2416 Lee Dr

Pleasant View, TN 37146

$309,000D-

2 bd · 1.0 ba · 1,008 sqft · Built 2019 · SingleFamily · Active · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,298/mo
• Mortgage (P&I): −$1,620
• Tax + insurance: −$228
• HOA: −$0
• Vac / Maint / Mgmt: −$483
• Net cashflow: $-33/mo
• Annual: $-401/yr
• Cap rate: 6.16%
• Cash-on-cash: -0.46%
• DSCR: 0.98
• 1% rule: 0.74%
• Cash to close: $86,520

Investor read

• This is a 2-bed/1.0-bath single-family listed at $309k.
• At list price, monthly cash flow is $-33 ($-401/yr) — negative.
• To cash-flow at today's rent, offer at most $303k (1.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $230k (25.6% below list).
• It's been on market 44 days — a 3% lower offer ($300k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $230k (25.6% 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 $9k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#44 in TN) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Cheatham County (rural): math 24% / reading 28% proficiency, ranked #74 of 139 in TN (top 53%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Pleasant View Elementary (math 37% / reading 42%, grade F, #231 of 952 statewide, top 26%, 556 students, 0% FRL); Sycamore High School (math 2% / reading 37%, grade F, #183 of 332 statewide, top 59%, 712 students, 0% FRL) — zoned schools average 0% FRL vs 40% district-wide (40 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 155 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); 271 units permitted in Cheatham County in 2024 (0 in 5+ unit buildings).
• 5 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 $34k; list at $309k implies a 809% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.2% vs local median 3.7% in Pleasant View — 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 44 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.