650 Railroad St NE · Cleveland, TN 37311

$329,000

16 bd · 3.5 ba · 2,288 sqft · MultiFamily public records · 65 Days on market

Built 1966 0.29 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 +7.6/10.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Excellent investment opportunity! This fully renovated quadplex features four units, each offering 1 bedroom and 1 bathroom with updated interiors throughout. Recent upgrades include brand-new plumbing and efficient mini-split heating and cooling systems, ensuring comfort and low maintenance for years to come. Each unit has been thoughtfully modernized with fresh finishes, making this property turnkey and attractive to tenants. With strong rental potential and major updates complete, this quadplex is a rare find for investors seeking reliable income in a move-in-ready property.

Key facts

• Updated interiors
• Brand-new plumbing
• 0.29 acre lot

Tags

• FULLY RENOVATED QUADPLEX
• UPDATED INTERIORS
• BRAND-NEW PLUMBING
• STRONG RENTAL POTENTIAL
• MOVE-IN-READY PROPERTY

Property features AI

Exterior

• Parking: Gravel parking
• Utilities: Public water; Public sewer; Electricity connected; Water connected; Sewer connected
• Home design: Residential income property (quadruplex); Updated/remodeled condition
• Construction: Brick veneer and vinyl siding; Metal roof; Block and concrete perimeter foundation; Built as a quadruplex
• Exterior features: Front porch; Rear porch; Other exterior features; Sloped lot; Asphalt road frontage; Publicly maintained road; City street frontage

Interior

• Kitchen: Refrigerator; Microwave; Electric Range; Electric water heater
• Flooring: Vinyl
• Bathrooms: Four full bathrooms
• Heating & cooling: Ductless heating; Ductless cooling
• Interior features: See remarks
• Laundry & utility: Laundry on main level and in multiple locations

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1-bath units multifamily listed at $329k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $327/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $329k).
• Recommended offer: $309k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.1% vs local median 3.5% in Cleveland — 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 70/100 on livability (#55 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: employment D, crime F, amenities F.
• Cleveland (urban): math 23% / reading 28% proficiency, ranked #85 of 139 in TN (top 61%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Arnold Memorial Elementary (math 22% / reading 17%, grade F, #654 of 952 statewide, top 72%, 289 students, 0% FRL); Cleveland Middle (math 25% / reading 26%, grade F, #147 of 333 statewide, top 45%, 1,271 students, 0% FRL); Cleveland High (math 8% / reading 29%, grade F, #208 of 332 statewide, top 63%, 1,842 students, 0% FRL) — zoned schools average 0% FRL vs 53% district-wide (53 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+3.0%/yr); 196 active listings in the ZIP; 768 units permitted in Bradley County in 2024 (0 in 5+ unit buildings).
• At $4,159/mo this rent would consume 106% of the median local household income ($47k/yr) (locally 1184% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Bradley County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $92k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($309k) is reasonable based on typical stale-listing flexibility.
• 3 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 $170k; list at $329k implies a 94% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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.

Recommended offer $309,260 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.26% ✓
• Cap rate: 11.07%
• Cash-on-cash: 17.04%
• DSCR: 1.76
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.95% rent growth · sell at horizon

5-year hold

• IRR: 8.2%
• Equity multiple: 1.32×
• Total profit: $29,691
• Equity at exit: $49,055

10-year hold

• IRR: 17.4%
• Equity multiple: 2.43×
• Total profit: $131,815
• Equity at exit: $28,446

Cash invested: $92,120 (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 37311

• Home prices YoY: -25.4%
• Rents YoY: 3.0%
• Active inventory: 196
• Price-to-rent: 26.4×

Monthly cashflow live

• Estimated rent: $4,159 medium
• Mortgage (P&I): −$1,725
• Tax from tax record: −$115 /mo · $1,378/yr
• Insurance: −$137
• HOA: −$0
• Vacancy / Maint / Mgmt: −$873
• Net cashflow: $1,308

Break-even live

Break-even rent $2,503

Max offer price $329,000

Occupancy floor 64%

Sensitivity live

Price	-10% $1,495	-5% $1,402	+0% $1,308	+5% $1,215	+10% $1,122
Rent	-10% $980	-5% $1,144	+0% $1,308	+5% $1,473	+10% $1,637
Rate	-1.0pp $1,474	-0.5pp $1,392	base $1,308	+0.5pp $1,223	+1.0pp $1,136

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$4,160
Total (4 units)			$4,159

