5138 Penthouse Rd · Algood, TN 38506

$144,900

3 bd · 2.0 ba · 1,512 sqft · Manufactured · 79 Days on market

Built 2000 Fair condition 0.55 ac lot

---

Why this score? — see what drove the C+ 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 +26.3/30.0
• DSCR +8.9/10.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• Livability +3.5/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this practical 3-bedroom, 2-bathroom manufactured home on a permanent foundation. Whether you're looking for a starter home or an investment property, this residence offers a versatile opportunity. Located in a quiet country setting, it provides tranquility without sacrificing convenience, with Cookeville just a short drive away. Enjoy country living while staying close to urban amenities. Don't miss this chance to own a piece of peaceful property! Storage shed will convey.

Key facts

• Manufactured home
• Permanent foundation
• 0.55 acre lot

Tags

• MANUFACTURED HOME
• PERMANENT FOUNDATION
• QUIET COUNTRY SETTING
• SHORT DRIVE TO COOKEVILLE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $145k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $374 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $136k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 2.8% in Algood — 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 70/100 on livability (#54 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: schools F, amenities F, commute F.
• Putnam County (town): math 32% / reading 31% proficiency, ranked #49 of 139 in TN (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 323 active listings in the ZIP; 700 units permitted in Putnam County in 2024 (48 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Putnam County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 4y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $136,206 (6.0% below list)

Questions for the listing agent

1. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 1.20% ✓
• Cap rate: 9.39%
• Cash-on-cash: 11.08%
• DSCR: 1.49
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 0.3%
• Equity multiple: 1.01×
• Total profit: $396
• Equity at exit: $21,605

10-year hold

• IRR: 9.9%
• Equity multiple: 1.77×
• Total profit: $31,162
• Equity at exit: $12,528

Cash invested: $40,572 (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 38506

• Home prices YoY: -20.1%
• Active inventory: 323
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,742 medium
• Mortgage (P&I): −$760
• Tax est. 1.5%: −$181 /mo · $2,174/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$366
• Net cashflow: $374

Break-even live

Break-even rent $1,268

Max offer price $144,900

Occupancy floor 74%

Sensitivity live

Price	-10% $475	-5% $425	+0% $374	+5% $324	+10% $274
Rent	-10% $237	-5% $306	+0% $374	+5% $443	+10% $512
Rate	-1.0pp $447	-0.5pp $411	base $374	+0.5pp $337	+1.0pp $299

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: $36,225
• Closing costs: $4,347
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-19
   days on market $144,900 Active 79 DOM
2. 2026-06-18
   days on market $144,900 Active 78 DOM
3. 2026-06-17
   days on market $144,900 Active 77 DOM
4. 2026-06-16
   days on market $144,900 Active 76 DOM
5. 2026-06-15
   days on market $144,900 Active 75 DOM
6. 2026-06-14
   days on market $144,900 Active 73 DOM
7. 2026-06-13
   days on market $144,900 Active 72 DOM
8. 2026-06-10
   days on market $144,900 Active 70 DOM
9. 2026-06-09
   days on market $144,900 Active 69 DOM
10. 2026-06-08
    days on market $144,900 Active 68 DOM
11. 2026-06-07
    days on market $144,900 Active 67 DOM
12. 2026-06-05
    pricedays on market $144,900 Active 64 DOM
13. 2026-06-02
    days on market $149,900 Active 62 DOM
14. 2026-06-01
    days on market $149,900 Active 61 DOM
15. 2026-05-31
    days on market $149,900 Active 60 DOM
16. 2026-05-30
    days on market $149,900 Active 59 DOM
17. 2026-05-09
    price $149,900 490-char remark

    Show marketing remark (772 chars)

    Welcome to this practical 3-bedroom, 2-bathroom manufactured home on a permanent foundation. Whether you're looking for a starter home or an investment property, this residence offers a versatile opportunity. Located in a quiet country setting, it provides tranquility without sacrificing convenience, with Cookeville just a short drive away. Enjoy country living while staying close to urban amenities. Don’t miss this chance to own a piece of peaceful property! Storage shed will convey. Electric stove, oven, refrigerator, washer, dryer, curtains, curtain rods, and blinds do not convey. All information deemed reliable. Agents and buyers should do their own due diligence. Price decreased due to foundation work being needed. Quote is available upon request.

