810 N High St · Winchester, TN 37398

$265,000

4 bd · 2.0 ba · 1,930 sqft · MultiFamily public records · 45 Days on market

Built 1946 9,200 sqft lot Est $286k · 7% under

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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
• ARV discount +10.8/15.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Duplex in great location. Convenient to lake, marina and downtown.

Key facts

• 9,200 sq ft lot
• Built 1946
• Listed 44 days

Property features AI

Finance

• Financial info: Gross income reported as $23,400; Net operating income reported as $23,400; Tenants are responsible for electricity, gas, and water; Owner pays: none listed

Exterior

• Parking: No designated parking spaces listed
• Utilities: Public water; Public sewer; Water available
• Home design: Duplex (attached residential income property); One story
• Construction: Vinyl siding
• Exterior features: Corner lot (92 x 100); Public water available; Public sewer

Interior

• Bedrooms: Two 2-bedroom units (each unit has 2 bedrooms)
• Flooring: Wood flooring; Tile flooring
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Wood and tile flooring; Central heating and central air
• Laundry & utility: Individual laundry hookups with washer hookup and electric dryer hookup

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $265k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $608/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $265k).
• Recommended offer: $257k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.8% vs local median 3.0% in Winchester — 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 65/100 on livability (#149 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, crime D, amenities D-.
• Franklin County (town): math 18% / reading 22% proficiency, ranked #111 of 139 in TN (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Clark Memorial School (math 14% / reading 27%, grade F, #637 of 952 statewide, top 68%, 489 students, 0% FRL); Franklin Co High School (math 5% / reading 22%, grade F, #255 of 332 statewide, top 77%, 1,180 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: 324 active listings in the ZIP; 422 units permitted in Franklin County in 2024 (5 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Franklin County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $74k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($257k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y 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 $164k; list at $265k implies a 62% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $257,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.34% ✓
• Cap rate: 11.80%
• Cash-on-cash: 19.67%
• DSCR: 1.88
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $285,640
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
233 Duncan Ln S	0.71mi	4/2.0	1,924 (-0%)	17mo	$285,000	$148	52

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: 11.7%
• Equity multiple: 1.46×
• Total profit: $34,429
• Equity at exit: $39,512

10-year hold

• IRR: 20.7%
• Equity multiple: 2.74×
• Total profit: $129,339
• Equity at exit: $22,912

Cash invested: $74,200 (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 37398

• Home prices YoY: -21.1%
• Active inventory: 324
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $3,548 medium
• Mortgage (P&I): −$1,390
• Tax from tax record: −$86 /mo · $1,038/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$745
• Net cashflow: $1,216

Break-even live

Break-even rent $2,008

Max offer price $265,000

Occupancy floor 61%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,548
Total (2 units)			$3,548

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-19
   days on market $265,000 Active 45 DOM
2. 2026-06-18
   days on market $265,000 Active 44 DOM
3. 2026-06-17
   days on market $265,000 Active 43 DOM
4. 2026-06-16
   days on market $265,000 Active 42 DOM
5. 2026-06-15
   days on market $265,000 Active 41 DOM
6. 2026-06-14
   days on market $265,000 Active 39 DOM
7. 2026-06-13
   days on market $265,000 Active 38 DOM
8. 2026-06-10
   days on market $265,000 Active 36 DOM
9. 2026-06-09
   days on market $265,000 Active 35 DOM
10. 2026-06-08
    days on market $265,000 Active 34 DOM
11. 2026-06-07
    pricedays on market $265,000 Active 33 DOM
12. 2026-06-05
    days on market $275,000 Active 30 DOM
13. 2026-06-03
    days on market $275,000 Active 29 DOM
14. 2026-06-02
    days on market $275,000 Active 28 DOM
15. 2026-06-01
    days on market $275,000 Active 27 DOM
16. 2026-05-31
    days on market $275,000 Active 26 DOM
17. 2026-05-30
    days on market $275,000 Active 25 DOM
18. 2026-05-05
    listed $275,000 Active
19. 2022-01-19
    soldstatus $164,000 Closed 66-char remark

    Show marketing remark (66 chars)

    Duplex in great location. Convenient to lake, marina and downtown.

20. 2021-12-06
    status Pending 66-char remark

    Show marketing remark (66 chars)

    Duplex in great location. Convenient to lake, marina and downtown.

21. 2021-12-03
    listed $183,000 Active 66-char remark

    Show marketing remark (66 chars)

    Duplex in great location. Convenient to lake, marina and downtown.

22. 2018-02-28
    soldstatus $63,000 Closed 46-char remark

    Show marketing remark (46 chars)

    Duplex in great location. No Sign on property.

23. 2018-02-13
    status Pending 46-char remark

    Show marketing remark (46 chars)

    Duplex in great location. No Sign on property.

24. 2018-02-09
    listed $69,000 Active 46-char remark

    Show marketing remark (46 chars)

    Duplex in great location. No Sign on property.

25. 2005-11-01
    soldstatus $50,000
26. 2000-05-31
    soldstatus $44,000

ⓘ 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: $1,038 · $86/mo
• Projected year-2 tax: $1,882 · $157/mo
• Expected delta: +$844/yr (+$70/mo · 81.3%)

ⓘ 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 ≥105°F today · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 12% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $42,576
• − Mortgage interest: −$14,844
• − Property taxes: −$1,038
• − Insurance: −$1,325
• − Repairs & maintenance: −$3,406
• − Management: −$3,406
• − Depreciation: −$7,709
• Taxable income: $10,848
• Est. tax owed @ 24.0%: −$2,603
• After-tax cash flow: $11,992/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: Franklin County
• NCES district ID: 4701290
• Math proficiency: 18% ▼ -9.00%
• Reading proficiency: 22% ▼ -8.00%
• Median HH income: $43,108
• Composite: 17.24/100
• National rank: #9094
• State rank: #111 of 139 in TN

Livability — Winchester

• Score: 65/100
• State rank: #149
• US rank: #13341

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Winchester, TN
• Population (ZIP): 15,712

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 42,858 people
• By 2030: 43,540 · +1.6%
• By 2040: 44,623 · +4.1%
• By 2050: 45,523 · +6.2%
• By 2075: 48,954 · +14.2%
• By 2100: 50,170 · +17.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 7% Black 7% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Serbian 2% Lithuanian 2% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Franklin

• 2024 margin: Solid R (+53.2) · D 23.0% · R 76.1%
• 2008→2024 swing: -30.6pp toward R · 2008: -22.5pp · 2024: -53.2pp
• All cycles: 2024: R+53.2 2020: R+47.7 2016: R+43.7 2012: R+28.9 2008: R+22.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -89.03%
• Current HPI: 333.839
• 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

+525.0% since first listed

9 events — show timeline

• 2026-05-05 Listed $275,000 REALTRACS as Distributed by MLS Grid
• 2022-01-19 Sold (MLS) $164,000 REALTRACS as Distributed by MLS Grid
• 2021-12-06 Pending — REALTRACS as Distributed by MLS Grid
• 2021-12-03 Listed $183,000 REALTRACS as Distributed by MLS Grid
• 2018-02-28 Sold (MLS) $63,000 REALTRACS as Distributed by MLS Grid
• 2018-02-13 Pending — REALTRACS as Distributed by MLS Grid
• 2018-02-09 Listed $69,000 REALTRACS as Distributed by MLS Grid
• 2005-11-01 Sold (Public Records) $50,000 Public Records
• 2000-05-31 Sold (Public Records) $44,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $1,038 · +0.0% YoY. Source: county tax records.