3823 Friendship Eaton Rd · Friendship, TN 38034

$122,000

4 bd · 1.0 ba · 1,260 sqft · SingleFamily public records · 39 Days on market

Built 1982

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Why this score? — see what drove the C+ 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 +23.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• 1% rule +4.9/10.0
• Livability +2.7/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Unfinished remodel. Brand new roof installed in 2024 with good shingles with a 30 year warranty. New drywall. New Pink r19 insulation in attic and walls. New bath tub. New electrical box. House needs floors and some odd and end finishing touches. Don & acirc; & euro; & trade; t have the time anymore to finish it. Sold as it.

Key facts

• New drywall
• New bath tub
• New electrical box

Tags

• NEW ROOF
• NEW DRYWALL
• NEW INSULATION
• NEW BATH TUB
• NEW ELECTRICAL BOX

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $122k.

Deal economics

• At list price, monthly cash flow is $218 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $120k (1.3% below list).
• Recommended offer: $118k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 53/100 on livability (#387 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.
• Crockett County (rural): math 31% / reading 32% proficiency, ranked #48 of 139 in TN (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 20 active listings in the ZIP; 26 units permitted in Crockett County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($843 loan paydown + $12k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $23k; list at $122k implies a 430% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $118,340 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 0.99% ✗
• Cap rate: 8.43%
• Cash-on-cash: 7.64%
• DSCR: 1.34
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 29.8%
• Equity multiple: 3.35×
• Total profit: $80,255
• Equity at exit: $109,907

10-year hold

• IRR: 25.9%
• Equity multiple: 7.60×
• Total profit: $225,340
• Equity at exit: $237,019

Cash invested: $34,160 (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 38034

• Home prices YoY: 5.3%
• Active inventory: 20
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,204 medium
• Mortgage (P&I): −$640
• Tax from tax record: −$43 /mo · $517/yr
• Insurance: −$51
• HOA: −$0
• Vacancy / Maint / Mgmt: −$253
• Net cashflow: $218

Break-even live

Break-even rent $929

Max offer price $122,000

Occupancy floor 77%

Sensitivity live

Price	-10% $287	-5% $252	+0% $218	+5% $183	+10% $149
Rent	-10% $122	-5% $170	+0% $218	+5% $265	+10% $313
Rate	-1.0pp $279	-0.5pp $249	base $218	+0.5pp $186	+1.0pp $154

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: $30,500
• Closing costs: $3,660
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $122,000 Active 39 DOM
2. 2026-06-18
   days on market $122,000 Active 37 DOM
3. 2026-06-17
   days on market $122,000 Active 36 DOM
4. 2026-06-16
   days on market $122,000 Active 35 DOM
5. 2026-06-15
   days on market $122,000 Active 34 DOM
6. 2026-06-13
   days on market $122,000 Active 32 DOM
7. 2026-06-12
   days on market $122,000 Active 31 DOM
8. 2026-06-09
   days on market $122,000 Active 28 DOM
9. 2026-06-08
   days on market $122,000 Active 27 DOM
10. 2026-06-08
    days on market $122,000 Active 26 DOM
11. 2026-06-07
    days on market $122,000 Active 25 DOM
12. 2026-06-03
    days on market $122,000 Active 22 DOM
13. 2026-06-02
    days on market $122,000 Active 21 DOM
14. 2026-06-01
    days on market $122,000 Active 20 DOM
15. 2026-05-31
    days on market $122,000 Active 19 DOM
16. 2026-05-12
    listed $122,000 Active
17. 2013-09-18
    soldstatus $23,000

ⓘ 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: $517 · $43/mo
• Projected year-2 tax: $866 · $72/mo
• Expected delta: +$349/yr (+$29/mo · 67.5%)

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥109°F today · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 15% 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: $14,450
• − Mortgage interest: −$6,834
• − Property taxes: −$517
• − Insurance: −$610
• − Repairs & maintenance: −$1,156
• − Management: −$1,156
• − Depreciation: −$3,549
• Taxable income: $628
• Est. tax owed @ 24.0%: −$151
• After-tax cash flow: $2,460/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: Crockett County
• NCES district ID: 4700850
• Math proficiency: 31% ▼ -10.00%
• Reading proficiency: 32% ▲ 3.00%
• Median HH income: $36,758
• Composite: 26.19/100
• National rank: #7266
• State rank: #48 of 139 in TN

Livability — Friendship

• Score: 53/100
• State rank: #387
• US rank: #24343

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 3,366

Population outlook (Crockett County) Hauer SSP2

• Today (2025): 14,795 people
• By 2030: 14,812 · +0.1%
• By 2040: 14,811 · +0.1%
• By 2050: 14,809 · +0.1%
• By 2075: 15,405 · +4.1%
• By 2100: 16,200 · +9.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Two or more races 9% Black 8% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Lithuanian 5% Italian 3% Iranian 3%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · Crockett

• 2024 margin: Solid R (+58.7) · D 20.2% · R 78.9%
• 2008→2024 swing: -25.2pp toward R · 2008: -33.6pp · 2024: -58.7pp
• All cycles: 2024: R+58.7 2020: R+53.8 2016: R+49.7 2012: R+38.4 2008: R+33.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 13.00%
• Current HPI: 257.4293
• Rent YoY: —
• Metro: —
• 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

+430.4% since first listed

2 events — show timeline

• 2026-05-12 Listed $122,000 FSBO.com
• 2013-09-18 Sold (Public Records) $23,000 Public Records

Property tax history

+4.6%/yr

Latest (2025): $517 · +10.0% YoY. Source: county tax records.