34 SR 399 · Palmer, TN 37365

$170,000

4 bd · 3.0 ba · 1,755 sqft · MultiFamily public records · 224 Days on market

Built 2007 1.00 ac lot $97/sqft · 11% above area Est $153k · 11% over

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Why this score? — see what drove the C- 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 +23.4/30.0
• DSCR +7.5/10.0
• 1% rule +5.0/10.0
• Appreciation +5.0/10.0
• ARV discount +2.5/15.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Livability +2.4/5.0
• Schools +1.8/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Excellent investment opportunity on a spacious 1-acre lot. This well-maintained duplex offers two separate units, each featuring 2 bedrooms, 1 full bath, and approximately 900 square feet of living space with an open kitchen and living area. Recent updates include brand-new porches on both units, hot water heaters replaced within the last two years, septic tank pumped (serviced last year), and new main water lines installed to both properties. Perfect for investors or owner-occupants seeking rental income in a move-in-ready property.

Key facts

• New porches
• Hot water heaters
• Septic tank pumped

Tags

• SPACIOUS LOT
• WELL-MAINTAINED DUPLEX
• OPEN KITCHEN
• NEW PORCHES
• HOT WATER HEATERS
• SEPTIC TANK PUMPED

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $170k.

Deal economics

• At list price, monthly cash flow is $314 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $170k (0.2% below list).
• Recommended offer: $150k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 47/100 on livability (#421 in TN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities F.
• Grundy County (rural): math 21% / reading 23% proficiency, ranked #110 of 139 in TN (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 28 active listings in the ZIP; 16 units permitted in Grundy County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (3.0% local appreciation)).
• Grundy County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $48k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 224 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 12y 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 $120k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $149,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 224 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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 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: 1.00% ✗
• Cap rate: 8.51%
• Cash-on-cash: 7.90%
• DSCR: 1.35
• GRM: 8.4

CMA / ARV

• ARV (median comp): $152,939
• List price: $170,000
• Delta: 11.16%
• Verdict: OVERPRICED
• Comps: 8 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 14.9%
• Equity multiple: 1.85×
• Total profit: $40,381
• Equity at exit: $76,439

10-year hold

• IRR: 16.6%
• Equity multiple: 3.43×
• Total profit: $115,705
• Equity at exit: $117,802

Cash invested: $47,600 (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 37365

• Active inventory: 28
• Price-to-rent: 16.7×

Monthly cashflow live

• Estimated rent: $1,696 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$64 /mo · $768/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$356
• Net cashflow: $314

Break-even live

Break-even rent $1,299

Max offer price $170,000

Occupancy floor 77%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,696
Total (2 units)			$1,696

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-19
   days on market $170,000 Active 224 DOM
2. 2026-06-18
   days on market $170,000 Active 223 DOM
3. 2026-06-17
   days on market $170,000 Active 222 DOM
4. 2026-06-16
   days on market $170,000 Active 221 DOM
5. 2026-06-15
   days on market $170,000 Active 220 DOM
6. 2026-06-14
   days on market $170,000 Active 218 DOM
7. 2026-06-12
   days on market $170,000 Active 217 DOM
8. 2026-06-09
   days on market $170,000 Active 214 DOM
9. 2026-06-08
   days on market $170,000 Active 213 DOM
10. 2026-06-07
    days on market $170,000 Active 212 DOM
11. 2026-06-02
    days on market $170,000 Active 207 DOM
12. 2026-06-01
    days on market $170,000 Active 206 DOM
13. 2026-05-31
    days on market $170,000 Active 205 DOM
14. 2026-05-30
    days on market $170,000 Active 204 DOM
15. 2026-04-29
    status Active 541-char remark

    Show marketing remark (541 chars)

    Excellent investment opportunity on a spacious 1-acre lot. This well-maintained duplex offers two separate units, each featuring 2 bedrooms, 1 full bath, and approximately 900 square feet of living space with an open kitchen and living area. Recent updates include brand-new porches on both units, hot water heaters replaced within the last two years, septic tank pumped (serviced last year), and new main water lines installed to both properties. Perfect for investors or owner-occupants seeking rental income in a move-in-ready property.

