600 5th Ave E · Springfield, TN 37172

$275,000

3 bd · 2.0 ba · 2,217 sqft · MultiFamily public records · 102 Days on market

Built 1916 $124/sqft · 8% below area Est $335k · 18% under

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Why this score? — see what drove the B- 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 +26.2/30.0
• ARV discount +15.0/15.0
• DSCR +8.9/10.0
• 1% rule +6.5/10.0
• Livability +3.1/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Charming 1916 duplex located just minutes from downtown Springfield, offering both historic character and flexible potential. This property is currently tenant-occupied on both sides, providing immediate rental income for investors. Each unit maintains the charm typical of early 20th-century homes while offering a practical layout for comfortable living. Originally built as a single residence, the property could be restored back into a spacious single-family home for buyers looking to create a unique historic residence close to the heart of the city. Whether you’re seeking an income-producing investment, a house-hack opportunity, or a restoration project, this property offers multiple possibilities. Situated just minutes from downtown Springfield’s shops, dining, and community events, the location provides convenient access to everything the area has to offer while still maintaining a quiet neighborhood feel. A rare opportunity to own a piece of Springfield’s history with built-in income and future flexibility. Listed below recent appraisal

Key facts

• Tenant occupied
• Practical layout
• Historic character

Tags

• TENANT OCCUPIED
• RENTAL INCOME
• HISTORIC CHARACTER
• PRACTICAL LAYOUT
• SPACIOUS SINGLE FAMILY HOME
• INCOME PRODUCING INVESTMENT

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $704 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Recommended offer: $250k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 3.5% in Springfield — 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 (#225 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Robertson County (rural): math 22% / reading 26% proficiency, ranked #82 of 139 in TN (top 59%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents flat; 250 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 983 units permitted in Robertson County in 2024 (0 in 5+ unit buildings).
• At $3,160/mo this rent would consume 53% of the median local household income ($72k/yr) (locally 848% 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Robertson County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 102 days — a 9% lower offer ($250k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 12y ago; this cycle's ask has dropped $50k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $160k; list at $275k implies a 72% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $250,250 (9.0% below list)

Questions for the listing agent

1. It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.15% ✓
• Cap rate: 9.37%
• Cash-on-cash: 10.98%
• DSCR: 1.49
• GRM: 7.3

CMA / ARV

• ARV (median comp): $335,437
• List price: $275,000
• Delta: -18.02%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.66% rent growth · sell at horizon

5-year hold

• IRR: -2.5%
• Equity multiple: 0.91×
• Total profit: $-6,985
• Equity at exit: $41,003

10-year hold

• IRR: 4.6%
• Equity multiple: 1.30×
• Total profit: $23,146
• Equity at exit: $23,777

Cash invested: $77,000 (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 37172

• Home prices YoY: -19.9%
• Rents YoY: 0.7%
• Active inventory: 250
• Price-to-rent: 14.5×

Monthly cashflow live

• Estimated rent: $3,160 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$235 /mo · $2,823/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$664
• Net cashflow: $704

Break-even live

Break-even rent $2,268

Max offer price $275,000

Occupancy floor 73%

Sensitivity live

Price	-10% $860	-5% $782	+0% $704	+5% $627	+10% $549
Rent	-10% $455	-5% $580	+0% $704	+5% $829	+10% $954
Rate	-1.0pp $843	-0.5pp $774	base $704	+0.5pp $633	+1.0pp $561

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,160
Total (2 units)			$3,160

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
819 Pitt Ave Springfield, TN	3.0	2.0	1736	$2,000	$1.15	24d	1	0.38mi
1001 Cheatham St Unit 192 Springfield, TN	2.0	2.5	1700	$1,650	$0.97	3d	1	0.63mi
62 N Main St Springfield, TN	3.0	2.0	2063	$1,500	$0.73	18d	1	0.73mi
1214 Woodard Reid Rd Springfield, TN	3.0	2.0	1736	$2,200	$1.27	44d	1	0.84mi

Listing history 38 events

1. 2026-06-18
   days on market $275,000 Active 102 DOM
2. 2026-06-17
   days on market $275,000 Active 101 DOM
3. 2026-06-16
   days on market $275,000 Active 100 DOM
4. 2026-06-15
   days on market $275,000 Active 99 DOM
5. 2026-06-13
   days on market $275,000 Active 97 DOM
6. 2026-06-13
   days on market $275,000 Active 96 DOM
7. 2026-06-09
   days on market $275,000 Active 93 DOM
8. 2026-06-08
   days on market $275,000 Active 92 DOM
9. 2026-06-07
   days on market $275,000 Active 91 DOM
10. 2026-06-03
    days on market $275,000 Active 87 DOM
11. 2026-06-02
    days on market $275,000 Active 86 DOM
12. 2026-06-01
    days on market $275,000 Active 85 DOM
13. 2026-05-31
    days on market $275,000 Active 84 DOM
14. 2026-05-19
    price $275,000 1077-char remark

