3337B Niagara Dr

Nashville-Davidson metropolitan government (balance), TN 37214

$285,000D

4 bd · 2.0 ba · 2,484 sqft · Built 1998 · Townhouse · Active · 528 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,740/mo
• Mortgage (P&I): −$1,495
• Tax + insurance: −$417
• HOA: −$0
• Vac / Maint / Mgmt: −$575
• Net cashflow: $253/mo
• Annual: $3,034/yr
• Cap rate: 7.36%
• Cash-on-cash: 3.80%
• DSCR: 1.17
• 1% rule: 0.96%
• Cash to close: $79,800

Investor read

• This is a 4-bed/2.0-bath townhouse listed at $285k.
• At list price, monthly cash flow is $253 ($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 $274k (3.9% below list).
• It's been on market 528 days — a 12% lower offer ($251k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $251k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Davidson County (urban): math 12% / reading 19% proficiency, ranked #126 of 139 in TN (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Hickman Elementary (math 8% / reading 12%, grade F, #818 of 952 statewide, top 87%, 438 students, 0% FRL); Donelson Middle (math 5% / reading 9%, grade F, #278 of 333 statewide, top 85%, 439 students, 0% FRL); Mcgavock High (math 2% / reading 9%, grade F, #308 of 332 statewide, top 93%, 2,098 students, 0% FRL) — zoned schools average 0% FRL vs 66% district-wide (66 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents soft (-1.1%/yr); 207 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); 6,873 units permitted in Davidson County in 2024 (4,138 in 5+ unit buildings).
• Davidson County population projected at +42% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 13 sale attempts since 6y ago 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.
• Cap rate 7.4% vs local median 2.9% in Nashville-Davidson metropolitan government (balance) — 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.
• At $2,740/mo this rent would consume 46% of the median local household income ($72k/yr) (locally 1235% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 528 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.