4819 Highway 49 W

Vanleer, TN 37181

$1,225,000D

40 bd · 10.0 ba · 6,460 sqft · Built 1980 · MultiFamily · Active · 89 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,511/mo
• Mortgage (P&I): −$6,424
• Tax + insurance: −$727
• HOA: −$0
• Vac / Maint / Mgmt: −$1,787
• Net cashflow: $-428/mo
• Annual: $-5,133/yr
• Cap rate: 5.87%
• Cash-on-cash: -1.50%
• DSCR: 0.93
• 1% rule: 0.69%
• Cash to close: $343,000

Investor read

• This is a 9×1bd/1ba + 1×2bd/1ba units multifamily listed at $1.23M.
• At list price, monthly cash flow is $-428 ($-5k/yr) — negative. Per door: $-43/mo.
• To cash-flow at today's rent, offer at most $1.15M (6.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $851k (30.5% below list).
• It's been on market 89 days — a 6% lower offer ($1.15M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $851k (30.5% below list) — sets the bar for 1% rule.
• In year one you build about $121k of equity ($8k loan paydown + $113k appreciation (9.2% local appreciation)).
• Location reads 54/100 on livability (#377 in TN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities F.
• Dickson County (rural): math 30% / reading 33% proficiency, ranked #39 of 139 in TN (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 16 active listings in the ZIP; 376 units permitted in Dickson County in 2024 (5 in 5+ unit buildings).
• Dickson County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $220k; list at $1.23M implies a 457% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$194k 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

• 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 89 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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.
• 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?
• 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?