3540 Adkisson Dr NW · Cleveland, TN 37312

$1,499,000

None bd · 8.0 ba · 5,022 sqft · MultiFamily public records · 30 Days on market

Built 1986 0.93 ac lot

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Why this score? — see what drove the C 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 +25.9/30.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• 1% rule +5.7/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• 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 (5+ Unit). Listing-text estimate: 16 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 MLS

This 16-unit multifamily opportunity (two buildings with 8 units each) offers a compelling value-add investment in a high-demand rental corridor adjacent to Cleveland State Community College. The property consists of all 1 bed / 1 bath units, ideally suited for student housing, providing consistent occupancy potential and reliable rental demand. Constructed of low-maintenance brick, the asset includes an on-site laundry facility, creating an additional income stream opportunity. With its prime location near campus, tenants benefit from walkable access to school and a short drive to restaurants, retail, and I-75, enhancing long-term desirability. Value-add potential exists through interior upgrades, rent optimization, and operational efficiencies--positioning this asset for increased NOI and long-term appreciation. Ideal for investors seeking stable cash flow with upside, this property combines location, durability, and scalability in a growing rental market.

Key facts

• Short drive to i-75
• 0.93 acre lot
• Built 1986

Tags

• MULTIFAMILY OPPORTUNITY
• ON-SITE LAUNDRY FACILITY
• WALKABLE ACCESS TO SCHOOL
• SHORT DRIVE TO RESTAURANTS
• SHORT DRIVE TO RETAIL
• SHORT DRIVE TO I-75

Property features AI

Finance

• Financial info: Property listed as residential income with 16 total units; Owner pays: Other; Tenants pay: Other and electricity

Exterior

• Parking: Concrete and paved parking areas; No covered parking reported
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Electric service available
• Home design: Residential income property; Attached multi-family; Two-story building; Multi-family structure
• Construction: Brick and other construction materials; Shingle roof; Existing structure
• Exterior features: Public water; Public sewer; Electricity available; Water available; Lot approximately 202 x 201

Interior

• Flooring: Laminate
• Heating & cooling: Central electric heating; Central air conditioning
• Interior features: Laminate flooring; Central heating (electric); Central air conditioning; Smoke detectors

What this means for you Summary

Snapshot

• This is a 16 × 1-bed/1-bath units multifamily listed at $1.50M.

Deal economics

• At list price, monthly cash flow is $4k ($44k/yr) — positive. Per door: $230/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($16k rent vs $1.50M).
• Recommended offer: $1.48M (1.5% below list) — sets the bar for market timing.
• Cap rate 9.2% 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: 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 flat; 549 active listings in the ZIP; solid renter incomes; 768 units permitted in Bradley County in 2024 (0 in 5+ unit buildings).
• At $16,019/mo this rent would consume 246% of the median local household income ($78k/yr) (locally 908% 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 $10k of loan paydown is wiped out by about $45k 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.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($1.48M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $101k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $670k; list at $1.50M implies a 124% 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 $1,476,515 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.07% ✓
• Cap rate: 9.24%
• Cash-on-cash: 10.51%
• DSCR: 1.47
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.15% rent growth · sell at horizon

5-year hold

• IRR: -3.5%
• Equity multiple: 0.87×
• Total profit: $-53,973
• Equity at exit: $223,506

10-year hold

• IRR: 3.0%
• Equity multiple: 1.19×
• Total profit: $78,986
• Equity at exit: $129,606

Cash invested: $419,720 (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 37312

• Rents YoY: 0.1%
• Active inventory: 549
• Price-to-rent: 124.8×

Monthly cashflow live

• Estimated rent: $16,019 medium
• Mortgage (P&I): −$7,861
• Tax from tax record: −$492 /mo · $5,908/yr
• Insurance: −$625
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,364
• Net cashflow: $3,677

Break-even live

Break-even rent $11,364

Max offer price $1,499,000

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 16× units	1	1	$16,016
Total (16 units)			$16,019

