116 Summer St · Martin, TN 38237

$499,900

24 bd · 4.0 ba · 2,710 sqft · MultiFamily public records · 60 Days on market

Built 1947 5,192 sqft lot $184/sqft · 187% above area

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Why this score? — see what drove the D 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 +14.5/30.0
• ARV discount +7.5/15.0
• DSCR +4.4/10.0
• Livability +3.8/5.0
• Schools +3.0/10.0
• 1% rule +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Quadplex investment opportunity in Martin, TN just minutes from UT Martin and conveniently located near shopping, dining, and everyday amenities. This fully renovated property features four units, including two spacious 2 bed 1 bath units and two 1 bed 1 bath units, offering a versatile unit mix that appeals to a wide tenant base. Extensive renovations have been completed throughout all four units, making this a true turnkey opportunity. Exterior improvements include vinyl siding, replacement windows, updated lighting, fresh paint, and enhanced landscaping for strong curb appeal. Interior updates feature new paint, updated trim and doors, modern light fixtures, new mini blinds, and a combination of refinished hardwood floors and durable vinyl plank flooring in kitchens, bathrooms, and hallways. Kitchens have been upgraded with new cabinetry, butcher block countertops in select units, and appliances including stoves and refrigerators. Bathrooms have been refreshed with new vanities, fixtures, commodes, and tub surrounds. Major system updates include HVAC in all units, updated electrical with new panels and meters, and plumbing improvements including new water heaters and updated lines where needed. The property also includes a finished shared laundry room with two washer hookups and two dryer hookups, adding convenience for tenants. Units 1 and 2 offer larger layouts with living rooms, dining areas, and additional space, while Units 3 and 4 provide efficient upper-level living with finished interiors. One unit is currently tenant-occupied (24-hour notice required), providing immediate income potential. With strong rental demand driven by proximity to UT Martin, this property is well-positioned for consistent occupancy and long-term returns. Large units, quality renovations, and a prime in-town location make this a standout addition to any investor's portfolio.

Key facts

• Fresh paint
• Vinyl siding
• Updated lighting

Tags

• FULLY RENOVATED PROPERTY
• EXTENSIVE RENOVATIONS
• VINYL SIDING
• REPLACEMENT WINDOWS
• UPDATED LIGHTING
• FRESH PAINT

What this means for you Summary

Snapshot

• This is a 2×2bd/1ba + 2×1bd/1ba units multifamily listed at $500k.

Deal economics

• At list price, monthly cash flow is $107 ($1k/yr) — positive. Per door: $27/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 $387k (22.5% below list).
• Recommended offer: $387k (22.5% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 4.0% in Martin — 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.

Location & tenants

• Location reads 75/100 on livability (#15 in TN, #4,330 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing B+; Watch: schools D+, commute F, employment F.
• Weakley County (rural): math 34% / reading 38% proficiency, ranked #32 of 139 in TN (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 85 active listings in the ZIP; 69 units permitted in Weakley County in 2024 (0 in 5+ unit buildings).
• At $3,872/mo this rent would consume 90% of the median local household income ($52k/yr) (locally 636% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• Weakley County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($485k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $387,200 (22.5% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.77% ✗
• Cap rate: 6.55%
• Cash-on-cash: 0.92%
• DSCR: 1.04
• GRM: 10.8

CMA / ARV

• ARV (median comp): $174,088
• List price: $499,900
• Delta: 187.15%
• Verdict: OVERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -14.9%
• Equity multiple: 0.47×
• Total profit: $-74,416
• Equity at exit: $74,537

10-year hold

• IRR: -6.4%
• Equity multiple: 0.59×
• Total profit: $-57,012
• Equity at exit: $43,222

Cash invested: $139,972 (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 38237

• Home prices YoY: -16.5%
• Active inventory: 85
• Price-to-rent: 41.4×

Monthly cashflow live

• Estimated rent: $3,872 medium
• Mortgage (P&I): −$2,622
• Tax from tax record: −$122 /mo · $1,460/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$813
• Net cashflow: $107

Break-even live

Break-even rent $3,736

Max offer price $499,900

Occupancy floor 92%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,012
▸ 2× units	1	1	$1,860
Total (4 units)			$3,872

