1921 Emerson Dr · Chattanooga, TN 37408

$850,000

9 bd · 6.9 ba · 4,352 sqft · MultiFamily public records · 140 Days on market

Built 1910 9,147 sqft 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).

• Appreciation +10.0/10.0
• Cash flow +9.6/30.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Rent growth +3.2/5.0
• DSCR +2.7/10.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

PRIME INVESTMENT OPPORTUNITY in the Heart of the Southside! Value confirmed by recent appraisal. LOCATION, LOCATION, LOCATION! This exceptional multi-family investment property sits in the vibrant Southside district—one of Chattanooga's fastest-growing neighborhoods. The property includes four buildings: three duplexes (each featuring a two-room studio) and one standalone unit offering 3 bedrooms and 1 bathroom. Situated within a federally designated OPPORTUNITY ZONE, this property provides substantial tax advantages for investors. With MIXED-USE COMMERCIAL ZONING, you'll have the flexibility to: Continue operating as a multi-family rental property Reposition for higher-yield reside

Key facts

• Opportunity zone
• 9,147 sq ft lot
• Built 1910

Tags

• VIBRANT SOUTHSIDE DISTRICT
• OPPORTUNITY ZONE
• MIXED-USE COMMERCIAL ZONING
• DYNAMIC DEVELOPMENT PROJECT

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/2.3-bath units multifamily listed at $850k.

Deal economics

• At list price, monthly cash flow is $-639 ($-8k/yr) — negative. Per door: $-213/mo.
• To cash-flow at today's rent, offer at most $737k (13.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $629k (26.0% below list).
• Recommended offer: $629k (26.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 78/100 on livability (#3 in TN, #2,582 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D+, crime 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.
• Zoned schools: Battle Academy For Teaching Learning (math 42% / reading 42%, grade F, #191 of 952 statewide, top 22%, 487 students, 0% FRL); Orchard Knob Middle (math 5% / reading 6%, grade F, #291 of 333 statewide, top 88%, 334 students, 0% FRL); The Howard School (math 3% / reading 8%, grade F, #309 of 332 statewide, top 93%, 1,485 students, 0% FRL) — zoned schools average 0% FRL vs 52% district-wide (52 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 18% at this address vs 31% district-wide (-13 pts) — the specific schools serving this property underperform the Hamilton County average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+2.8%/yr); 109 active listings in the ZIP; solid renter incomes; 2,133 units permitted in Hamilton County in 2024 (405 in 5+ unit buildings).

Forward outlook

• In year one you build about $91k of equity ($6k loan paydown + $85k appreciation (10.0% local appreciation)).
• Hamilton County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$146k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 140 days — a 12% lower offer ($748k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask is 94344% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $150k; list at $850k implies a 467% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $628,700 (26.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 140 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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?
11. 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?
12. 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.
13. 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.
14. 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: 0.74% ✗
• Cap rate: 5.48%
• Cash-on-cash: -2.89%
• DSCR: 0.87
• GRM: 11.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 2.84% rent growth · sell at horizon

5-year hold

• IRR: 21.9%
• Equity multiple: 2.77×
• Total profit: $421,158
• Equity at exit: $765,747

10-year hold

• IRR: 19.7%
• Equity multiple: 6.34×
• Total profit: $1,270,066
• Equity at exit: $1,651,363

Cash invested: $238,000 (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 37408

• Home prices YoY: 10.0%
• Rents YoY: 2.8%
• Active inventory: 109
• Price-to-rent: 33.8×

Monthly cashflow live

• Estimated rent: $6,287 high
• Mortgage (P&I): −$4,457
• Tax from tax record: −$728 /mo · $8,730/yr
• Insurance: −$354
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,320
• Net cashflow: $-639

Break-even live

Break-even rent $7,096

Max offer price $737,131

Occupancy floor —

Sensitivity live

Price	-10% $-158	-5% $-398	+0% $-639	+5% $-880	+10% $-1,120
Rent	-10% $-1,136	-5% $-887	+0% $-639	+5% $-391	+10% $-142
Rate	-1.0pp $-211	-0.5pp $-423	base $-639	+0.5pp $-859	+1.0pp $-1,083

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	2.3	$6,288
Total (3 units)			$6,287

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: $212,500
• Closing costs: $25,500
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-04-25
   listed $900
2. 2026-03-28
   status Pending
3. 2026-03-16
   price $850,000
4. 2025-11-08
   listed $999,000 Active
5. 2014-04-02
   soldstatus $150,000
6. 2006-07-27
   soldstatus $293,270
7. 2003-08-05
   soldstatus $50,000

ⓘ 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: $8,730 · $728/mo
• Projected year-2 tax: $8,730 · $728/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥105°F today · 21 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 10% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $75,444
• − Mortgage interest: −$47,613
• − Property taxes: −$8,730
• − Insurance: −$5,048
• − Repairs & maintenance: −$6,036
• − Management: −$6,036
• − Depreciation: −$24,727
• Taxable loss: −$22,745
• Est. tax savings @ 24.0%: +$5,459
• After-tax cash flow: $-2,208/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: 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 — Chattanooga

• Score: 78/100
• State rank: #3
• US rank: #2582

Category grades

Amenities A+ Commute A+ 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: Chattanooga, TN
• County: Hamilton County · 312,777 people
• City population: 131,999
• Metro: Chattanooga, TN-GA
• Population (ZIP): 3,502
• Household income: $81,250
• Rent vs Own: 71.3% rent · 28.7% own
• Severe rent burden: 220.0

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: Majority White (63%)
• Race & ethnicity: White 63% Black 28% Hispanic / Latino 6% Two or more races 5% Asian 2%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Ukrainian 8% Romanian 4% Slovak 3%
• Foreign-born: 8% · Canada
• Languages at home: 91% English-only · Spanish 3% Other Indo-European 1% Other Asian/Pacific 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: ▲ 29.73%
• Current HPI: 326.5006
• Rent YoY: ▲ 2.84%
• 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

+1600.0% since first listed

7 events — show timeline

• 2026-04-25 Listed for Rent $900 GCAR
• 2026-03-28 Pending — GCAR
• 2026-03-16 Price Changed $850,000 GCAR
• 2025-11-08 Listed $999,000 GCAR
• 2014-04-02 Sold (Public Records) $150,000 Public Records
• 2006-07-27 Sold (Public Records) $293,270 Public Records
• 2003-08-05 Sold (Public Records) $50,000 Public Records

Property tax history

+17.7%/yr

Latest (2025): $8,730 · +287.1% YoY. Source: county tax records.