155 Jack Miller Blvd

Clarksville, TN 37042

$2,750,000C

20 bd · 10.0 ba · 20,646 sqft · Built 1992 · MultiFamily · Active · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $28,554/mo
• Mortgage (P&I): −$14,421
• Tax + insurance: −$2,438
• HOA: −$0
• Vac / Maint / Mgmt: −$5,996
• Net cashflow: $5,698/mo
• Annual: $68,379/yr
• Cap rate: 8.78%
• Cash-on-cash: 8.88%
• DSCR: 1.40
• 1% rule: 1.04%
• Cash to close: $770,000

Investor read

• This is a 26 × 2-bed/1-bath units multifamily listed at $2.75M.
• At list price, monthly cash flow is $6k ($68k/yr) — positive. Per door: $219/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($29k rent vs $2.75M).
• It's been on market 44 days — a 3% lower offer ($2.67M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $2.67M (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $19k of loan paydown is wiped out by about $82k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#1 in TN, #798 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment C-, crime D+.
• Montgomery County (urban): math 25% / reading 31% proficiency, ranked #65 of 139 in TN (top 47%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Ringgold Elementary (math 19% / reading 23%, grade F, #633 of 952 statewide, top 67%, 801 students, 0% FRL); West Creek Middle (math 22% / reading 27%, grade F, #154 of 333 statewide, top 48%, 1,172 students, 0% FRL); Northwest High (math 6% / reading 34%, grade F, #178 of 332 statewide, top 55%, 1,456 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: Rents rising (+1.3%/yr); 895 active listings in the ZIP; 2,583 units permitted in Montgomery County in 2024 (617 in 5+ unit buildings).
• Montgomery County population projected at +49% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 11 sale attempts since 6y 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 $1.20M; list at $2.75M implies a 129% gain — meaningful room to come down on a strong offer.
• Cap rate 8.8% vs local median 3.5% in Clarksville — 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.
• At $28,554/mo this rent would consume 487% of the median local household income ($70k/yr) (locally 2093% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D 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?
• 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 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.