429 Chestnut St

Maury City, TN 38034

$23,900B+

3 bd · 1.0 ba · 1,144 sqft · Built 1960 · Manufactured · Active · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $992/mo
• Mortgage (P&I): −$125
• Tax + insurance: −$26
• HOA: −$0
• Vac / Maint / Mgmt: −$208
• Net cashflow: $633/mo
• Annual: $7,595/yr
• Cap rate: 38.07%
• Cash-on-cash: 113.50%
• DSCR: 6.05
• 1% rule: 4.15%
• Cash to close: $6,692

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $24k.
• At list price, monthly cash flow is $633 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($992 rent vs $24k).
• It's been on market 15 days — a 2% lower offer ($24k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $24k (1.5% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($165 loan paydown + $2k appreciation (10.0% local appreciation)).
• Location reads 58/100 on livability (#300 in TN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D+, 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.
• Zoned schools: Maury City Elementary (math 47% / reading 37%, grade F, #191 of 952 statewide, top 22%, 230 students, 0% FRL); Crockett County High School (math 8% / reading 37%, grade F, #153 of 332 statewide, top 47%, 888 students, 0% FRL) — zoned schools average 0% FRL vs 59% district-wide (59 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 20 active listings in the ZIP; 26 units permitted in Crockett County in 2024 (0 in 5+ unit buildings).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$31k 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

• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.