669 Myrtle Ave

Crossville, TN 38555

$369,900D

15 bd · 3.0 ba · 2,032 sqft · Built 1993 · MultiFamily · Active · 485 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,934/mo
• Mortgage (P&I): −$1,940
• Tax + insurance: −$253
• HOA: −$0
• Vac / Maint / Mgmt: −$616
• Net cashflow: $125/mo
• Annual: $1,498/yr
• Cap rate: 6.70%
• Cash-on-cash: 1.45%
• DSCR: 1.06
• 1% rule: 0.79%
• Cash to close: $103,572

Investor read

• This is a 3 × 5-bed/?-bath units multifamily listed at $370k.
• At list price, monthly cash flow is $125 ($1k/yr) — positive. Per door: $42/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $293k (20.7% below list).
• It's been on market 485 days — a 12% lower offer ($326k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $293k (20.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#246 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-; Watch: crime F, amenities F, commute F.
• Cumberland County (rural): math 30% / reading 31% proficiency, ranked #59 of 139 in TN (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Glenn Martin Elementary (math 30% / reading 26%, grade F, #482 of 952 statewide, top 51%, 764 students, 0% FRL); Cumberland County High School (math 28% / reading 41%, grade F, #41 of 332 statewide, top 15%, 985 students, 0% FRL) — zoned schools average 0% FRL vs 56% district-wide (56 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 268 active listings in the ZIP; 114 units permitted in Cumberland County in 2024 (0 in 5+ unit buildings).
• Cumberland County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Questions for listing agent

• It's been on market 485 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?