1005 Highpoint Ln

Pleasant View, TN 37035

$145,000C

2 bd · 3.0 ba · 924 sqft · Built 1991 · Manufactured · Active · 349 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,611/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$85
• HOA: −$0
• Vac / Maint / Mgmt: −$338
• Net cashflow: $427/mo
• Annual: $5,128/yr
• Cap rate: 9.83%
• Cash-on-cash: 12.63%
• DSCR: 1.56
• 1% rule: 1.11%
• Cash to close: $40,600

Investor read

• This is a 2-bed/3.0-bath manufactured listed at $145k.
• At list price, monthly cash flow is $427 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• It's been on market 349 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $128k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#44 in TN) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: schools D, amenities F, commute F.
• Cheatham County (rural): math 24% / reading 28% proficiency, ranked #74 of 139 in TN (top 53%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 29 active listings in the ZIP; 271 units permitted in Cheatham County in 2024 (0 in 5+ unit buildings).
• Current owner paid $25k; list at $145k implies a 480% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.8% vs local median 3.7% in Pleasant View — 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

• It's been on market 349 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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 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?
• 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.