208 S Russell St

Portland, TN 37148

$169,000B

3 bd · 2.0 ba · 1,955 sqft · Built 1920 · SingleFamily · Active · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,069/mo
• Mortgage (P&I): −$886
• Tax + insurance: −$187
• HOA: −$0
• Vac / Maint / Mgmt: −$435
• Net cashflow: $561/mo
• Annual: $6,737/yr
• Cap rate: 10.28%
• Cash-on-cash: 14.24%
• DSCR: 1.63
• 1% rule: 1.22%
• Cash to close: $47,320

Investor read

• This is a 3-bed/2.0-bath single-family listed at $169k.
• At list price, monthly cash flow is $561 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $169k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#122 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Sumner County (suburban): math 44% / reading 39% proficiency, ranked #12 of 139 in TN (top 9%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Watt Hardison Elementary (math 37% / reading 37%, grade F, #272 of 952 statewide, top 31%, 445 students, 0% FRL); Portland High School (math 17% / reading 30%, grade F, #145 of 332 statewide, top 44%, 1,199 students, 0% FRL) — zoned schools average 0% FRL vs 34% district-wide (34 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 305 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,748 units permitted in Sumner County in 2024 (124 in 5+ unit buildings).
• Sumner County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 2y 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 $30k; list at $169k implies a 463% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $47k cash investment doubles in ~9 years — after that, you're playing with house money.
• 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 10.3% vs local median 3.6% in Portland — 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.
• This rent runs 30% of the median local income ($82k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1920 — 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 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?
• 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.