1405 Highland Ave · Columbia, TN 38401

$345,000

9 bd · 3.0 ba · 2,051 sqft · MultiFamily public records · 11 Days on market

Built 1936 4,876 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
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.7/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Awesome income producing property near the new Columbia Arts District. Triplex Fully rented bringing in $2,650 per month. Qualified buyers only. No for sale sign at the property and please do not disturb tenants.

Key facts

• 4,876 sq ft lot
• Built 1936
• Listed 10 days

Property features AI

Finance

• Financial info: Gross income: $3,200; Net operating income: $3,100; Tenants pay electricity, gas, and water; Owner pays: none listed

Exterior

• Parking: Gravel parking lot (no covered spaces)
• Utilities: Public water; Public sewer; Natural gas available; Water available
• Home design: Triplex; Two levels; Attached property
• Construction: Stone construction; Shingle roof; Existing structure
• Exterior features: Gravel parking lot; Irregular lot roughly 53 x 92

Interior

• Bedrooms: Three 1-bedroom units
• Flooring: Wood
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Natural gas heating; Wall furnace; Wall/window cooling units
• Interior features: Wood flooring
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/3.0-bath units multifamily listed at $345k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $558/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $345k).
• Cap rate 12.1% vs local median 2.8% in Columbia — 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 63/100 on livability (#207 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, health & safety C-, crime F.
• Maury County (town): math 19% / reading 21% proficiency, ranked #108 of 139 in TN (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Highland Park Elementary (math 22% / reading 17%, grade F, #654 of 952 statewide, top 72%, 291 students, 0% FRL); Whitthorne Middle School (math 8% / reading 12%, grade F, #257 of 333 statewide, top 78%, 932 students, 0% FRL); Columbia Central High School (math 7% / reading 27%, grade F, #225 of 332 statewide, top 69%, 1,474 students, 0% FRL) — zoned schools average 0% FRL vs 48% district-wide (48 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+5.0%/yr); 1129 active listings in the ZIP; 1,650 units permitted in Maury County in 2024 (60 in 5+ unit buildings).
• At $4,837/mo this rent would consume 85% of the median local household income ($68k/yr) (locally 2026% 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.
• Maury County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 5.0% rent growth), your $97k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 8y ago; this cycle's ask is 15% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $248k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1936 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $345,000

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 1936 — 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: 1.40% ✓
• Cap rate: 12.11%
• Cash-on-cash: 20.79%
• DSCR: 1.92
• GRM: 5.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.97% rent growth · sell at horizon

5-year hold

• IRR: 15.2%
• Equity multiple: 1.62×
• Total profit: $60,369
• Equity at exit: $51,441

10-year hold

• IRR: 25.2%
• Equity multiple: 3.39×
• Total profit: $231,266
• Equity at exit: $29,829

Cash invested: $96,600 (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 38401

• Home prices YoY: -22.7%
• Rents YoY: 5.0%
• Active inventory: 1129
• Price-to-rent: 17.8×

Monthly cashflow live

• Estimated rent: $4,837 high
• Mortgage (P&I): −$1,809
• Tax from tax record: −$195 /mo · $2,340/yr
• Insurance: −$144
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,016
• Net cashflow: $1,673

Break-even live

Break-even rent $2,719

Max offer price $345,000

Occupancy floor 60%

Sensitivity live

Price	-10% $1,869	-5% $1,771	+0% $1,673	+5% $1,576	+10% $1,478
Rent	-10% $1,291	-5% $1,482	+0% $1,673	+5% $1,864	+10% $2,055
Rate	-1.0pp $1,847	-0.5pp $1,761	base $1,673	+0.5pp $1,584	+1.0pp $1,493

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	3	$4,836
Total (3 units)			$4,837

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: $86,250
• Closing costs: $10,350
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-03
   days on market $345,000 Coming Soon 11 DOM
2. 2026-06-02
   days on market $345,000 Coming Soon 10 DOM
3. 2026-06-01
   days on market $345,000 Coming Soon 9 DOM
4. 2026-05-31
   days on market $345,000 Coming Soon 8 DOM
5. 2026-05-24
   historical $345,000
6. 2025-05-20
   historical
7. 2025-05-02
   listed $299,000 Active
8. 2021-09-01
   soldstatus $248,000
9. 2021-08-30
   soldstatus $248,000 Closed 212-char remark

   Show marketing remark (212 chars)

   Awesome income producing property near the new Columbia Arts District. Triplex Fully rented bringing in $2,650 per month. Qualified buyers only. No for sale sign at the property and please do not disturb tenants.

