109 Morningside Dr Unit B · Portland, TN 37148

$214,900

3 bd · 2.0 ba · 1,512 sqft · Other public records · 174 Days on market

Built 2019 0.44 ac lot $142/sqft · 25% below area Est $296k · 27% under

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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 +21.9/30.0
• ARV discount +15.0/15.0
• DSCR +7.0/10.0
• 1% rule +4.6/10.0
• Schools +3.6/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Like new manufactured home on a permanent foundation. The home has a spacious driveway to fit multiple cars, boats, or other vehicles. Walk in the front door to a huge open kitchen/ living area with eat-in kitchen and large island. Great utility area/mud room off of kitchen leads to back deck to enjoy views of green space behind property. Huge owners suite with attached primary bathroom attached to very spacious walk in closet is on its own side of the house. Two additional bedrooms and full bathroom are on other side of the house. Don't miss out on this beautiful home in a peaceful neighborhood.

Key facts

• Manufactured home
• Permanent foundation
• Large island

Tags

• MANUFACTURED HOME
• PERMANENT FOUNDATION
• SPACIOUS DRIVEWAY
• OPEN KITCHEN LIVING AREA
• EAT-IN KITCHEN
• LARGE ISLAND

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $215k.

Deal economics

• At list price, monthly cash flow is $340 ($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 $206k (4.2% below list).
• Recommended offer: $189k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 3.6% in Portland — 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 66/100 on livability (#122 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D-, amenities F, commute F.
• Sumner County (suburban): math 44% / reading 39% proficiency, ranked #12 of 139 in TN (top 9%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 302 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,748 units permitted in Sumner County in 2024 (124 in 5+ unit buildings).
• This rent runs 30% of the median local income ($82k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Sumner County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 174 days — a 12% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $152k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• 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 $189,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 174 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 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?
5. 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.
6. 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.
7. 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: 0.96% ✗
• Cap rate: 8.19%
• Cash-on-cash: 6.78%
• DSCR: 1.30
• GRM: 8.7

CMA / ARV

• ARV (median comp): $295,837
• List price: $214,900
• Delta: -27.36%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -5.9%
• Equity multiple: 0.78×
• Total profit: $-13,261
• Equity at exit: $32,042

10-year hold

• IRR: 3.7%
• Equity multiple: 1.27×
• Total profit: $15,966
• Equity at exit: $18,581

Cash invested: $60,172 (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 37148

• Home prices YoY: -22.2%
• Active inventory: 302
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $2,059 medium
• Mortgage (P&I): −$1,127
• Tax from tax record: −$70 /mo · $846/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$432
• Net cashflow: $340

Break-even live

Break-even rent $1,629

Max offer price $214,900

Occupancy floor 78%

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: $53,725
• Closing costs: $6,447
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
123 Hood Trl Portland, TN	3.0	2.0	1640	$2,100	$1.28	23d	1	1.07mi
889 Parkside Blvd Portland, TN	4.0	2.5	1990	$2,395	$1.20	14d	1	1.11mi

Listing history 20 events

1. 2026-06-18
   days on market $214,900 Active 174 DOM
2. 2026-06-17
   days on market $214,900 Active 173 DOM
3. 2026-06-16
   days on market $214,900 Active 172 DOM
4. 2026-06-15
   days on market $214,900 Active 171 DOM
5. 2026-06-13
   days on market $214,900 Active 169 DOM
6. 2026-06-13
   days on market $214,900 Active 168 DOM
7. 2026-06-09
   days on market $214,900 Active 165 DOM
8. 2026-06-08
   days on market $214,900 Active 164 DOM
9. 2026-06-07
   days on market $214,900 Active 163 DOM
10. 2026-06-05
    days on market $214,900 Active 160 DOM
11. 2026-06-03
    days on market $214,900 Active 159 DOM
12. 2026-06-02
    days on market $214,900 Active 158 DOM
13. 2026-06-01
    days on market $214,900 Active 157 DOM
14. 2026-05-31
    days on market $214,900 Active 156 DOM
15. 2026-04-30
    status Active 605-char remark

    Show marketing remark (605 chars)

    Like new manufactured home on a permanent foundation. The home has a spacious driveway to fit multiple cars, boats, or other vehicles. Walk in the front door to a huge open kitchen/ living area with eat-in kitchen and large island. Great utility area/mud room off of kitchen leads to back deck to enjoy views of green space behind property. Huge owners suite with attached primary bathroom attached to very spacious walk in closet is on its own side of the house. Two additional bedrooms and full bathroom are on other side of the house. Don't miss out on this beautiful home in a peaceful neighborhood.