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: $82,250
• Closing costs: $9,870
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-19
   days on market $329,000 Active 65 DOM
2. 2026-06-18
   days on market $329,000 Active 64 DOM
3. 2026-06-17
   days on market $329,000 Active 63 DOM
4. 2026-06-16
   days on market $329,000 Active 62 DOM
5. 2026-06-15
   days on market $329,000 Active 61 DOM
6. 2026-06-14
   days on market $329,000 Active 59 DOM
7. 2026-06-13
   days on market $329,000 Active 58 DOM
8. 2026-06-10
   days on market $329,000 Active 56 DOM
9. 2026-06-09
   days on market $329,000 Active 55 DOM
10. 2026-06-08
    days on market $329,000 Active 54 DOM
11. 2026-06-07
    days on market $329,000 Active 53 DOM
12. 2026-06-05
    days on market $329,000 Active 50 DOM
13. 2026-06-03
    days on market $329,000 Active 49 DOM
14. 2026-06-02
    days on market $329,000 Active 48 DOM
15. 2026-06-01
    days on market $329,000 Active 47 DOM
16. 2026-05-31
    days on market $329,000 Active 46 DOM
17. 2026-05-30
    days on market $329,000 Active 45 DOM
18. 2026-04-15
    listed $329,000 Active

    Show marketing remark (584 chars)

    Excellent investment opportunity! This fully renovated quadplex features four units, each offering 1 bedroom and 1 bathroom with updated interiors throughout. Recent upgrades include brand-new plumbing and efficient mini-split heating and cooling systems, ensuring comfort and low maintenance for years to come. Each unit has been thoughtfully modernized with fresh finishes, making this property turnkey and attractive to tenants. With strong rental potential and major updates complete, this quadplex is a rare find for investors seeking reliable income in a move-in-ready property.

19. 2026-04-15
    listed $329,000 Active 584-char remark

    Show marketing remark (584 chars)

    Excellent investment opportunity! This fully renovated quadplex features four units, each offering 1 bedroom and 1 bathroom with updated interiors throughout. Recent upgrades include brand-new plumbing and efficient mini-split heating and cooling systems, ensuring comfort and low maintenance for years to come. Each unit has been thoughtfully modernized with fresh finishes, making this property turnkey and attractive to tenants. With strong rental potential and major updates complete, this quadplex is a rare find for investors seeking reliable income in a move-in-ready property.

20. 2025-09-02
    listed $329,000 Active
21. 2023-04-01
    soldstatus $170,000
22. 2023-04-01
    soldstatus $170,000

ⓘ 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: $1,378 · $115/mo
• Projected year-2 tax: $2,336 · $195/mo
• Expected delta: +$958/yr (+$80/mo · 69.5%)

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥104°F today · 19 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $49,908
• − Mortgage interest: −$18,429
• − Property taxes: −$1,378
• − Insurance: −$1,645
• − Repairs & maintenance: −$3,993
• − Management: −$3,993
• − Depreciation: −$9,571
• Taxable income: $10,900
• Est. tax owed @ 24.0%: −$2,616
• After-tax cash flow: $13,085/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: Cleveland
• NCES district ID: 4700690
• Math proficiency: 23% ▼ -9.00%
• Reading proficiency: 28% ▼ -6.00%
• Median HH income: $37,612
• Composite: 21.28/100
• National rank: #8394
• State rank: #85 of 139 in TN

Livability — Cleveland

• Score: 70/100
• State rank: #55
• US rank: #7689

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cleveland, TN
• County: Bradley County · 99,337 people
• City population: 99,337
• Metro: Cleveland, TN
• Population (ZIP): 30,720
• Household income: $47,153
• Rent vs Own: 53.4% rent · 46.6% own
• Severe rent burden: 1184.0

Population outlook (Bradley County) Hauer SSP2

• Today (2025): 114,901 people
• By 2030: 120,137 · +4.6%
• By 2040: 130,125 · +13.2%
• By 2050: 139,257 · +21.2%
• By 2075: 161,664 · +40.7%
• By 2100: 179,767 · +56.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 12% Black 9% Two or more races 6%
• Hispanic origin (detail): Mexican 7% Puerto Rican 2%
• Common ancestry: Slovak 3% Serbian 2% Italian 1%
• Foreign-born: 6% · Canada
• Languages at home: 88% English-only · Spanish 9% Russian/Polish/Slavic 1%

Political lean MEDSL · Bradley

• 2024 margin: Solid R (+58.9) · D 20.0% · R 78.9% · Other 1.1%
• 2008→2024 swing: -9.2pp toward R · 2008: -49.7pp · 2024: -58.9pp
• All cycles: 2024: R+58.9 2020: R+55.3 2016: R+59.1 2012: R+53.9 2008: R+49.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -97.10%
• Current HPI: 285.0723
• Rent YoY: ▲ 2.95%
• Metro: Cleveland, 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

+93.5% since first listed

5 events — show timeline

• 2026-04-15 Listed $329,000 GCAR
• 2026-04-15 Listed $329,000 RCAOR
• 2025-09-02 Listed $329,000 RCAOR
• 2023-04-01 Sold (MLS) $170,000 REALTRACS as Distributed by MLS Grid
• 2023-04-01 Sold (MLS) $170,000 GCAR

Property tax history

+3.1%/yr

Latest (2025): $1,378 · +6.3% YoY. Source: county tax records.