3411 Walnut St · Johnson City, TN 37604

$674,999

None bd · 6.0 ba · 4,125 sqft · MultiFamily public records · 408 Days on market

Built 1965 0.38 ac lot

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Why this score? — see what drove the D+ 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 +20.0/30.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• 1% rule +4.1/10.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Investment opportunity in the heart of Johnson City! A beautifully maintained 6-unit apartment building offering solid cash flow with value- add potential. Currently bringing in $60,240 annually in rental income with below-market rents, this property offers an excellent upside for investors looking to maximize returns. The upstairs has 2-(2bed/1bath) units The main level has 2-(2bed/1bath) units. and back side of the building on the lowest level there are 2-(1bed/1bath) units. All units have tile flooring, fresh paint, and newer appliances. With its central location, proximity to downtown, ETSU, and major employers, this property is ideally positioned for long-term appreciation and increas

Key facts

• Solid cash flow
• Value add potential
• Central location

Tags

• 6 UNIT APARTMENT BUILDING
• SOLID CASH FLOW
• VALUE ADD POTENTIAL
• BELOW MARKET RENTS
• CENTRAL LOCATION
• PROXIMITY TO DOWNTOWN

Property features AI

Finance

• Other: Zoned commercial

Exterior

• Utilities: Public water; Public sewer
• Home design: Multi-family residential income property; Two stories
• Construction: Brick and vinyl siding construction
• Exterior features: Asphalt shingle roof; Level, cleared lot

Interior

• Kitchen: Range; Refrigerator
• Flooring: Tile
• Heating & cooling: Baseboard heating; Window air conditioning units
• Interior features: Tile flooring; Range; Refrigerator

What this means for you Summary

Snapshot

• This is a 4×2bd/1.0ba + 2×1bd/1.0ba units multifamily listed at $675k.

Deal economics

• At list price, monthly cash flow is $834 ($10k/yr) — positive. Per door: $139/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 $611k (9.4% below list).
• Recommended offer: $594k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 3.1% in Johnson City — 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 76/100 on livability (#8 in TN, #3,349 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, health & safety A; Watch: crime D, commute F, employment F.
• Washington County (suburban): math 26% / reading 34% proficiency, ranked #54 of 139 in TN (top 39%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Jonesborough Elementary (math 12% / reading 27%, grade F, #654 of 952 statewide, top 72%, 485 students, 0% FRL); Jonesborough Middle School (math 27% / reading 25%, grade F, #144 of 333 statewide, top 44%, 416 students, 0% FRL); David Crockett High School (math 25% / reading 39%, grade F, #56 of 332 statewide, top 20%, 1,181 students, 0% FRL) — zoned schools average 0% FRL vs 41% district-wide (41 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+1.5%/yr); 207 active listings in the ZIP; 1,155 units permitted in Washington County in 2024 (437 in 5+ unit buildings).
• At $6,114/mo this rent would consume 140% of the median local household income ($52k/yr) (locally 2254% 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 $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• Washington County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 408 days — a 12% lower offer ($594k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 3y ago 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 $135k; list at $675k implies a 400% gain — meaningful room to come down on a strong offer.

Recommended offer $593,999 (12.0% below list)

Questions for the listing agent

1. It's been on market 408 days. Have you received any prior offers? Is the seller open to a 12% 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 1965 — 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. Crime grade is D 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?
8. 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?
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: 0.91% ✗
• Cap rate: 7.78%
• Cash-on-cash: 5.29%
• DSCR: 1.24
• GRM: 9.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.51% rent growth · sell at horizon

5-year hold

• IRR: -9.6%
• Equity multiple: 0.65×
• Total profit: $-65,625
• Equity at exit: $100,645

10-year hold

• IRR: -2.2%
• Equity multiple: 0.86×
• Total profit: $-26,028
• Equity at exit: $58,362

Cash invested: $189,000 (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 37604

• Home prices YoY: -26.1%
• Rents YoY: 1.5%
• Active inventory: 207
• Price-to-rent: 53.8×

Monthly cashflow live

• Estimated rent: $6,114 high
• Mortgage (P&I): −$3,540
• Tax from tax record: −$175 /mo · $2,103/yr
• Insurance: −$281
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,284
• Net cashflow: $834

Break-even live

Break-even rent $5,059

Max offer price $674,999

Occupancy floor 81%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,180
▸ 2× units	1	1	$1,936
Total (6 units)			$6,114

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: $168,750
• Closing costs: $20,250
• Reserves months: —
• Total cash needed: —