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: $124,975
• Closing costs: $14,997
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-19
   days on market $499,900 Active 60 DOM
2. 2026-06-18
   days on market $499,900 Active 59 DOM
3. 2026-06-17
   days on market $499,900 Active 58 DOM
4. 2026-06-16
   days on market $499,900 Active 57 DOM
5. 2026-06-15
   days on market $499,900 Active 56 DOM
6. 2026-06-14
   days on market $499,900 Active 54 DOM
7. 2026-06-12
   days on market $499,900 Active 53 DOM
8. 2026-06-09
   days on market $499,900 Active 50 DOM
9. 2026-06-08
   days on market $499,900 Active 49 DOM
10. 2026-06-07
    days on market $499,900 Active 48 DOM
11. 2026-06-04
    days on market $499,900 Active 44 DOM
12. 2026-06-02
    days on market $499,900 Active 43 DOM
13. 2026-06-01
    days on market $499,900 Active 42 DOM
14. 2026-05-31
    days on market $499,900 Active 41 DOM
15. 2026-05-31
    days on market $499,900 Active 40 DOM
16. 2026-04-20
    listed $499,900 Active 1891-char remark

    Show marketing remark (1891 chars)

    Quadplex investment opportunity in Martin, TN just minutes from UT Martin and conveniently located near shopping, dining, and everyday amenities. This fully renovated property features four units, including two spacious 2 bed 1 bath units and two 1 bed 1 bath units, offering a versatile unit mix that appeals to a wide tenant base. Extensive renovations have been completed throughout all four units, making this a true turnkey opportunity. Exterior improvements include vinyl siding, replacement windows, updated lighting, fresh paint, and enhanced landscaping for strong curb appeal. Interior updates feature new paint, updated trim and doors, modern light fixtures, new mini blinds, and a combination of refinished hardwood floors and durable vinyl plank flooring in kitchens, bathrooms, and hallways. Kitchens have been upgraded with new cabinetry, butcher block countertops in select units, and appliances including stoves and refrigerators. Bathrooms have been refreshed with new vanities, fixtures, commodes, and tub surrounds. Major system updates include HVAC in all units, updated electrical with new panels and meters, and plumbing improvements including new water heaters and updated lines where needed. The property also includes a finished shared laundry room with two washer hookups and two dryer hookups, adding convenience for tenants. Units 1 and 2 offer larger layouts with living rooms, dining areas, and additional space, while Units 3 and 4 provide efficient upper-level living with finished interiors. One unit is currently tenant-occupied (24-hour notice required), providing immediate income potential. With strong rental demand driven by proximity to UT Martin, this property is well-positioned for consistent occupancy and long-term returns. Large units, quality renovations, and a prime in-town location make this a standout addition to any investor's portfolio.

ⓘ 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: $1,460 · $122/mo
• Projected year-2 tax: $3,549 · $296/mo
• Expected delta: +$2,089/yr (+$174/mo · 143.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 71% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥108°F today · 22 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 8% 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: $46,464
• − Mortgage interest: −$28,002
• − Property taxes: −$1,460
• − Insurance: −$2,500
• − Repairs & maintenance: −$3,717
• − Management: −$3,717
• − Depreciation: −$14,543
• Taxable loss: −$7,474
• Est. tax savings @ 24.0%: +$1,794
• After-tax cash flow: $3,083/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: Weakley County
• NCES district ID: 4704470
• Math proficiency: 34% ▼ -10.00%
• Reading proficiency: 38% ▼ -2.00%
• Median HH income: $35,389
• Composite: 29.77/100
• National rank: #6434
• State rank: #32 of 139 in TN

Livability — Martin

• Score: 75/100
• State rank: #15
• US rank: #4330

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Martin, TN
• County: Weakley County · 15,627 people
• City population: 15,627
• Metro: Martin, TN
• Population (ZIP): 15,627
• Household income: $51,670
• Rent vs Own: 44.6% rent · 55.4% own
• Severe rent burden: 636.0

Population outlook (Weakley County) Hauer SSP2

• Today (2025): 31,862 people
• By 2030: 30,688 · -3.7%
• By 2040: 27,935 · -12.3%
• By 2050: 25,485 · -20.0%
• By 2075: 21,080 · -33.8%
• By 2100: 18,214 · -42.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Black 13% Two or more races 5% Hispanic / Latino 4% Asian 2%
• Common ancestry: Slovak 2% Italian 1% Serbian 1%
• Foreign-born: 4% · Canada, Vietnam, South Korea
• Languages at home: 95% English-only · Spanish 2% Vietnamese 1% Other Indo-European 1%

Political lean MEDSL · Weakley

• 2024 margin: Solid R (+58.4) · D 20.3% · R 78.7%
• 2008→2024 swing: -27.2pp toward R · 2008: -31.1pp · 2024: -58.4pp
• All cycles: 2024: R+58.4 2020: R+53.7 2016: R+51.4 2012: R+41.0 2008: R+31.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -46.05%
• Current HPI: 233.76
• Rent YoY: —
• Metro: Martin, TN
• 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

1 event — show timeline

• 2026-04-20 Listed $499,900 REALTRACS as Distributed by MLS Grid

Property tax history

+7.9%/yr

Latest (2025): $1,460 · +9.0% YoY. Source: county tax records.