811 Siluria St

Harriman, TN 37748

$299,000C+

16 bd · 4.0 ba · 1,760 sqft · Built 1932 · MultiFamily · Active · 431 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,679/mo
• Mortgage (P&I): −$1,568
• Tax + insurance: −$248
• HOA: −$0
• Vac / Maint / Mgmt: −$773
• Net cashflow: $1,091/mo
• Annual: $13,090/yr
• Cap rate: 10.67%
• Cash-on-cash: 15.64%
• DSCR: 1.70
• 1% rule: 1.23%
• Cash to close: $83,720

Investor read

• This is a 4 × 1-bed/1-bath units multifamily listed at $299k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $273/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $299k).
• It's been on market 431 days — a 12% lower offer ($263k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $263k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 57/100 on livability (#330 in TN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Roane County (town): math 30% / reading 29% proficiency, ranked #64 of 139 in TN (top 46%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Kingston Elementary (math 36% / reading 36%, grade F, #305 of 952 statewide, top 32%, 808 students, 0% FRL); Cherokee Middle School (math 43% / reading 34%, grade F, #49 of 333 statewide, top 15%, 470 students, 0% FRL); Roane County High School (math 2% / reading 42%, grade F, #156 of 332 statewide, top 49%, 652 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.
• Watch-outs: built in 1932 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 213 active listings in the ZIP; 229 units permitted in Roane County in 2024 (0 in 5+ unit buildings).
• Roane County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 10 sale attempts since 22y ago; this cycle's ask is 62% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $84k cash investment doubles in ~8 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 8→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.7% vs local median 3.1% in Harriman — 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.

Questions for listing agent

• It's been on market 431 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1932 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?