208 Armory Dr · Lewisburg, TN 37091

$385,000

3 bd · 3.0 ba · 1,883 sqft · SingleFamily public records · 68 Days on market

Built 1955 0.66 ac lot $204/sqft · 33% above area Est $289k · 33% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• Livability +3.0/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great house with alot of room inside and outside. Above ground pool with decking, fenced in back yard for children or even for entertaining. 3 bedrooms, 3 baths, possible baby room or study. Has a changing area for the pool and supplies. Close to all amentities.

Key facts

• Above ground pool
• Fenced in back yard
• 0.66 acre lot

Tags

• ABOVE GROUND POOL
• FENCED IN BACK YARD
• CHANGING AREA FOR POOL

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $385k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $385k).
• Recommended offer: $362k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.4% vs local median 3.8% in Lewisburg — 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 59/100 on livability (#284 in TN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, crime F, amenities F.
• Marshall County (rural): math 31% / reading 29% proficiency, ranked #58 of 139 in TN (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 269 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 400 units permitted in Marshall County in 2024 (75 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Marshall County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $108k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($362k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 11y 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 $154k; list at $385k implies a 149% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $361,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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 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: 1.30% ✓
• Cap rate: 11.38%
• Cash-on-cash: 18.19%
• DSCR: 1.81
• GRM: 6.4

CMA / ARV

• ARV (median comp): $289,220
• List price: $385,000
• Delta: 33.12%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1183 Finley Beech Rd	0.59mi	3/2.5	1,960 (+4%)	3mo	$370,000	$189	61
1195 Finley Beech Rd	0.66mi	3/2.0	1,922 (+2%)	12mo	$390,000	$203	51
3016 Cambridge Ct	0.61mi	3/2.5	2,025 (+8%)	13mo	$415,000	$205	46
526 Harwell Ave	0.65mi	4/1.0 (+1)	1,667 (-12%)	12mo	$137,500	$82	27

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 9.8%
• Equity multiple: 1.39×
• Total profit: $41,528
• Equity at exit: $57,405

10-year hold

• IRR: 18.9%
• Equity multiple: 2.57×
• Total profit: $169,590
• Equity at exit: $33,288

Cash invested: $107,800 (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 37091

• Home prices YoY: -14.6%
• Active inventory: 269
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $5,000 medium
• Mortgage (P&I): −$2,019
• Tax from tax record: −$137 /mo · $1,643/yr
• Insurance: −$160
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,050
• Net cashflow: $1,634

Break-even live

Break-even rent $2,932

Max offer price $385,000

Occupancy floor 62%

Sensitivity live

Price	-10% $1,852	-5% $1,743	+0% $1,634	+5% $1,525	+10% $1,416
Rent	-10% $1,239	-5% $1,436	+0% $1,634	+5% $1,831	+10% $2,029
Rate	-1.0pp $1,828	-0.5pp $1,732	base $1,634	+0.5pp $1,534	+1.0pp $1,432

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: $96,250
• Closing costs: $11,550
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
335 E Hill Ave Lewisburg, TN	3.0	2.0	1800	$5,000	$2.78	45d	1	0.85mi

Listing history 27 events

1. 2026-06-21
   days on market $385,000 Active 68 DOM
2. 2026-06-18
   days on market $385,000 Active 65 DOM
3. 2026-06-17
   days on market $385,000 Active 64 DOM
4. 2026-06-16
   days on market $385,000 Active 63 DOM
5. 2026-06-15
   days on market $385,000 Active 62 DOM
6. 2026-06-13
   days on market $385,000 Active 60 DOM
7. 2026-06-09
   days on market $385,000 Active 56 DOM
8. 2026-06-08
   days on market $385,000 Active 55 DOM
9. 2026-06-07
   days on market $385,000 Active 54 DOM
10. 2026-06-03
    days on market $385,000 Active 50 DOM
11. 2026-06-02
    days on market $385,000 Active 49 DOM
12. 2026-06-01
    days on market $385,000 Active 48 DOM
13. 2026-05-31
    days on market $385,000 Active 47 DOM
14. 2026-04-14
    listed $385,000 Active 262-char remark

    Show marketing remark (262 chars)

    Great house with alot of room inside and outside. Above ground pool with decking, fenced in back yard for children or even for entertaining. 3 bedrooms, 3 baths, possible baby room or study. Has a changing area for the pool and supplies. Close to all amentities.

