201 E Mclean St · Manchester, TN 37355

$319,000

16 bd · 5.0 ba · 2,436 sqft · MultiFamily public records · 29 Days on market

Built 1905 7,003 sqft lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Quadplex with great proximity to downtown Manchester, TN. The two bottom floor units are leased, the top two units are empty, and need remodeling.

Key facts

• 7,003 sq ft lot
• Built 1905
• Listed 28 days

Property features AI

Finance

• Other: Zoned commercial
• Financial info: Owner pays water; Tenants pay cable TV, electricity, gas, and trash collection; Reported gross income: $1

Exterior

• Parking: No designated parking spaces reported
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: Residential income property (quadruplex); Attached property; Two levels
• Construction: Vinyl siding
• Exterior features: Water available; Public water; Public sewer

Interior

• Bedrooms: Contains multiple 2-bedroom units (see Units)
• Flooring: Laminate; Tile; Vinyl
• Bathrooms: Units with 1 bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Smoke detectors
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/2.0-bath units multifamily listed at $319k.

Deal economics

• At list price, monthly cash flow is $3k ($39k/yr) — positive. Per door: $822/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $319k).
• Recommended offer: $314k (1.5% below list) — sets the bar for market timing.
• Cap rate 18.7% vs local median 3.1% in Manchester — 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 58/100 on livability (#305 in TN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Manchester (town): math 31% / reading 29% proficiency, ranked #61 of 139 in TN (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: College Street Elementary (math 42% / reading 32%, grade F, #272 of 952 statewide, top 31%, 547 students, 0% FRL) — zoned schools average 0% FRL vs 52% district-wide (52 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 206 active listings in the ZIP; 389 units permitted in Coffee County in 2024 (6 in 5+ unit buildings).
• At $6,629/mo this rent would consume 126% of the median local household income ($63k/yr) (locally 401% 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 $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Coffee County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $89k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($314k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire 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 $314,215 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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: 2.08% ✓
• Cap rate: 18.67%
• Cash-on-cash: 44.19%
• DSCR: 2.97
• GRM: 4.0

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: 41.1%
• Equity multiple: 2.77×
• Total profit: $157,724
• Equity at exit: $47,564

10-year hold

• IRR: 47.4%
• Equity multiple: 5.55×
• Total profit: $406,839
• Equity at exit: $27,581

Cash invested: $89,320 (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 37355

• Home prices YoY: -7.5%
• Active inventory: 206
• Price-to-rent: 16.0×

Monthly cashflow live

• Estimated rent: $6,629 medium
• Mortgage (P&I): −$1,673
• Tax from tax record: −$142 /mo · $1,706/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,392
• Net cashflow: $3,289

Break-even live

Break-even rent $2,466

Max offer price $319,000

Occupancy floor 45%

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	2	$6,628
Total (4 units)			$6,629

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: $79,750
• Closing costs: $9,570
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-19
   days on market $319,000 Active 29 DOM
2. 2026-06-18
   days on market $319,000 Active 28 DOM
3. 2026-06-17
   days on market $319,000 Active 27 DOM
4. 2026-06-16
   days on market $319,000 Active 26 DOM
5. 2026-06-15
   days on market $319,000 Active 25 DOM
6. 2026-06-14
   days on market $319,000 Active 23 DOM
7. 2026-06-13
   pricedays on market $319,000 Active 22 DOM
8. 2026-06-10
   days on market $349,000 Active 20 DOM
9. 2026-06-09
   days on market $349,000 Active 19 DOM
10. 2026-06-08
    days on market $349,000 Active 18 DOM
11. 2026-06-07
    days on market $349,000 Active 17 DOM
12. 2026-06-03
    days on market $349,000 Active 13 DOM
13. 2026-06-02
    days on market $349,000 Active 12 DOM
14. 2026-06-01
    days on market $349,000 Active 11 DOM
15. 2026-05-31
    days on market $349,000 Active 10 DOM
16. 2026-05-30
    days on market $349,000 Active 9 DOM
17. 2026-05-21
    listed $349,000 Active
18. 2014-05-23
    soldstatus $1,300,000
19. 2003-06-04
    soldstatus $25,000
20. 2001-01-06
    soldstatus $55,800

ⓘ 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: $1,706 · $142/mo
• Projected year-2 tax: $2,265 · $189/mo
• Expected delta: +$559/yr (+$47/mo · 32.7%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥103°F today · 22 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $79,548
• − Mortgage interest: −$17,869
• − Property taxes: −$1,706
• − Insurance: −$1,595
• − Repairs & maintenance: −$6,364
• − Management: −$6,364
• − Depreciation: −$9,280
• Taxable income: $36,370
• Est. tax owed @ 24.0%: −$8,729
• After-tax cash flow: $30,738/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: Manchester
• NCES district ID: 4702610
• Math proficiency: 31% ▼ -4.00%
• Reading proficiency: 29% ▼ -5.00%
• Median HH income: $41,102
• Composite: 25.37/100
• National rank: #7472
• State rank: #61 of 139 in TN

Livability — Manchester

• Score: 58/100
• State rank: #305
• US rank: #20837

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Manchester, TN
• County: Coffee County · 57,744 people
• City population: 29,805
• Metro: Tullahoma-Manchester, TN
• Population (ZIP): 29,805
• Household income: $63,357
• Rent vs Own: 30.1% rent · 69.9% own
• Severe rent burden: 401.0

Population outlook (Coffee County) Hauer SSP2

• Today (2025): 57,234 people
• By 2030: 58,571 · +2.3%
• By 2040: 60,972 · +6.5%
• By 2050: 62,537 · +9.3%
• By 2075: 65,694 · +14.8%
• By 2100: 63,355 · +10.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 7% Two or more races 5% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Lithuanian 1% Romanian 1% Italian 1%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 4% Other Asian/Pacific 1%

Political lean MEDSL · Coffee

• 2024 margin: Solid R (+55.1) · D 21.8% · R 76.9% · Other 1.3%
• 2008→2024 swing: -25.7pp toward R · 2008: -29.4pp · 2024: -55.1pp
• All cycles: 2024: R+55.1 2020: R+50.2 2016: R+48.6 2012: R+37.1 2008: R+29.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -27.43%
• Current HPI: 336.5317
• Rent YoY: —
• Metro: Tullahoma-Manchester, 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

+525.4% since first listed

4 events — show timeline

• 2026-05-21 Listed $349,000 REALTRACS as Distributed by MLS Grid
• 2014-05-23 Sold (Public Records) $1,300,000 Public Records
• 2003-06-04 Sold (Public Records) $25,000 Public Records
• 2001-01-06 Sold (Public Records) $55,800 Public Records

Property tax history

+6.8%/yr

Latest (2025): $1,706 · +0.0% YoY. Source: county tax records.