ZIP CODE 37128 // NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN // DATA AS OF 2026-09-30
Murfreesboro, TN (37128) Rental Property Cap Rate & Cash Flow Report
Located in Rutherford County (Murfreesboro, TN), Zip Code 37128 ranks #273 of 500 within this selected sample (46th percentile) with a Zillow ZHVI typical home-value index of $441,238 (-0.9% YoY) and a ZORI observed market rent of $1,701/mo (+1.1% YoY). Requires at least 60.8% down payment at 6.5% interest to reach $0/mo break-even cash flow. This model combines different housing populations; it is not an observed average property return. Costs assume state-average tax, 0.5% annual insurance, 13% reserves and no HOA or management. Figures below follow your edits; this headline describes the original benchmark.
Net Monthly Cash Flow
-$1,137/mo
Annual: -$13,648/yr
Modeled Cap Rate
2.97%
NOI: $13,125/yr
Cash-on-Cash Return
-13.45%
Cash Needed: $101,485
1% Rule Ratio
0.39%
Gross Yield: 4.63%
Break-Even Rent
$3,008/mo
State Tax: 0.55%/yr
INTERACTIVE PRO-FORMA STATEMENT (ZIP 37128 BENCHMARK)
Edit any value
Purchase Price (ZHVI proxy)
Monthly Gross Rent (ZORI proxy)
Down Payment (%)
Interest Rate (30Y Fixed %)
Annual Property Tax (TN Avg 0.55%)
Annual Home Insurance ($)
Monthly HOA Fee ($)
Monthly Debt Service (P&I)
-$2,231/mo
Monthly Operating Expenses (Tax + Ins + 13% Reserves)
-$607/mo
HISTORICAL ZHVI PRICE VS. ZORI RENT TRAJECTORY (37128)
| Year | ZHVI Value | ZORI Rent | Gross Yield |
|---|---|---|---|
| 2021 | $372,747 | $1,448/mo | 4.66% |
| 2022 | $455,333 | $1,626/mo | 4.29% |
| 2023 | $432,499 | $1,633/mo | 4.53% |
| 2024 | $439,236 | $1,665/mo | 4.55% |
| 2025 | $445,042 | $1,682/mo | 4.54% |
| 2026 | $441,238 | $1,701/mo | 4.63% |
COMPARABLE U.S. RENTAL MARKETS
| Zip / City | Price | Rent | Cap Rate | Cash Flow |
|---|---|---|---|---|
| 37066 Gallatin, TN | $441,341 | $1,718/mo | 3.01% | -$1,123/mo |
| 37211 Nashville, TN | $386,297 | $1,432/mo | 2.82% | -$1,045/mo |
| 37122 Mount Juliet, TN | $565,761 | $2,081/mo | 2.79% | -$1,545/mo |
| 37129 Murfreesboro, TN | $442,156 | $1,853/mo | 3.33% | -$1,011/mo |
| 38401 Columbia, TN | $371,173 | $1,586/mo | 3.41% | -$822/mo |
| 37040 Clarksville, TN | $304,511 | $1,303/mo | 3.42% | -$673/mo |