7780 Second Fiddle Way

Nolensville, TN 37014

$860,000C-

4 bd · 3.5 ba · 2,925 sqft · Built 2024 · Other · Active · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,500/mo
• Mortgage (P&I): −$4,510
• Tax + insurance: −$596
• HOA: −$120
• Vac / Maint / Mgmt: −$1,365
• Net cashflow: $-90/mo
• Annual: $-1,085/yr
• Cap rate: 6.17%
• Cash-on-cash: -0.45%
• DSCR: 0.98
• 1% rule: 0.76%
• Cash to close: $240,800

Investor read

• This is a 4-bed/3.5-bath other listed at $860k.
• At list price, monthly cash flow is $-90 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $844k (1.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $650k (24.4% below list).
• It's been on market 21 days — a 2% lower offer ($847k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $650k (24.4% below list) — sets the bar for 1% rule.
• In year one you build about $62k of equity ($6k loan paydown + $56k appreciation (6.5% local appreciation)).
• Location reads 79/100 on livability (#2 in TN, #2,317 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities D+, commute F, cost of living F.
• Williamson County (rural): math 58% / reading 59% proficiency, ranked #1 of 139 in TN (top 1%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 9% free/reduced lunch — higher-income household profile.
• Market conditions: 123 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,994 units permitted in Williamson County in 2024 (637 in 5+ unit buildings).
• Williamson County population projected at +59% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$100k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 6.2% vs local median 2.2% in Nolensville — 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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 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.