15. 2017-06-01
    soldstatus $154,500 Closed 225-char remark

    Show marketing remark (225 chars)

    Charming all brick 3/4 bdrm 3 bath home w hardwood floors, Master bdrm w/walk-in closet and full bath is13x20, All Appliances remain, Covered back patio & deck w above ground pool, .Large fenced back yard over 1/2 acre,

16. 2017-06-01
    soldstatus $154,500

    Show marketing remark (225 chars)

    Charming all brick 3/4 bdrm 3 bath home w hardwood floors, Master bdrm w/walk-in closet and full bath is13x20, All Appliances remain, Covered back patio & deck w above ground pool, .Large fenced back yard over 1/2 acre,

17. 2017-04-04
    historical Contingent - Sale of Home 225-char remark

    Show marketing remark (225 chars)

    Charming all brick 3/4 bdrm 3 bath home w hardwood floors, Master bdrm w/walk-in closet and full bath is13x20, All Appliances remain, Covered back patio & deck w above ground pool, .Large fenced back yard over 1/2 acre,

18. 2017-03-26
    listed $156,000 Active 225-char remark

    Show marketing remark (225 chars)

    Charming all brick 3/4 bdrm 3 bath home w hardwood floors, Master bdrm w/walk-in closet and full bath is13x20, All Appliances remain, Covered back patio & deck w above ground pool, .Large fenced back yard over 1/2 acre,

19. 2016-08-03
    soldstatus $120,000 Closed
20. 2016-08-02
    soldstatus $120,000
21. 2016-05-26
    historical Contingent - Financing
22. 2016-05-24
    status Active
23. 2016-05-06
    historical Contingent - Financing
24. 2016-05-04
    listed $125,000 Active
25. 2015-03-18
    historical
26. 2015-03-18
    listed Contingent - Financing
27. 2009-09-29
    soldstatus $91,700

ⓘ 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: $1,643 · $137/mo
• Projected year-2 tax: $2,734 · $228/mo
• Expected delta: +$1,090/yr (+$91/mo · 66.4%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 21 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 12% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $60,000
• − Mortgage interest: −$21,566
• − Property taxes: −$1,643
• − Insurance: −$1,925
• − Repairs & maintenance: −$4,800
• − Management: −$4,800
• − Depreciation: −$11,200
• Taxable income: $14,066
• Est. tax owed @ 24.0%: −$3,376
• After-tax cash flow: $16,228/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: Marshall County
• NCES district ID: 4702670
• Math proficiency: 31% ▼ -9.00%
• Reading proficiency: 29% ▼ -5.00%
• Median HH income: $43,058
• Composite: 25.56/100
• National rank: #7426
• State rank: #58 of 139 in TN

Livability — Lewisburg

• Score: 59/100
• State rank: #284
• US rank: #20031

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lewisburg, TN
• Population (ZIP): 23,991

Population outlook (Marshall County) Hauer SSP2

• Today (2025): 33,222 people
• By 2030: 33,867 · +1.9%
• By 2040: 34,743 · +4.6%
• By 2050: 34,954 · +5.2%
• By 2075: 34,652 · +4.3%
• By 2100: 31,862 · -4.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 8% Black 5% Two or more races 4%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Serbian 4% Slovak 2% Romanian 1%
• Foreign-born: 3% · Canada, Jamaica, Vietnam
• Languages at home: 92% English-only · Spanish 7%

Political lean MEDSL · Marshall

• 2024 margin: Solid R (+56.6) · D 21.2% · R 77.8%
• 2008→2024 swing: -17.0pp toward R · 2008: -39.6pp · 2024: -56.6pp
• All cycles: 2024: R+56.6 2020: R+50.0 2016: R+46.6 2012: R+28.9 2008: R+39.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -59.86%
• Current HPI: 350.5306
• Rent YoY: —
• Metro: —
• 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

+319.8% since first listed

14 events — show timeline

• 2026-04-14 Listed $385,000 REALTRACS as Distributed by MLS Grid
• 2017-06-01 Sold (Public Records) $154,500 Public Records
• 2017-06-01 Sold (MLS) $154,500 REALTRACS as Distributed by MLS Grid
• 2017-04-04 Contingent — REALTRACS as Distributed by MLS Grid
• 2017-03-26 Listed $156,000 REALTRACS as Distributed by MLS Grid
• 2016-08-03 Sold (MLS) $120,000 REALTRACS as Distributed by MLS Grid
• 2016-08-02 Sold (Public Records) $120,000 Public Records
• 2016-05-26 Contingent — REALTRACS as Distributed by MLS Grid
• 2016-05-24 Relisted — REALTRACS as Distributed by MLS Grid
• 2016-05-06 Contingent — REALTRACS as Distributed by MLS Grid
• 2016-05-04 Listed $125,000 REALTRACS as Distributed by MLS Grid
• 2015-03-18 Listing Removed — REALTRACS as Distributed by MLS Grid
• 2015-03-18 Listed — REALTRACS as Distributed by MLS Grid
• 2009-09-29 Sold (Public Records) $91,700 Public Records

Property tax history

+3.5%/yr

Latest (2025): $1,643 · +8.0% YoY. Source: county tax records.