10. 2021-05-18
    status Pending 212-char remark

    Show marketing remark (212 chars)

    Awesome income producing property near the new Columbia Arts District. Triplex Fully rented bringing in $2,650 per month. Qualified buyers only. No for sale sign at the property and please do not disturb tenants.

11. 2021-04-03
    status Active 212-char remark

    Show marketing remark (212 chars)

    Awesome income producing property near the new Columbia Arts District. Triplex Fully rented bringing in $2,650 per month. Qualified buyers only. No for sale sign at the property and please do not disturb tenants.

12. 2021-03-27
    status Pending 212-char remark

    Show marketing remark (212 chars)

    Awesome income producing property near the new Columbia Arts District. Triplex Fully rented bringing in $2,650 per month. Qualified buyers only. No for sale sign at the property and please do not disturb tenants.

13. 2021-03-17
    status Active 212-char remark

    Show marketing remark (212 chars)

    Awesome income producing property near the new Columbia Arts District. Triplex Fully rented bringing in $2,650 per month. Qualified buyers only. No for sale sign at the property and please do not disturb tenants.

14. 2021-03-11
    status Pending 212-char remark

    Show marketing remark (212 chars)

    Awesome income producing property near the new Columbia Arts District. Triplex Fully rented bringing in $2,650 per month. Qualified buyers only. No for sale sign at the property and please do not disturb tenants.

15. 2021-03-10
    status Active 212-char remark

    Show marketing remark (212 chars)

    Awesome income producing property near the new Columbia Arts District. Triplex Fully rented bringing in $2,650 per month. Qualified buyers only. No for sale sign at the property and please do not disturb tenants.

16. 2021-02-27
    status Pending 212-char remark

    Show marketing remark (212 chars)

    Awesome income producing property near the new Columbia Arts District. Triplex Fully rented bringing in $2,650 per month. Qualified buyers only. No for sale sign at the property and please do not disturb tenants.

17. 2021-02-24
    status Active 212-char remark

    Show marketing remark (212 chars)

    Awesome income producing property near the new Columbia Arts District. Triplex Fully rented bringing in $2,650 per month. Qualified buyers only. No for sale sign at the property and please do not disturb tenants.

18. 2021-02-09
    status Pending 212-char remark

    Show marketing remark (212 chars)

    Awesome income producing property near the new Columbia Arts District. Triplex Fully rented bringing in $2,650 per month. Qualified buyers only. No for sale sign at the property and please do not disturb tenants.

19. 2021-02-04
    historical $249,000 212-char remark

    Show marketing remark (212 chars)

    Awesome income producing property near the new Columbia Arts District. Triplex Fully rented bringing in $2,650 per month. Qualified buyers only. No for sale sign at the property and please do not disturb tenants.

20. 2020-01-09
    soldstatus $195,000
21. 2019-12-30
    soldstatus $179,000
22. 2019-12-23
    soldstatus $179,000 Closed
23. 2019-11-23
    historical Contingent - Inspection
24. 2019-10-08
    status Active
25. 2019-06-21
    historical Contingent - Financing
26. 2019-05-31
    listed $179,900 Active
27. 2019-05-01
    historical
28. 2018-12-06
    price $199,000
29. 2018-11-06
    listed $265,000 Active