Listing history 43 events

1. 2026-06-19
   days on market $674,999 Active 408 DOM
2. 2026-06-18
   days on market $674,999 Active 407 DOM
3. 2026-06-17
   days on market $674,999 Active 406 DOM
4. 2026-06-16
   days on market $674,999 Active 405 DOM
5. 2026-06-15
   days on market $674,999 Active 404 DOM
6. 2026-06-14
   days on market $674,999 Active 402 DOM
7. 2026-06-13
   days on market $674,999 Active 401 DOM
8. 2026-06-10
   days on market $674,999 Active 399 DOM
9. 2026-06-09
   days on market $674,999 Active 398 DOM
10. 2026-06-08
    days on market $674,999 Active 397 DOM
11. 2026-06-07
    days on market $674,999 Active 396 DOM
12. 2026-06-05
    days on market $674,999 Active 393 DOM
13. 2026-06-02
    days on market $674,999 Active 391 DOM
14. 2026-06-01
    days on market $674,999 Active 390 DOM
15. 2026-05-31
    days on market $674,999 Active 389 DOM
16. 2026-05-30
    days on market $674,999 Active 388 DOM
17. 2026-01-06
    status Active
18. 2026-01-06
    historical
19. 2026-01-02
    status Active
20. 2026-01-02
    historical
21. 2025-11-10
    status Active
22. 2025-11-01
    historical
23. 2025-04-28
    listed $674,999 Active
24. 2024-05-23
    historical $895
25. 2024-04-10
    listed $895
26. 2024-04-10
    historical $895
27. 2024-03-26
    listed $895
28. 2024-03-13
    historical $695
29. 2024-03-13
    historical $695
30. 2024-03-13
    listed $695
31. 2024-03-13
    price $995
32. 2024-02-04
    listed $1,050
33. 2023-11-10
    historical $795
34. 2023-10-23
    listed $795
35. 2023-10-15
    historical $795
36. 2023-10-04
    listed $850
37. 2023-09-16
    historical $850
38. 2023-09-15
    price $850
39. 2023-09-02
    price $900
40. 2023-07-13
    listed $750
41. 2005-01-24
    soldstatus $135,000
42. 2004-07-26
    soldstatus $119,500
43. 1997-05-28
    soldstatus $115,000

ⓘ 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: $2,103 · $175/mo
• Projected year-2 tax: $4,792 · $399/mo
• Expected delta: +$2,689/yr (+$224/mo · 127.9%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥97°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $73,368
• − Mortgage interest: −$37,810
• − Property taxes: −$2,103
• − Insurance: −$3,375
• − Repairs & maintenance: −$5,869
• − Management: −$5,869
• − Depreciation: −$19,636
• Taxable loss: −$1,296
• Est. tax savings @ 24.0%: +$311
• After-tax cash flow: $10,316/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: Washington County
• NCES district ID: 4704380
• Math proficiency: 26% ▼ -21.00%
• Reading proficiency: 34% ▼ -11.00%
• Median HH income: $46,542
• Composite: 25.85/100
• National rank: #7350
• State rank: #54 of 139 in TN

Livability — Johnson City

• Score: 76/100
• State rank: #8
• US rank: #3349

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Washington County · 129,006 people
• City population: 99,926
• Metro: Johnson City, TN
• Population (ZIP): 39,097
• Household income: $52,345
• Rent vs Own: 49.7% rent · 50.3% own
• Severe rent burden: 2254.0

Population outlook (Washington County) Hauer SSP2

• Today (2025): 132,816 people
• By 2030: 135,823 · +2.3%
• By 2040: 140,897 · +6.1%
• By 2050: 145,073 · +9.2%
• By 2075: 156,386 · +17.7%
• By 2100: 159,893 · +20.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 6% Black 6% Two or more races 5% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Slovak 3% Serbian 3% Italian 3%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 4% Other Indo-European 1%

Political lean MEDSL · Washington

• 2024 margin: Solid R (+39.5) · D 29.6% · R 69.1% · Other 1.3%
• 2008→2024 swing: -6.0pp toward R · 2008: -33.5pp · 2024: -39.5pp
• All cycles: 2024: R+39.5 2020: R+36.2 2016: R+42.9 2012: R+38.5 2008: R+33.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -97.73%
• Current HPI: 277.1137
• Rent YoY: ▲ 1.51%
• Metro: Johnson City, 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

+487.0% since first listed

27 events — show timeline

• 2026-01-06 Relisted — TVRMLS
• 2026-01-06 Delisted — TVRMLS
• 2026-01-02 Relisted — TVRMLS
• 2026-01-02 Delisted — TVRMLS
• 2025-11-10 Relisted — TVRMLS
• 2025-11-01 Delisted — TVRMLS
• 2025-04-28 Listed $674,999 TVRMLS
• 2024-05-23 Rental Removed $895 APPFOLIO
• 2024-04-10 Listed for Rent $895 APPFOLIO
• 2024-04-10 Rental Removed $895 APPFOLIO
• 2024-03-26 Listed for Rent $895 APPFOLIO
• 2024-03-13 Rental Removed $695 APPFOLIO
• 2024-03-13 Rental Removed $695 APPFOLIO
• 2024-03-13 Listed for Rent $695 APPFOLIO
• 2024-03-13 Price Changed $995 APPFOLIO
• 2024-02-04 Listed for Rent $1,050 APPFOLIO
• 2023-11-10 Rental Removed $795 APPFOLIO
• 2023-10-23 Listed for Rent $795 APPFOLIO
• 2023-10-15 Rental Removed $795 APPFOLIO
• 2023-10-04 Listed for Rent $850 APPFOLIO
• 2023-09-16 Rental Removed $850 APPFOLIO
• 2023-09-15 Price Changed $850 APPFOLIO
• 2023-09-02 Price Changed $900 APPFOLIO
• 2023-07-13 Listed for Rent $750 APPFOLIO
• 2005-01-24 Sold (Public Records) $135,000 Public Records
• 2004-07-26 Sold (Public Records) $119,500 Public Records
• 1997-05-28 Sold (Public Records) $115,000 Public Records

Property tax history

+3.3%/yr

Latest (2025): $2,103 · +0.0% YoY. Source: county tax records.