16. 2026-04-22
    historical 541-char remark

    Show marketing remark (541 chars)

    Excellent investment opportunity on a spacious 1-acre lot. This well-maintained duplex offers two separate units, each featuring 2 bedrooms, 1 full bath, and approximately 900 square feet of living space with an open kitchen and living area. Recent updates include brand-new porches on both units, hot water heaters replaced within the last two years, septic tank pumped (serviced last year), and new main water lines installed to both properties. Perfect for investors or owner-occupants seeking rental income in a move-in-ready property.

17. 2025-10-31
    listed $175,000 Active 541-char remark

    Show marketing remark (541 chars)

    Excellent investment opportunity on a spacious 1-acre lot. This well-maintained duplex offers two separate units, each featuring 2 bedrooms, 1 full bath, and approximately 900 square feet of living space with an open kitchen and living area. Recent updates include brand-new porches on both units, hot water heaters replaced within the last two years, septic tank pumped (serviced last year), and new main water lines installed to both properties. Perfect for investors or owner-occupants seeking rental income in a move-in-ready property.

18. 2025-07-15
    historical
19. 2025-02-04
    listed $235,000 Active
20. 2022-08-16
    soldstatus $120,000
21. 2017-08-11
    soldstatus $75,000
22. 2016-01-09
    historical
23. 2015-08-08
    listed $78,900 Active
24. 2015-07-31
    historical
25. 2015-01-06
    listed $78,900 Active
26. 2014-08-06
    listed $78,900

ⓘ 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: $768 · $64/mo
• Projected year-2 tax: $1,207 · $101/mo
• Expected delta: +$439/yr (+$37/mo · 57.2%)

ⓘ 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 7/10 Severe
• 🌡 Heat 4/10 Moderate 7 d/yr ≥100°F today · 21 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 10% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,352
• − Mortgage interest: −$9,523
• − Property taxes: −$768
• − Insurance: −$850
• − Repairs & maintenance: −$1,628
• − Management: −$1,628
• − Depreciation: −$4,945
• Taxable income: $1,010
• Est. tax owed @ 24.0%: −$242
• After-tax cash flow: $3,520/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: Grundy County
• NCES district ID: 4701530
• Math proficiency: 21% ▼ -4.00%
• Reading proficiency: 23% ▼ -3.00%
• Median HH income: $28,948
• Composite: 17.56/100
• National rank: #9044
• State rank: #110 of 139 in TN

Livability — Palmer

• Score: 47/100
• State rank: #421
• US rank: #26252

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 1,729

Population outlook (Grundy County) Hauer SSP2

• Today (2025): 12,660 people
• By 2030: 12,088 · -4.5%
• By 2040: 10,879 · -14.1%
• By 2050: 9,666 · -23.6%
• By 2075: 7,126 · -43.7%
• By 2100: 4,941 · -61.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 3%
• Common ancestry: Scottish 5% Slovak 3% Lithuanian 1%

Political lean MEDSL · Grundy

• 2024 margin: Solid R (+69.3) · D 15.0% · R 84.3%
• 2008→2024 swing: -56.5pp toward R · 2008: -12.8pp · 2024: -69.3pp
• All cycles: 2024: R+69.3 2020: R+65.2 2016: R+55.3 2012: R+20.5 2008: R+12.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

+121.8% since first listed

12 events — show timeline

• 2026-04-29 Relisted — REALTRACS as Distributed by MLS Grid
• 2026-04-22 Listing Removed — REALTRACS as Distributed by MLS Grid
• 2025-10-31 Listed $175,000 REALTRACS as Distributed by MLS Grid
• 2025-07-15 Listing Removed — REALTRACS as Distributed by MLS Grid
• 2025-02-04 Listed $235,000 REALTRACS as Distributed by MLS Grid
• 2022-08-16 Sold (Public Records) $120,000 Public Records
• 2017-08-11 Sold (Public Records) $75,000 Public Records
• 2016-01-09 Listing Removed — REALTRACS as Distributed by MLS Grid
• 2015-08-08 Listed $78,900 REALTRACS as Distributed by MLS Grid
• 2015-07-31 Listing Removed — REALTRACS as Distributed by MLS Grid
• 2015-01-06 Listed $78,900 REALTRACS as Distributed by MLS Grid
• 2014-08-06 Listed $78,900 REALTRACS as Distributed by MLS Grid

Property tax history

-0.9%/yr

Latest (2025): $768 · +0.0% YoY. Source: county tax records.