ⓘ 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: $2,340 · $195/mo
• Projected year-2 tax: $2,450 · $204/mo
• Expected delta: +$110/yr (+$9/mo · 4.7%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥106°F today · 19 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: $58,044
• − Mortgage interest: −$19,325
• − Property taxes: −$2,340
• − Insurance: −$1,725
• − Repairs & maintenance: −$4,644
• − Management: −$4,644
• − Depreciation: −$10,036
• Taxable income: $15,330
• Est. tax owed @ 24.0%: −$3,679
• After-tax cash flow: $16,400/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: Maury County
• NCES district ID: 4702760
• Math proficiency: 19% ▼ -5.00%
• Reading proficiency: 21% ▼ -4.00%
• Median HH income: $47,668
• Composite: 17.69/100
• National rank: #9024
• State rank: #108 of 139 in TN

Livability — Columbia

• Score: 63/100
• State rank: #207
• US rank: #16090

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Columbia, TN
• County: Maury County · 121,382 people
• City population: 67,482
• Metro: Nashville-Davidson--Murfreesboro--Franklin, TN
• Population (ZIP): 67,482
• Household income: $68,475
• Rent vs Own: 29.9% rent · 70.1% own
• Severe rent burden: 2026.0

Population outlook (Maury County) Hauer SSP2

• Today (2025): 102,894 people
• By 2030: 110,269 · +7.2%
• By 2040: 124,426 · +20.9%
• By 2050: 137,543 · +33.7%
• By 2075: 167,438 · +62.7%
• By 2100: 184,489 · +79.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Black 12% Hispanic / Latino 9% Two or more races 7%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Slovak 1% Serbian 1% Romanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · Maury

• 2024 margin: Solid R (+44.6) · D 27.1% · R 71.8% · Other 1.1%
• 2008→2024 swing: -6.2pp toward R · 2008: -38.4pp · 2024: -44.6pp
• All cycles: 2024: R+44.6 2020: R+36.5 2016: R+39.2 2012: R+26.9 2008: R+38.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -100.75%
• Current HPI: 343.0362
• Rent YoY: ▲ 4.97%
• Metro: Nashville-Davidson--Murfreesboro--Franklin, 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

+30.2% since first listed

25 events — show timeline

• 2026-05-24 Coming Soon $345,000 REALTRACS as Distributed by MLS Grid
• 2025-05-20 Listing Removed — REALTRACS as Distributed by MLS Grid
• 2025-05-02 Listed $299,000 REALTRACS as Distributed by MLS Grid
• 2021-09-01 Sold (Public Records) $248,000 Public Records
• 2021-08-30 Sold (MLS) $248,000 REALTRACS as Distributed by MLS Grid
• 2021-05-18 Pending — REALTRACS as Distributed by MLS Grid
• 2021-04-03 Relisted — REALTRACS as Distributed by MLS Grid
• 2021-03-27 Pending — REALTRACS as Distributed by MLS Grid
• 2021-03-17 Relisted — REALTRACS as Distributed by MLS Grid
• 2021-03-11 Pending — REALTRACS as Distributed by MLS Grid
• 2021-03-10 Relisted — REALTRACS as Distributed by MLS Grid
• 2021-02-27 Pending — REALTRACS as Distributed by MLS Grid
• 2021-02-24 Relisted — REALTRACS as Distributed by MLS Grid
• 2021-02-09 Pending — REALTRACS as Distributed by MLS Grid
• 2021-02-04 Coming Soon $249,000 REALTRACS as Distributed by MLS Grid
• 2020-01-09 Sold (Public Records) $195,000 Public Records
• 2019-12-30 Sold (Public Records) $179,000 Public Records
• 2019-12-23 Sold (MLS) $179,000 REALTRACS as Distributed by MLS Grid
• 2019-11-23 Contingent — REALTRACS as Distributed by MLS Grid
• 2019-10-08 Relisted — REALTRACS as Distributed by MLS Grid
• 2019-06-21 Contingent — REALTRACS as Distributed by MLS Grid
• 2019-05-31 Listed $179,900 REALTRACS as Distributed by MLS Grid
• 2019-05-01 Listing Removed — REALTRACS as Distributed by MLS Grid
• 2018-12-06 Price Changed $199,000 REALTRACS as Distributed by MLS Grid
• 2018-11-06 Listed $265,000 REALTRACS as Distributed by MLS Grid

Property tax history

+11.3%/yr

Latest (2025): $2,340 · +0.0% YoY. Source: county tax records.