902 Diane Ave · Erwin, TN 37650

$89,900

2 bd · 2.0 ba · 1,328 sqft · SingleFamily public records · 22 Days on market

Built 1965 0.57 ac lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• ARV discount +7.5/15.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.9/10.0

Listing remarks

Calling all investors, flippers, and handy homeowners! Opportunity awaits at 902 Diane Ave in the heart of Erwin, TN. This 2 bedroom, 1.5 bathroom home is located within the city limits and offers plenty of potential for someone ready to roll up their sleeves and bring this property back to life. Whether you're looking for your next renovation project, rental investment, or affordable fixer-upper, this property has the bones and location to make it worth the effort. Conveniently located near downtown Erwin, local schools, shopping, and dining. Fiber optic internet is available through Erwin Utilities, making it easy to stay connected while working from home or streaming with ease. Property

Key facts

• Near downtown erwin
• Local schools
• 0.57 acre lot

Tags

• LOCATED WITHIN CITY LIMITS
• NEAR DOWNTOWN ERWIN
• LOCAL SCHOOLS
• FIBER OPTIC INTERNET AVAILABLE

Property features AI

Finance

• Other: Lot dimensions approximately 115 x 200 x 125 x 200 (0.57 acres)

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family house; Residential property; Zoning: R1
• Construction: Metal siding construction; Year built: not provided; Foundation: not provided
• Exterior features: Sloped topography; Roof details: see remarks

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Heating present (see remarks)
• Interior features: 5 total rooms; Fixer condition; Has a view

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $399 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $89k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.6% vs local median 3.5% in Erwin — 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 61/100 on livability (#241 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Unicoi County (town): math 25% / reading 26% proficiency, ranked #88 of 139 in TN (top 63%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Rock Creek Elementary (math 32% / reading 27%, grade F, #423 of 952 statewide, top 48%, 197 students, 0% FRL); Unicoi Co Middle School (math 26% / reading 22%, grade F, #160 of 333 statewide, top 48%, 446 students, 0% FRL); Unicoi Co High School (math 8% / reading 34%, grade F, #174 of 332 statewide, top 52%, 713 students, 0% FRL) — zoned schools average 0% FRL vs 50% district-wide (50 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 71 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 24 units permitted in Unicoi County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Unicoi County population projected at -16% 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 $25k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $45k; list at $90k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $88,551 (1.5% below list)

Questions for the listing agent

1. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 1.40% ✓
• Cap rate: 11.62%
• Cash-on-cash: 19.03%
• DSCR: 1.85
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $217,792
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
812 Meadowview St	0.21mi	3/1.0 (+1)	1,375 (+4%)	8mo	$235,000	$171	69
538 Rock Creek Rd	0.57mi	3/2.0 (+1)	1,320 (-1%)	0mo	$287,500	$218	67
313 Rich Hollow Rd	0.51mi	3/2.0 (+1)	1,356 (+2%)	8mo	$105,000	$77	60
234 Simmons Ave	0.66mi	3/2.0 (+1)	1,263 (-5%)	6mo	$235,000	$186	51
111 Myrtle Ave	0.29mi	3/1.5 (+1)	1,512 (+14%)	6mo	$180,000	$119	51
312 Lee Ave	0.52mi	3/2.0 (+1)	1,491 (+12%)	7mo	$122,133	$82	44
214 Elliott Ave	0.73mi	3/2.0 (+1)	1,430 (+8%)	9mo	$252,000	$176	40
461 Rock Creek Rd	0.74mi	3/2.0 (+1)	1,216 (-8%)	12mo	$200,000	$164	36
191 Dillard Ave	0.26mi	3/1.0 (+1)	1,147 (-14%)	24mo	$129,900	$113	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 10.9%
• Equity multiple: 1.43×
• Total profit: $10,862
• Equity at exit: $13,404

10-year hold

• IRR: 19.9%
• Equity multiple: 2.68×
• Total profit: $42,210
• Equity at exit: $7,773

Cash invested: $25,172 (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 37650

• Home prices YoY: -2.7%
• Active inventory: 71
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,258 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$85 /mo · $1,025/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$264
• Net cashflow: $399

