8879 Cherlee Dr · Collegedale, TN 37363

$90,000

3 bd · 2.0 ba · 1,680 sqft · Other · 7 Days on market

Built 1987 Fair condition

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.4/5.0
• Schools +2.7/10.0
• Rent growth +2.3/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming and Spacious Home in Grindstone Estates & acirc; & euro; & ldquo; Ooltewah, TN. Background check for lot rent and monthly lot rent required. No property attached. Welcome to this beautifully maintained 3-bedroom, 2-bathroom mobile home located in the highly desirable Grindstone Estates community. Situated just minutes from the heart of Ooltewah, this home offers the perfect blend of comfort, convenience, and privacy. With numerous upgrades and thoughtful features throughout, this home is truly move-in ready. Property Highlights & acirc; & euro; & cent; 3 Bedrooms, 2 Bathrooms A well-designed layout offering spacious bedrooms, a comfortable living area, a

Key facts

• New hot water heater
• New bathroom faucets
• Brand-new roof

Tags

• NUMEROUS RECENT UPGRADES
• BRAND-NEW ROOF
• NEW HOT WATER HEATER
• AC UNIT ONLY 4 YEARS OLD
• NEW BATHROOM FAUCETS
• NEW KITCHEN FAUCET

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $90k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Cap rate 21.3% vs local median 3.1% in Collegedale — 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 67/100 on livability (#100 in TN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D, amenities F, commute F.
• Hamilton County (urban): math 31% / reading 31% proficiency, ranked #42 of 139 in TN (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-0.8%/yr); 733 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 2,133 units permitted in Hamilton County in 2024 (405 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.
• Hamilton County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $90,000

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.45% ✓
• Cap rate: 21.27%
• Cash-on-cash: 53.48%
• DSCR: 3.38
• GRM: 3.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 48.1%
• Equity multiple: 3.00×
• Total profit: $50,506
• Equity at exit: $13,419

10-year hold

• IRR: 52.5%
• Equity multiple: 5.41×
• Total profit: $111,205
• Equity at exit: $7,782

Cash invested: $25,200 (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 37363

• Rents YoY: -0.8%
• Active inventory: 733
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $2,209 medium
• Mortgage (P&I): −$472
• Tax est. 1.5%: −$112 /mo · $1,350/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$464
• Net cashflow: $1,123

Break-even live

Break-even rent $787

Max offer price $90,000

Occupancy floor 44%

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5661 Hickory St Ooltewah, TN	2.0	2.0	1466	$1,990	$1.36	23d	1	1.48mi

Listing history 6 events

1. 2026-06-18
   days on market $90,000 Active 7 DOM
2. 2026-06-17
   days on market $90,000 Active 6 DOM
3. 2026-06-16
   days on market $90,000 Active 5 DOM
4. 2026-06-15
   days on market $90,000 Active 4 DOM
5. 2026-06-14
   remarks 675-char remark
6. 2026-06-14
   listed $90,000 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥104°F today · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 10% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,507
• − Mortgage interest: −$5,041
• − Property taxes: −$1,350
• − Insurance: −$450
• − Repairs & maintenance: −$2,121
• − Management: −$2,121
• − Depreciation: −$2,618
• Taxable income: $12,807
• Est. tax owed @ 24.0%: −$3,074
• After-tax cash flow: $10,404/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.

Condition & rehab AI · 2 photos

Fair 45/100 Cosmetic rehab

This home requires significant repairs and maintenance, including repainting the exterior siding, repainting the interior walls, and replacing the flooring. Improvements in these areas will significantly increase its resale and rental value.

Repairs flagged

• Major roof — Signs of wear and discoloration suggest significant damage and potential leaks.
• Major exterior siding — Significant wear and discoloration indicate the need for repainting or replacement.
• Major interior walls — Signs of wear and discoloration suggest the need for repainting.
• Major landscaping — Overgrown and in need of trimming and maintenance, reducing curb appeal.
• Major flooring — Appears to be carpeted and in need of cleaning or replacement, affecting the overall condition of the home.

Value-add opportunities

• Both Painting the exterior siding — Improves the curb appeal and overall condition of the home.
• Both Repainting the interior walls — Enhances the interior appearance and can increase the home's value.
• Both Trimming and maintaining the landscaping — Improves the curb appeal and overall condition of the home.
• Both Replacing the flooring — Enhances the interior appearance and can increase the home's value.
• Both Re-roofing the home — Fixes the roof and prevents potential leaks, enhancing the home's overall condition and value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Signs of wear and discoloration suggest significant damage and potential leaks.	Major	$15,000–50,000
exterior siding · Significant wear and discoloration indicate the need for repainting or replacement.	Major	$15,000–50,000
interior walls · Signs of wear and discoloration suggest the need for repainting.	Major	$15,000–50,000
landscaping · Overgrown and in need of trimming and maintenance, reducing curb appeal.	Major	$15,000–50,000
flooring · Appears to be carpeted and in need of cleaning or replacement, affecting the overall condition of the home.	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both Painting the exterior siding — Improves the curb appeal and overall condition of the home. ↑
• Both Repainting the interior walls — Enhances the interior appearance and can increase the home's value. ↑
• Both Trimming and maintaining the landscaping — Improves the curb appeal and overall condition of the home. ↑
• Both Replacing the flooring — Enhances the interior appearance and can increase the home's value. ↑
• Both Re-roofing the home — Fixes the roof and prevents potential leaks, enhancing the home's overall condition and value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Hamilton County
• NCES district ID: 4701590
• Math proficiency: 31% ▼ -10.00%
• Reading proficiency: 31% ▼ -3.00%
• Median HH income: $47,456
• Composite: 26.8/100
• National rank: #7122
• State rank: #42 of 139 in TN

Livability — Collegedale

• Score: 67/100
• State rank: #100
• US rank: #10469

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Collegedale, TN
• County: Hamilton County · 312,777 people
• City population: 1,740
• Metro: Chattanooga, TN-GA
• Population (ZIP): 42,093
• Household income: $97,399
• Rent vs Own: 24.8% rent · 75.2% own
• Severe rent burden: 884.0

Population outlook (Hamilton County) Hauer SSP2

• Today (2025): 393,784 people
• By 2030: 412,983 · +4.9%
• By 2040: 449,502 · +14.1%
• By 2050: 484,341 · +23.0%
• By 2075: 565,746 · +43.7%
• By 2100: 618,394 · +57.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Black 9% Hispanic / Latino 7% Two or more races 4% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Slovak 4% Italian 2% Romanian 2%
• Foreign-born: 6% · Canada
• Languages at home: 91% English-only · Spanish 5% German/W. Germanic 1% French/Haitian/Cajun 1%

Political lean MEDSL · Hamilton

• 2024 margin: R (+13.1) · D 42.7% · R 55.7% · Other 1.6%
• 2008→2024 swing: -1.2pp toward R · 2008: -11.8pp · 2024: -13.1pp
• All cycles: 2024: R+13.1 2020: R+9.7 2016: R+16.6 2012: R+14.8 2008: R+11.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -140.23%
• Current HPI: 247.6005
• Rent YoY: ▼ -0.79%
• Metro: Chattanooga, TN-GA
• 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

1 event — show timeline

• 2026-06-11 Listed $90,000 FSBO.com