    Show marketing remark (1077 chars)

    Charming 1916 duplex located just minutes from downtown Springfield, offering both historic character and flexible potential. This property is currently tenant-occupied on both sides, providing immediate rental income for investors. Each unit maintains the charm typical of early 20th-century homes while offering a practical layout for comfortable living. Originally built as a single residence, the property could be restored back into a spacious single-family home for buyers looking to create a unique historic residence close to the heart of the city. Whether you’re seeking an income-producing investment, a house-hack opportunity, or a restoration project, this property offers multiple possibilities. Situated just minutes from downtown Springfield’s shops, dining, and community events, the location provides convenient access to everything the area has to offer while still maintaining a quiet neighborhood feel. A rare opportunity to own a piece of Springfield’s history with built-in income and future flexibility. Listed below recent appraisal

15. 2026-03-18
    price $299,000 1077-char remark

    Show marketing remark (1077 chars)

    Charming 1916 duplex located just minutes from downtown Springfield, offering both historic character and flexible potential. This property is currently tenant-occupied on both sides, providing immediate rental income for investors. Each unit maintains the charm typical of early 20th-century homes while offering a practical layout for comfortable living. Originally built as a single residence, the property could be restored back into a spacious single-family home for buyers looking to create a unique historic residence close to the heart of the city. Whether you’re seeking an income-producing investment, a house-hack opportunity, or a restoration project, this property offers multiple possibilities. Situated just minutes from downtown Springfield’s shops, dining, and community events, the location provides convenient access to everything the area has to offer while still maintaining a quiet neighborhood feel. A rare opportunity to own a piece of Springfield’s history with built-in income and future flexibility. Listed below recent appraisal

16. 2026-03-08
    listed $325,000 Active 1077-char remark

    Show marketing remark (1077 chars)

    Charming 1916 duplex located just minutes from downtown Springfield, offering both historic character and flexible potential. This property is currently tenant-occupied on both sides, providing immediate rental income for investors. Each unit maintains the charm typical of early 20th-century homes while offering a practical layout for comfortable living. Originally built as a single residence, the property could be restored back into a spacious single-family home for buyers looking to create a unique historic residence close to the heart of the city. Whether you’re seeking an income-producing investment, a house-hack opportunity, or a restoration project, this property offers multiple possibilities. Situated just minutes from downtown Springfield’s shops, dining, and community events, the location provides convenient access to everything the area has to offer while still maintaining a quiet neighborhood feel. A rare opportunity to own a piece of Springfield’s history with built-in income and future flexibility. Listed below recent appraisal

17. 2020-10-09
    soldstatus $159,900
18. 2020-10-06
    soldstatus $159,900 Closed 239-char remark

    Show marketing remark (239 chars)

    Victorian Style Home with large entrance hall and gorgeous staircase. Currently set up as a muti-family duplex. 2 BED/1 BATH LEASE $850 / 1 BED/1BATH LEASE $750 DO NOT DISTURB TENANTS. A and B Unit have new leases that started August 2020.

19. 2020-08-25
    status Pending 239-char remark

    Show marketing remark (239 chars)

    Victorian Style Home with large entrance hall and gorgeous staircase. Currently set up as a muti-family duplex. 2 BED/1 BATH LEASE $850 / 1 BED/1BATH LEASE $750 DO NOT DISTURB TENANTS. A and B Unit have new leases that started August 2020.

20. 2020-08-22
    listed $159,900 Active 239-char remark

    Show marketing remark (239 chars)

    Victorian Style Home with large entrance hall and gorgeous staircase. Currently set up as a muti-family duplex. 2 BED/1 BATH LEASE $850 / 1 BED/1BATH LEASE $750 DO NOT DISTURB TENANTS. A and B Unit have new leases that started August 2020.

21. 2017-04-24
    soldstatus $90,000 Closed
22. 2017-04-11
    historical Contingent - Financing
23. 2016-10-15
    price $119,900
24. 2016-07-27
    listed $134,900 Active
25. 2015-07-30
    soldstatus $70,000
26. 2015-07-24
    soldstatus $70,000 Closed
27. 2015-07-20
    status Pending
28. 2015-07-20
    status Pending
29. 2015-05-27
    price $76,900
30. 2015-05-27
    price $76,900
31. 2015-05-01
    price $79,900
32. 2015-05-01
    listed $79,900 Active
33. 2015-04-13
    price $84,900
34. 2015-01-06
    listed $89,900 Active
35. 2014-06-12
    listed $89,900
36. 2014-03-28
    listed $89,900
37. 2001-07-27
    soldstatus $70,000
38. 1990-12-12
    soldstatus $40,000