18. 2026-05-09
    price $149,900 772-char remark

    Show marketing remark (772 chars)

    Welcome to this practical 3-bedroom, 2-bathroom manufactured home on a permanent foundation. Whether you're looking for a starter home or an investment property, this residence offers a versatile opportunity. Located in a quiet country setting, it provides tranquility without sacrificing convenience, with Cookeville just a short drive away. Enjoy country living while staying close to urban amenities. Don’t miss this chance to own a piece of peaceful property! Storage shed will convey. Electric stove, oven, refrigerator, washer, dryer, curtains, curtain rods, and blinds do not convey. All information deemed reliable. Agents and buyers should do their own due diligence. Price decreased due to foundation work being needed. Quote is available upon request.

19. 2026-05-04
    status Active 490-char remark

    Show marketing remark (490 chars)

    Welcome to this practical 3-bedroom, 2-bathroom manufactured home on a permanent foundation. Whether you're looking for a starter home or an investment property, this residence offers a versatile opportunity. Located in a quiet country setting, it provides tranquility without sacrificing convenience, with Cookeville just a short drive away. Enjoy country living while staying close to urban amenities. Don't miss this chance to own a piece of peaceful property! Storage shed will convey.

20. 2026-05-03
    status Active 772-char remark

    Show marketing remark (772 chars)

    Welcome to this practical 3-bedroom, 2-bathroom manufactured home on a permanent foundation. Whether you're looking for a starter home or an investment property, this residence offers a versatile opportunity. Located in a quiet country setting, it provides tranquility without sacrificing convenience, with Cookeville just a short drive away. Enjoy country living while staying close to urban amenities. Don’t miss this chance to own a piece of peaceful property! Storage shed will convey. Electric stove, oven, refrigerator, washer, dryer, curtains, curtain rods, and blinds do not convey. All information deemed reliable. Agents and buyers should do their own due diligence. Price decreased due to foundation work being needed. Quote is available upon request.

21. 2026-04-28
    historical Active Under Contract 490-char remark

    Show marketing remark (490 chars)

    Welcome to this practical 3-bedroom, 2-bathroom manufactured home on a permanent foundation. Whether you're looking for a starter home or an investment property, this residence offers a versatile opportunity. Located in a quiet country setting, it provides tranquility without sacrificing convenience, with Cookeville just a short drive away. Enjoy country living while staying close to urban amenities. Don't miss this chance to own a piece of peaceful property! Storage shed will convey.

22. 2026-04-27
    historical Active Under Contract 772-char remark

    Show marketing remark (772 chars)

    Welcome to this practical 3-bedroom, 2-bathroom manufactured home on a permanent foundation. Whether you're looking for a starter home or an investment property, this residence offers a versatile opportunity. Located in a quiet country setting, it provides tranquility without sacrificing convenience, with Cookeville just a short drive away. Enjoy country living while staying close to urban amenities. Don’t miss this chance to own a piece of peaceful property! Storage shed will convey. Electric stove, oven, refrigerator, washer, dryer, curtains, curtain rods, and blinds do not convey. All information deemed reliable. Agents and buyers should do their own due diligence. Price decreased due to foundation work being needed. Quote is available upon request.

23. 2026-04-01
    listed $154,900 Active 772-char remark

    Show marketing remark (490 chars)

    Welcome to this practical 3-bedroom, 2-bathroom manufactured home on a permanent foundation. Whether you're looking for a starter home or an investment property, this residence offers a versatile opportunity. Located in a quiet country setting, it provides tranquility without sacrificing convenience, with Cookeville just a short drive away. Enjoy country living while staying close to urban amenities. Don't miss this chance to own a piece of peaceful property! Storage shed will convey.

24. 2026-04-01
    listed $154,900 Active 490-char remark

    Show marketing remark (490 chars)

    Welcome to this practical 3-bedroom, 2-bathroom manufactured home on a permanent foundation. Whether you're looking for a starter home or an investment property, this residence offers a versatile opportunity. Located in a quiet country setting, it provides tranquility without sacrificing convenience, with Cookeville just a short drive away. Enjoy country living while staying close to urban amenities. Don't miss this chance to own a piece of peaceful property! Storage shed will convey.

25. 2023-03-29
    soldstatus $150,000
26. 2022-08-22
    listed $150,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥103°F today · 19 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 6% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,899
• − Mortgage interest: −$8,117
• − Property taxes: −$2,174
• − Insurance: −$724
• − Repairs & maintenance: −$1,672
• − Management: −$1,672
• − Depreciation: −$4,215
• Taxable income: $2,325
• Est. tax owed @ 24.0%: −$558
• After-tax cash flow: $3,936/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.

Condition & rehab AI · 6 photos

Fair 45/100 Moderate rehab

This 3-bedroom, 2-bathroom manufactured home requires moderate repairs and maintenance to improve its condition and value. Key areas for improvement include the kitchen, bathrooms, exterior, and HVAC system. Painting and updating the interior and exterior can significantly enhance the home's curb appeal and value.

