147 Waddell Cir

Oak Ridge, TN 37830

$1D+

None bd · None ba · 59,782 sqft · Built 2024 · MultiFamily · Active · 153 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,252/mo
• Mortgage (P&I): −$0
• Tax + insurance: −$0
• HOA: −$0
• Vac / Maint / Mgmt: −$1,523
• Net cashflow: $5,729/mo
• Annual: $68,749/yr
• Cap rate: 6874894.00%
• Cash-on-cash: 24553170.38%
• DSCR: 1092478.92
• 1% rule: 725200.00%
• Cash to close: $0

Investor read

• This is a multifamily listed at $1.
• At list price, monthly cash flow is $6k ($69k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $1).
• It's been on market 153 days — a 12% lower offer ($0) is reasonable based on typical stale-listing flexibility.
• Local home prices are declining (-3.0%/yr); year-one equity from $0 of loan paydown is wiped out by about $0 of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#4 in TN, #2,605 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: commute F.
• Oak Ridge (suburban): math 34% / reading 37% proficiency, ranked #23 of 139 in TN (top 16%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Willow Brook Elementary (math 27% / reading 22%, grade F, #546 of 952 statewide, top 61%, 391 students, 0% FRL); Robertsville Middle School (math 32% / reading 31%, grade F, #89 of 333 statewide, top 28%, 702 students, 0% FRL); Oak Ridge High School (math 10% / reading 53%, grade F, #69 of 332 statewide, top 21%, 1,587 students, 0% FRL) — zoned schools average 0% FRL vs 40% district-wide (40 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+3.1%/yr); 189 active listings in the ZIP; 400 units permitted in Anderson County in 2024 (91 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.1% rent growth), your $0 cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 6→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6874894.0% vs local median 3.4% in Oak Ridge — 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.
• At $7,252/mo this rent would consume 120% of the median local household income ($72k/yr) (locally 914% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 153 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
• 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.
• 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?
• 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.
• 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.
• 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.