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

Tax reassessment forecast TN · Resets to sale price

• Current annual tax: $2,823 · $235/mo
• Projected year-2 tax: $2,823 · $235/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,920
• − Mortgage interest: −$15,404
• − Property taxes: −$2,823
• − Insurance: −$1,375
• − Repairs & maintenance: −$3,034
• − Management: −$3,034
• − Depreciation: −$8,000
• Taxable income: $4,251
• Est. tax owed @ 24.0%: −$1,020
• After-tax cash flow: $7,433/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: Robertson County
• NCES district ID: 4703600
• Math proficiency: 22% ▼ -11.00%
• Reading proficiency: 26% ▼ -5.00%
• Median HH income: $53,503
• Composite: 21.55/100
• National rank: #8313
• State rank: #82 of 139 in TN

Livability — Springfield

• Score: 62/100
• State rank: #225
• US rank: #16806

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Springfield, TN
• County: Robertson County · 49,504 people
• City population: 31,263
• Metro: Nashville-Davidson--Murfreesboro--Franklin, TN
• Population (ZIP): 31,263
• Household income: $72,168
• Rent vs Own: 30.8% rent · 69.2% own
• Severe rent burden: 848.0

Population outlook (Robertson County) Hauer SSP2

• Today (2025): 72,786 people
• By 2030: 74,478 · +2.3%
• By 2040: 76,948 · +5.7%
• By 2050: 77,618 · +6.6%
• By 2075: 77,545 · +6.5%
• By 2100: 72,836 · +0.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 17% Black 13% Two or more races 8%
• Hispanic origin (detail): Mexican 13% Puerto Rican 1%
• Common ancestry: Slovak 3% Italian 1% Lithuanian 1%
• Foreign-born: 10% · Canada
• Languages at home: 83% English-only · Spanish 15%

Political lean MEDSL · Robertson

• 2024 margin: Solid R (+50.9) · D 24.0% · R 74.9% · Other 1.1%
• 2008→2024 swing: -19.8pp toward R · 2008: -31.1pp · 2024: -50.9pp
• All cycles: 2024: R+50.9 2020: R+47.0 2016: R+47.2 2012: R+35.6 2008: R+31.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -76.77%
• Current HPI: 309.7118
• Rent YoY: ▲ 0.66%
• 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

+587.5% since first listed

25 events — show timeline

• 2026-05-19 Price Changed $275,000 REALTRACS as Distributed by MLS Grid
• 2026-03-18 Price Changed $299,000 REALTRACS as Distributed by MLS Grid
• 2026-03-08 Listed $325,000 REALTRACS as Distributed by MLS Grid
• 2020-10-09 Sold (Public Records) $159,900 Public Records
• 2020-10-06 Sold (MLS) $159,900 REALTRACS as Distributed by MLS Grid
• 2020-08-25 Pending — REALTRACS as Distributed by MLS Grid
• 2020-08-22 Listed $159,900 REALTRACS as Distributed by MLS Grid
• 2017-04-24 Sold (MLS) $90,000 REALTRACS as Distributed by MLS Grid
• 2017-04-11 Contingent — REALTRACS as Distributed by MLS Grid
• 2016-10-15 Price Changed $119,900 REALTRACS as Distributed by MLS Grid
• 2016-07-27 Listed $134,900 REALTRACS as Distributed by MLS Grid
• 2015-07-30 Sold (Public Records) $70,000 Public Records
• 2015-07-24 Sold (MLS) $70,000 REALTRACS as Distributed by MLS Grid
• 2015-07-20 Pending — REALTRACS as Distributed by MLS Grid
• 2015-07-20 Pending — REALTRACS as Distributed by MLS Grid
• 2015-05-27 Price Changed $76,900 REALTRACS as Distributed by MLS Grid
• 2015-05-27 Price Changed $76,900 REALTRACS as Distributed by MLS Grid
• 2015-05-01 Price Changed $79,900 REALTRACS as Distributed by MLS Grid
• 2015-05-01 Listed $79,900 REALTRACS as Distributed by MLS Grid
• 2015-04-13 Price Changed $84,900 REALTRACS as Distributed by MLS Grid
• 2015-01-06 Listed $89,900 REALTRACS as Distributed by MLS Grid
• 2014-06-12 Listed $89,900 REALTRACS as Distributed by MLS Grid
• 2014-03-28 Listed $89,900 REALTRACS as Distributed by MLS Grid
• 2001-07-27 Sold (Public Records) $70,000 Public Records
• 1990-12-12 Sold (Public Records) $40,000 Public Records

Property tax history

+11.8%/yr

Latest (2025): $2,823 · +3.6% YoY. Source: county tax records.