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: $374,750
• Closing costs: $44,970
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-19
   days on market $1,499,000 Active 30 DOM
2. 2026-06-18
   days on market $1,499,000 Active 29 DOM
3. 2026-06-18
   price $1,499,000 Active 28 DOM
4. 2026-06-17
   days on market $1,600,000 Active 28 DOM
5. 2026-06-16
   days on market $1,600,000 Active 27 DOM
6. 2026-06-15
   days on market $1,600,000 Active 26 DOM
7. 2026-06-14
   days on market $1,600,000 Active 24 DOM
8. 2026-06-13
   days on market $1,600,000 Active 23 DOM
9. 2026-06-10
   days on market $1,600,000 Active 21 DOM
10. 2026-06-09
    days on market $1,600,000 Active 20 DOM
11. 2026-06-08
    days on market $1,600,000 Active 19 DOM
12. 2026-06-07
    days on market $1,600,000 Active 18 DOM
13. 2026-06-05
    days on market $1,600,000 Active 15 DOM
14. 2026-06-03
    days on market $1,600,000 Active 14 DOM
15. 2026-06-02
    days on market $1,600,000 Active 13 DOM
16. 2026-06-01
    days on market $1,600,000 Active 12 DOM
17. 2026-05-31
    days on market $1,600,000 Active 11 DOM
18. 2026-05-30
    days on market $1,600,000 Active 10 DOM
19. 2026-03-20
    listed $1,600,000 Active
20. 2026-03-19
    listed $1,600,000 Active 972-char remark

    Show marketing remark (972 chars)

    This 16-unit multifamily opportunity (two buildings with 8 units each) offers a compelling value-add investment in a high-demand rental corridor adjacent to Cleveland State Community College. The property consists of all 1 bed / 1 bath units, ideally suited for student housing, providing consistent occupancy potential and reliable rental demand. Constructed of low-maintenance brick, the asset includes an on-site laundry facility, creating an additional income stream opportunity. With its prime location near campus, tenants benefit from walkable access to school and a short drive to restaurants, retail, and I-75, enhancing long-term desirability. Value-add potential exists through interior upgrades, rent optimization, and operational efficiencies--positioning this asset for increased NOI and long-term appreciation. Ideal for investors seeking stable cash flow with upside, this property combines location, durability, and scalability in a growing rental market.

21. 2017-07-21
    soldstatus $670,000
22. 2017-07-19
    soldstatus $670,000 48-char remark

    Show marketing remark (48 chars)

    16 Unit 1 BR Apartments in two 8 unit buildings.

23. 2017-07-19
    soldstatus $670,000

    Show marketing remark (48 chars)

    16 Unit 1 BR Apartments in two 8 unit buildings.

24. 2017-07-19
    listed $670,000 48-char remark

    Show marketing remark (48 chars)

    16 Unit 1 BR Apartments in two 8 unit buildings.

25. 2007-06-06
    soldstatus $430,000
26. 2007-01-16
    soldstatus $370,000

ⓘ 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: $5,908 · $492/mo
• Projected year-2 tax: $10,643 · $887/mo
• Expected delta: +$4,735/yr (+$395/mo · 80.1%)

ⓘ 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 6/10 Major 7 d/yr ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 6% 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: $192,228
• − Mortgage interest: −$83,967
• − Property taxes: −$5,908
• − Insurance: −$7,495
• − Repairs & maintenance: −$15,378
• − Management: −$15,378
• − Depreciation: −$43,607
• Taxable income: $20,494
• Est. tax owed @ 24.0%: −$4,919
• After-tax cash flow: $39,208/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): 36,669
• Household income: $78,261
• Rent vs Own: 33.1% rent · 66.9% own
• Severe rent burden: 908.0

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 (82%)
• Race & ethnicity: White 82% Hispanic / Latino 7% Two or more races 6% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Serbian 3% Slovak 2% Italian 2%
• Foreign-born: 7% · Canada, South Korea
• Languages at home: 92% English-only · Spanish 4% Other Indo-European 2% 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: ▼ -206.27%
• Current HPI: 260.8746
• Rent YoY: ▲ 0.15%
• 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

+332.4% since first listed

8 events — show timeline

• 2026-03-20 Listed $1,600,000 REALTRACS as Distributed by MLS Grid
• 2026-03-19 Listed $1,600,000 RCAOR
• 2017-07-21 Sold (Public Records) $670,000 Public Records
• 2017-07-19 Listed $670,000 RCAOR
• 2017-07-19 Sold (MLS) $670,000 REALTRACS as Distributed by MLS Grid
• 2017-07-19 Sold (MLS) $670,000 RCAOR
• 2007-06-06 Sold (Public Records) $430,000 Public Records
• 2007-01-16 Sold (Public Records) $370,000 Public Records

Property tax history

-1.4%/yr

Latest (2025): $5,908 · +17.4% YoY. Source: county tax records.