Break-even live

Break-even rent $752

Max offer price $89,900

Occupancy floor 63%

Sensitivity live

Price	-10% $450	-5% $425	+0% $399	+5% $374	+10% $348
Rent	-10% $300	-5% $350	+0% $399	+5% $449	+10% $499
Rate	-1.0pp $445	-0.5pp $422	base $399	+0.5pp $376	+1.0pp $352

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
218 N Willow Ave Unit 10 Erwin, TN	2.0	1.0	900	$995	$1.11	14d	1	1.26mi
115 N Main Ave Unit A Erwin, TN	1.0	1.5	1150	$1,500	$1.30	14d	1	1.48mi

Listing history 19 events

1. 2026-06-19
   days on market $89,900 Active 22 DOM
2. 2026-06-18
   days on market $89,900 Active 21 DOM
3. 2026-06-17
   days on market $89,900 Active 20 DOM
4. 2026-06-16
   days on market $89,900 Active 19 DOM
5. 2026-06-15
   days on market $89,900 Active 18 DOM
6. 2026-06-14
   days on market $89,900 Active 16 DOM
7. 2026-06-13
   days on market $89,900 Active 15 DOM
8. 2026-06-10
   days on market $89,900 Active 13 DOM
9. 2026-06-09
   days on market $89,900 Active 12 DOM
10. 2026-06-08
    days on market $89,900 Active 11 DOM
11. 2026-06-07
    days on market $89,900 Active 10 DOM
12. 2026-06-05
    days on market $89,900 Active 7 DOM
13. 2026-06-03
    days on market $89,900 Active 6 DOM
14. 2026-06-02
    days on market $89,900 Active 5 DOM
15. 2026-06-01
    days on market $89,900 Active 4 DOM
16. 2026-05-31
    days on market $89,900 Active 3 DOM
17. 2026-05-30
    days on market $89,900 Active 2 DOM
18. 2026-05-28
    listed $89,900 Active
19. 2025-07-07
    soldstatus $45,000

ⓘ 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: $1,025 · $85/mo
• Projected year-2 tax: $1,025 · $85/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 4/10 Moderate 9 d/yr ≥89°F today · 26 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,092
• − Mortgage interest: −$5,036
• − Property taxes: −$1,025
• − Insurance: −$450
• − Repairs & maintenance: −$1,207
• − Management: −$1,207
• − Depreciation: −$2,615
• Taxable income: $3,552
• Est. tax owed @ 24.0%: −$852
• After-tax cash flow: $3,938/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: Unicoi County
• NCES district ID: 4704230
• Math proficiency: 25% ▼ -8.00%
• Reading proficiency: 26% ▼ -4.00%
• Median HH income: $35,366
• Composite: 21.08/100
• National rank: #8443
• State rank: #88 of 139 in TN

Livability — Erwin

• Score: 61/100
• State rank: #241
• US rank: #17531

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

• Census place: Erwin, TN
• Population (ZIP): 13,109

Population outlook (Unicoi County) Hauer SSP2

• Today (2025): 17,083 people
• By 2030: 16,570 · -3.0%
• By 2040: 15,389 · -9.9%
• By 2050: 14,270 · -16.5%
• By 2075: 12,302 · -28.0%
• By 2100: 10,812 · -36.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 5% Two or more races 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 2% Romanian 1% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Unicoi

• 2024 margin: Solid R (+62.0) · D 18.5% · R 80.5% · Other 1.0%
• 2008→2024 swing: -21.8pp toward R · 2008: -40.2pp · 2024: -62.0pp
• All cycles: 2024: R+62.0 2020: R+60.0 2016: R+61.5 2012: R+44.1 2008: R+40.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -8.18%
• Current HPI: 290.1171
• 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

+99.8% since first listed

2 events — show timeline

• 2026-05-28 Listed $89,900 TVRMLS
• 2025-07-07 Sold (Public Records) $45,000 Public Records

Property tax history

+2.9%/yr

Latest (2025): $1,025 · +0.0% YoY. Source: county tax records.