310 Hill St W

Waynesboro, TN 38485

$115,000B-

5 bd · 1.0 ba · 2,656 sqft · Built 1948 · SingleFamily · Active · 302 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,312/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$127
• HOA: −$0
• Vac / Maint / Mgmt: −$276
• Net cashflow: $307/mo
• Annual: $3,683/yr
• Cap rate: 9.50%
• Cash-on-cash: 11.44%
• DSCR: 1.51
• 1% rule: 1.14%
• Cash to close: $32,200

Investor read

• This is a 5-bed/1.0-bath single-family listed at $115k.
• At list price, monthly cash flow is $307 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• It's been on market 302 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• In year one you build about $12k of equity ($795 loan paydown + $12k appreciation (10.0% local appreciation)).
• Location reads 60/100 on livability (#261 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing B+; Watch: health & safety C-, amenities F, commute F.
• Wayne County (rural): math 8% / reading 21% proficiency, ranked #130 of 139 in TN (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Waynesboro Elementary (math 12% / reading 22%, grade F, #709 of 952 statewide, top 77%, 426 students, 0% FRL); Waynesboro Middle School (math 8% / reading 22%, grade F, #230 of 333 statewide, top 69%, 290 students, 0% FRL); Wayne County High School (math 12% / reading 37%, grade F, #129 of 332 statewide, top 43%, 277 students, 0% FRL) — zoned schools average 0% FRL vs 55% district-wide (55 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 58 active listings in the ZIP.
• Wayne County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 10 sale attempts since 5y 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 $90k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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.

Questions for listing agent

• It's been on market 302 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.