234 N Franklin Ave · Henderson, TN 38340

$28,500

4 bd · 1.0 ba · 845 sqft · SingleFamily public records · 95 Days on market

Built 1900 0.29 ac lot $34/sqft · 78% below area ↓ 19% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

ARE YOU LOOKING FOR A COMPLETE FLIP PROJECT, THEN THIS COULD BE IT. GREAT LOT . SQ. FT IS APPROXIMATED

Key facts

• 0.29 acre lot
• 2 parking spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $28k.

Deal economics

• At list price, monthly cash flow is $632 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $28k).
• Recommended offer: $26k (9.0% below list) — sets the bar for market timing.
• Cap rate 32.9% vs local median 3.5% in Henderson — 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 (#150 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, housing B; Watch: health & safety C-, amenities F, commute F.
• Chester County (rural): math 42% / reading 37% proficiency, ranked #15 of 139 in TN (top 11%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: East Chester Elementary School (math 57% / reading 57%, grade C+, #75 of 952 statewide, top 8%, 544 students, 0% FRL); Chester County Junior High School (math 42% / reading 32%, grade F, #56 of 333 statewide, top 17%, 608 students, 0% FRL); Chester County High School (math 27% / reading 47%, grade F, #33 of 332 statewide, top 10%, 811 students, 0% FRL) — zoned schools average 0% FRL vs 49% district-wide (49 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 99 active listings in the ZIP; 18 units permitted in Chester County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $197 of loan paydown is wiped out by about $855 of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 95 days — a 9% lower offer ($26k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $6k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $15k; list at $28k implies a 90% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $25,935 (9.0% below list)

Questions for the listing agent

1. It's been on market 95 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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 D-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. 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.
7. 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.
8. 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: 3.64% ✓
• Cap rate: 32.92%
• Cash-on-cash: 95.09%
• DSCR: 5.23
• GRM: 2.3

CMA / ARV

• ARV (median comp): $168,962
• List price: $28,500
• Delta: -83.13%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
358 E Third St	0.70mi	3/2.0 (-1)	954 (+13%)	18mo	$138,500	$145	22

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: 96.0%
• Equity multiple: 5.47×
• Total profit: $35,666
• Equity at exit: $4,249

10-year hold

• IRR: 98.7%
• Equity multiple: 11.40×
• Total profit: $82,956
• Equity at exit: $2,464

Cash invested: $7,980 (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 38340

• Home prices YoY: -19.1%
• Active inventory: 99
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $1,037 medium
• Mortgage (P&I): −$149
• Tax from tax record: −$25 /mo · $303/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$218
• Net cashflow: $632

Break-even live

Break-even rent $236

Max offer price $28,500

Occupancy floor 34%

Sensitivity live

Price	-10% $648	-5% $640	+0% $632	+5% $624	+10% $616
Rent	-10% $550	-5% $591	+0% $632	+5% $673	+10% $714
Rate	-1.0pp $647	-0.5pp $640	base $632	+0.5pp $625	+1.0pp $617

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: $7,125
• Closing costs: $855
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-09
   statusdays on market $28,500 Pending 95 DOM
2. 2026-06-08
   days on market $28,500 Active 94 DOM
3. 2026-06-08
   days on market $28,500 Active 93 DOM
4. 2026-06-07
   days on market $28,500 Active 92 DOM
5. 2026-06-04
   days on market $28,500 Active 89 DOM
6. 2026-06-02
   days on market $28,500 Active 88 DOM
7. 2026-06-01
   days on market $28,500 Active 87 DOM
8. 2026-05-31
   days on market $28,500 Active 86 DOM
9. 2026-03-24
   price $28,500 102-char remark

   Show marketing remark (102 chars)

   ARE YOU LOOKING FOR A COMPLETE FLIP PROJECT, THEN THIS COULD BE IT. GREAT LOT . SQ. FT IS APPROXIMATED

10. 2026-03-06
    listed $35,000 Active 102-char remark

    Show marketing remark (102 chars)

    ARE YOU LOOKING FOR A COMPLETE FLIP PROJECT, THEN THIS COULD BE IT. GREAT LOT . SQ. FT IS APPROXIMATED

11. 2026-01-09
    soldstatus $15,000 Closed 102-char remark

    Show marketing remark (102 chars)

    ARE YOU LOOKING FOR A COMPLETE FLIP PROJECT, THEN THIS COULD BE IT. GREAT LOT . SQ. FT IS APPROXIMATED

12. 2026-01-02
    status Pending 102-char remark

    Show marketing remark (102 chars)

    ARE YOU LOOKING FOR A COMPLETE FLIP PROJECT, THEN THIS COULD BE IT. GREAT LOT . SQ. FT IS APPROXIMATED

13. 2025-12-12
    listed $35,000 Active 102-char remark

    Show marketing remark (102 chars)

    ARE YOU LOOKING FOR A COMPLETE FLIP PROJECT, THEN THIS COULD BE IT. GREAT LOT . SQ. FT IS APPROXIMATED

ⓘ 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: $303 · $25/mo
• Projected year-2 tax: $303 · $25/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 6/10 Major 7 d/yr ≥109°F today · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 15% 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: $12,440
• − Mortgage interest: −$1,596
• − Property taxes: −$303
• − Insurance: −$142
• − Repairs & maintenance: −$995
• − Management: −$995
• − Depreciation: −$829
• Taxable income: $7,578
• Est. tax owed @ 24.0%: −$1,819
• After-tax cash flow: $5,770/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: Chester County
• NCES district ID: 4700600
• Math proficiency: 42% ▼ -4.00%
• Reading proficiency: 37% ▼ -4.00%
• Median HH income: $41,740
• Composite: 33.32/100
• National rank: #5502
• State rank: #15 of 139 in TN

Livability — Henderson

• Score: 65/100
• State rank: #150
• US rank: #13353

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Henderson, TN
• Population (ZIP): 12,274

Population outlook (Chester County) Hauer SSP2

• Today (2025): 17,948 people
• By 2030: 18,156 · +1.2%
• By 2040: 18,392 · +2.5%
• By 2050: 18,411 · +2.6%
• By 2075: 18,385 · +2.4%
• By 2100: 18,211 · +1.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Black 14% Two or more races 4% Hispanic / Latino 4%
• Common ancestry: Italian 6% Slovak 4% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Chester

• 2024 margin: Solid R (+64.9) · D 17.0% · R 81.9% · Other 1.1%
• 2008→2024 swing: -21.7pp toward R · 2008: -43.2pp · 2024: -64.9pp
• All cycles: 2024: R+64.9 2020: R+59.9 2016: R+60.3 2012: R+47.7 2008: R+43.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -56.29%
• Current HPI: 237.7662
• 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

-18.6% since first listed

5 events — show timeline

• 2026-03-24 Price Changed $28,500 CWTAR
• 2026-03-06 Listed $35,000 CWTAR
• 2026-01-09 Sold (MLS) $15,000 CWTAR
• 2026-01-02 Pending — CWTAR
• 2025-12-12 Listed $35,000 CWTAR

Property tax history

+2.7%/yr

Latest (2025): $303 · +5.6% YoY. Source: county tax records.