6479 Highway 76 E

Springfield, TN 37172

$350,000D

4 bd · 2.0 ba · 1,690 sqft · Built 1971 · MultiFamily · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,782/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$234
• HOA: −$0
• Vac / Maint / Mgmt: −$584
• Net cashflow: $128/mo
• Annual: $1,537/yr
• Cap rate: 6.73%
• Cash-on-cash: 1.57%
• DSCR: 1.07
• 1% rule: 0.79%
• Cash to close: $98,000

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $350k.
• At list price, monthly cash flow is $128 ($2k/yr) — positive. Per door: $64/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $278k (20.5% below list).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $278k (20.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#225 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, employment D-.
• 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.
• Zoned schools: Robert F. Woodall Elementary (501 students, 0% FRL); White House Heritage High School (math 29% / reading 37%, grade F, #54 of 332 statewide, top 16%, 1,001 students, 0% FRL) — zoned schools average 0% FRL vs 42% district-wide (42 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents flat; 255 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 983 units permitted in Robertson County in 2024 (0 in 5+ unit buildings).
• Robertson County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 8y 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.
• Current owner paid $130k; list at $350k implies a 169% gain — meaningful room to come down on a strong offer.
• 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.
• Cap rate 6.7% 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.
• At $2,782/mo this rent would consume 46% 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.

Questions for listing agent

• 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?
• Built in 1971 — 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?
• 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.