Repairs flagged

• Minor Kitchen countertops — Worn appearance
• Minor Kitchen cabinets — Worn appearance
• Minor Bathroom fixtures — Worn appearance
• Minor Bathroom tiles — Worn appearance
• Minor Exterior siding — Worn appearance
• Minor Interior walls — Chipped and faded paint
• Minor Windows — Worn frames
• Minor HVAC system — Appears old

Value-add opportunities

• Both Paint interior walls — Fresh paint can improve the home's appearance and value
• Both Replace worn kitchen countertops and cabinets — New countertops and cabinets can significantly improve the home's functionality and value
• Both Replace worn bathroom fixtures and tiles — New fixtures and tiles can improve the home's functionality and value
• Both Replace exterior siding — New siding can improve the home's curb appeal and value
• Both Paint exterior siding — Fresh paint can improve the home's curb appeal and value
• Both Replace worn windows — New windows can improve the home's energy efficiency and value
• Both Service HVAC system — A well-maintained HVAC system can improve the home's comfort and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen countertops · Worn appearance	Minor	$500–3,000
Kitchen cabinets · Worn appearance	Minor	$500–3,000
Bathroom fixtures · Worn appearance	Minor	$500–3,000
Bathroom tiles · Worn appearance	Minor	$500–3,000
Exterior siding · Worn appearance	Minor	$500–3,000
Interior walls · Chipped and faded paint	Minor	$500–3,000
Windows · Worn frames	Minor	$500–3,000
HVAC system · Appears old	Minor	$500–3,000
Total estimated repair cost · 8 items		$4,000–24,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint can improve the home's appearance and value ↑
• Both Replace worn kitchen countertops and cabinets — New countertops and cabinets can significantly improve the home's functionality and value ↑
• Both Replace worn bathroom fixtures and tiles — New fixtures and tiles can improve the home's functionality and value ↑
• Both Replace exterior siding — New siding can improve the home's curb appeal and value ↑
• Both Paint exterior siding — Fresh paint can improve the home's curb appeal and value ↑
• Both Replace worn windows — New windows can improve the home's energy efficiency and value ↑
• Both Service HVAC system — A well-maintained HVAC system can improve the home's comfort and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Putnam County
• NCES district ID: 4703480
• Math proficiency: 32% ▼ -6.00%
• Reading proficiency: 31% ▼ -5.00%
• Median HH income: $35,738
• Composite: 26.09/100
• National rank: #7291
• State rank: #49 of 139 in TN

Livability — Algood

• Score: 70/100
• State rank: #54
• US rank: #7660

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Putnam County · 72,571 people
• Metro: Cookeville, TN
• Population (ZIP): 30,100
• Household income: $70,279
• Rent vs Own: 25.3% rent · 74.7% own
• Severe rent burden: 415.0

Population outlook (Putnam County) Hauer SSP2

• Today (2025): 80,122 people
• By 2030: 82,798 · +3.3%
• By 2040: 87,913 · +9.7%
• By 2050: 92,659 · +15.6%
• By 2075: 104,965 · +31.0%
• By 2100: 113,256 · +41.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 5% Two or more races 4%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Lithuanian 3% Slovak 3% Serbian 2%
• Foreign-born: 4% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Putnam

• 2024 margin: Solid R (+47.4) · D 25.7% · R 73.1% · Other 1.1%
• 2008→2024 swing: -20.5pp toward R · 2008: -26.9pp · 2024: -47.4pp
• All cycles: 2024: R+47.4 2020: R+43.4 2016: R+45.0 2012: R+37.1 2008: R+26.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -72.51%
• Current HPI: 288.5877
• Rent YoY: —
• Metro: Cookeville, 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

-0.1% since first listed

10 events — show timeline

• 2026-05-09 Price Changed $149,900 UCMLS
• 2026-05-09 Price Changed $149,900 REALTRACS as Distributed by MLS Grid
• 2026-05-04 Relisted — UCMLS
• 2026-05-03 Relisted — REALTRACS as Distributed by MLS Grid
• 2026-04-28 Contingent — UCMLS
• 2026-04-27 Contingent — REALTRACS as Distributed by MLS Grid
• 2026-04-01 Listed $154,900 REALTRACS as Distributed by MLS Grid
• 2026-04-01 Listed $154,900 UCMLS
• 2023-03-29 Sold (MLS) $150,000 UCMLS
• 2022-08-22 Listed $150,000 UCMLS