −$355
• Net cashflow: $603/mo
• Annual: $7,237/yr
• Cap rate: 12.33%
• Cash-on-cash: 21.56%
• DSCR: 1.96
• 1% rule: 1.41%
• Cash to close: $33,572

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $120k.
• At list price, monthly cash flow is $603 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• It's been on market 23 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.
• In year one you build about $13k of equity ($829 loan paydown + $12k appreciation (10.0% local appreciation)).
• Location reads 59/100 on livability (#286 in TN) — a working-class tenant base; expect higher turnover. Strengths: housing A, cost of living A-; Watch: crime D, amenities F, commute F.
• Blount County (rural): math 29% / reading 31% proficiency, ranked #52 of 139 in TN (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Prospect Elementary School (math 47% / reading 32%, grade F, #231 of 952 statewide, top 26%, 341 students, 0% FRL); Heritage Middle School (math 25% / reading 28%, grade F, #135 of 333 statewide, top 43%, 665 students, 0% FRL); Heritage High School (math 18% / reading 35%, grade F, #112 of 332 statewide, top 35%, 1,198 students, 0% FRL) — zoned schools average 0% FRL vs 44% district-wide (44 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 49 active listings in the ZIP; 937 units permitted in Blount County in 2024 (57 in 5+ unit buildings).
• Blount County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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.