16. 2026-04-22
    status Pending 605-char remark

    Show marketing remark (605 chars)

    Like new manufactured home on a permanent foundation. The home has a spacious driveway to fit multiple cars, boats, or other vehicles. Walk in the front door to a huge open kitchen/ living area with eat-in kitchen and large island. Great utility area/mud room off of kitchen leads to back deck to enjoy views of green space behind property. Huge owners suite with attached primary bathroom attached to very spacious walk in closet is on its own side of the house. Two additional bedrooms and full bathroom are on other side of the house. Don't miss out on this beautiful home in a peaceful neighborhood.

17. 2026-04-09
    price $214,900 605-char remark

    Show marketing remark (605 chars)

    Like new manufactured home on a permanent foundation. The home has a spacious driveway to fit multiple cars, boats, or other vehicles. Walk in the front door to a huge open kitchen/ living area with eat-in kitchen and large island. Great utility area/mud room off of kitchen leads to back deck to enjoy views of green space behind property. Huge owners suite with attached primary bathroom attached to very spacious walk in closet is on its own side of the house. Two additional bedrooms and full bathroom are on other side of the house. Don't miss out on this beautiful home in a peaceful neighborhood.

18. 2025-12-18
    listed $224,900 Active 605-char remark

    Show marketing remark (605 chars)

    Like new manufactured home on a permanent foundation. The home has a spacious driveway to fit multiple cars, boats, or other vehicles. Walk in the front door to a huge open kitchen/ living area with eat-in kitchen and large island. Great utility area/mud room off of kitchen leads to back deck to enjoy views of green space behind property. Huge owners suite with attached primary bathroom attached to very spacious walk in closet is on its own side of the house. Two additional bedrooms and full bathroom are on other side of the house. Don't miss out on this beautiful home in a peaceful neighborhood.

19. 2019-06-18
    soldstatus $152,000
20. 2019-06-18
    soldstatus $152,000

ⓘ 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: $846 · $70/mo
• Projected year-2 tax: $1,526 · $127/mo
• Expected delta: +$680/yr (+$57/mo · 80.4%)

ⓘ 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 5/10 Major 7 d/yr ≥105°F today · 20 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 7% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,714
• − Mortgage interest: −$12,038
• − Property taxes: −$846
• − Insurance: −$1,074
• − Repairs & maintenance: −$1,977
• − Management: −$1,977
• − Depreciation: −$6,252
• Taxable income: $549
• Est. tax owed @ 24.0%: −$132
• After-tax cash flow: $3,948/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: Sumner County
• NCES district ID: 4704020
• Math proficiency: 44% ▼ -11.00%
• Reading proficiency: 39% ▼ -5.00%
• Median HH income: $56,998
• Composite: 36.44/100
• National rank: #4667
• State rank: #12 of 139 in TN

Livability — Portland

• Score: 66/100
• State rank: #122
• US rank: #11795

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Portland, TN
• County: Sumner County · 196,654 people
• City population: 26,274
• Metro: Nashville-Davidson--Murfreesboro--Franklin, TN
• Population (ZIP): 26,274
• Household income: $81,633
• Rent vs Own: 24.3% rent · 75.7% own
• Severe rent burden: 319.0

Population outlook (Sumner County) Hauer SSP2

• Today (2025): 208,284 people
• By 2030: 223,902 · +7.5%
• By 2040: 253,892 · +21.9%
• By 2050: 281,199 · +35.0%
• By 2075: 344,866 · +65.6%
• By 2100: 384,369 · +84.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Hispanic / Latino 6% Two or more races 4% Black 3%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 3% Serbian 2% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 5%

Political lean MEDSL · Sumner

• 2024 margin: Solid R (+41.8) · D 28.5% · R 70.3% · Other 1.1%
• 2008→2024 swing: -6.9pp toward R · 2008: -34.9pp · 2024: -41.8pp
• All cycles: 2024: R+41.8 2020: R+38.6 2016: R+45.0 2012: R+42.0 2008: R+34.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -90.34%
• Current HPI: 315.8252
• Rent YoY: —
• Metro: Nashville-Davidson--Murfreesboro--Franklin, TN
• 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

+41.4% since first listed

6 events — show timeline

• 2026-04-30 Relisted — REALTRACS as Distributed by MLS Grid
• 2026-04-22 Pending — REALTRACS as Distributed by MLS Grid
• 2026-04-09 Price Changed $214,900 REALTRACS as Distributed by MLS Grid
• 2025-12-18 Listed $224,900 REALTRACS as Distributed by MLS Grid
• 2019-06-18 Sold (Public Records) $152,000 Public Records
• 2019-06-18 Sold (Public Records) $152,000 Public Records

Property tax history

+11.8%/yr

Latest (2025): $846 · +0.0% YoY. Source: county tax records.