1987 Joe Stephens Road Rd · Morristown, TN 37814

$255,000

3 bd · 2.0 ba · 1,736 sqft · MultiFamily public records · 279 Days on market

Built 1952 0.87 ac lot $147/sqft · 6% above area Est $241k · 6% over

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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).

• Cash flow +20.1/30.0
• DSCR +6.4/10.0
• ARV discount +4.9/15.0
• 1% rule +4.3/10.0
• Livability +3.2/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This income-producing property generates a combined monthly rental income of $1,950, delivering immediate cash flow for investors from day one. Currently configured as a duplex with both apartments sharing electric and water meters, the setup supports efficient operation while maintaining strong rental performance. Offering both convenience and long-term flexibility, this property presents a solid opportunity for steady income and future upside. The versatile layout allows investors to continue operating the home as a multi-family rental or convert the property into a single-family residence with a private mother-in-law suite for added value. Additional features include a fenced backyard area and rear patio, enhancing tenant desirability and outdoor living space. With strong rental functionality and multiple possibilities for future use, this property presents an attractive opportunity for both seasoned investors and owner-occupants seeking supplemental income. Please contact the listing agent to schedule all showings.

Key facts

• Fenced in area
• Multi-family duplex
• Mother-in-law suite

Tags

• MULTI-FAMILY DUPLEX
• MOTHER-IN-LAW SUITE
• FENCED IN AREA
• PATIO

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $255k.

Deal economics

• At list price, monthly cash flow is $316 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $236k (7.3% below list).
• Recommended offer: $224k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 2.9% in Morristown — 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 64/100 on livability (#175 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: schools D-, crime F, amenities F.
• Hamblen County (urban): math 31% / reading 30% proficiency, ranked #57 of 139 in TN (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 330 active listings in the ZIP; 298 units permitted in Hamblen County in 2024 (48 in 5+ unit buildings).
• At $2,365/mo this rent would consume 51% of the median local household income ($56k/yr) (locally 1001% 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 279 days — a 12% lower offer ($224k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $51k; list at $255k implies a 400% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $224,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 279 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.93% ✗
• Cap rate: 7.78%
• Cash-on-cash: 5.32%
• DSCR: 1.24
• GRM: 9.0

CMA / ARV

• ARV (median comp): $240,923
• List price: $255,000
• Delta: 5.84%
• Verdict: FAIR
• Comps: 3 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -8.1%
• Equity multiple: 0.70×
• Total profit: $-21,266
• Equity at exit: $38,021

10-year hold

• IRR: 1.4%
• Equity multiple: 1.10×
• Total profit: $7,047
• Equity at exit: $22,048

Cash invested: $71,400 (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 37814

• Home prices YoY: -17.1%
• Active inventory: 330
• Price-to-rent: 18.0×

Monthly cashflow live

• Estimated rent: $2,365 medium
• Mortgage (P&I): −$1,337
• Tax from tax record: −$108 /mo · $1,302/yr
• Insurance: −$106
• HOA: −$0
• Vacancy / Maint / Mgmt: −$497
• Net cashflow: $316

Break-even live

Break-even rent $1,965

Max offer price $255,000

Occupancy floor 82%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,364
Total (2 units)			$2,365

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: $63,750
• Closing costs: $7,650
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $255,000 Active 279 DOM
2. 2026-06-18
   days on market $255,000 Active 278 DOM
3. 2026-06-17
   days on market $255,000 Active 277 DOM
4. 2026-06-16
   days on market $255,000 Active 276 DOM
5. 2026-06-15
   days on market $255,000 Active 275 DOM
6. 2026-06-14
   days on market $255,000 Active 273 DOM
7. 2026-06-12
   days on market $255,000 Active 272 DOM
8. 2026-06-09
   days on market $255,000 Active 269 DOM
9. 2026-06-08
   days on market $255,000 Active 268 DOM
10. 2026-06-07
    days on market $255,000 Active 267 DOM
11. 2026-06-05
    days on market $255,000 Active 264 DOM
12. 2026-06-02
    days on market $255,000 Active 262 DOM
13. 2026-06-01
    days on market $255,000 Active 261 DOM
14. 2026-05-31
    days on market $255,000 Active 260 DOM
15. 2026-05-30
    days on market $255,000 Active 259 DOM
16. 2026-05-14
    price $255,000 1034-char remark

    Show marketing remark (1034 chars)

    This income-producing property generates a combined monthly rental income of $1,950, delivering immediate cash flow for investors from day one. Currently configured as a duplex with both apartments sharing electric and water meters, the setup supports efficient operation while maintaining strong rental performance. Offering both convenience and long-term flexibility, this property presents a solid opportunity for steady income and future upside. The versatile layout allows investors to continue operating the home as a multi-family rental or convert the property into a single-family residence with a private mother-in-law suite for added value. Additional features include a fenced backyard area and rear patio, enhancing tenant desirability and outdoor living space. With strong rental functionality and multiple possibilities for future use, this property presents an attractive opportunity for both seasoned investors and owner-occupants seeking supplemental income. Please contact the listing agent to schedule all showings.

17. 2026-04-07
    price $260,000 1034-char remark

    Show marketing remark (1034 chars)

    This income-producing property generates a combined monthly rental income of $1,950, delivering immediate cash flow for investors from day one. Currently configured as a duplex with both apartments sharing electric and water meters, the setup supports efficient operation while maintaining strong rental performance. Offering both convenience and long-term flexibility, this property presents a solid opportunity for steady income and future upside. The versatile layout allows investors to continue operating the home as a multi-family rental or convert the property into a single-family residence with a private mother-in-law suite for added value. Additional features include a fenced backyard area and rear patio, enhancing tenant desirability and outdoor living space. With strong rental functionality and multiple possibilities for future use, this property presents an attractive opportunity for both seasoned investors and owner-occupants seeking supplemental income. Please contact the listing agent to schedule all showings.

18. 2026-03-12
    status Active 1034-char remark

    Show marketing remark (1034 chars)

    This income-producing property generates a combined monthly rental income of $1,950, delivering immediate cash flow for investors from day one. Currently configured as a duplex with both apartments sharing electric and water meters, the setup supports efficient operation while maintaining strong rental performance. Offering both convenience and long-term flexibility, this property presents a solid opportunity for steady income and future upside. The versatile layout allows investors to continue operating the home as a multi-family rental or convert the property into a single-family residence with a private mother-in-law suite for added value. Additional features include a fenced backyard area and rear patio, enhancing tenant desirability and outdoor living space. With strong rental functionality and multiple possibilities for future use, this property presents an attractive opportunity for both seasoned investors and owner-occupants seeking supplemental income. Please contact the listing agent to schedule all showings.

19. 2025-10-29
    price $268,000 1034-char remark

    Show marketing remark (1034 chars)

    This income-producing property generates a combined monthly rental income of $1,950, delivering immediate cash flow for investors from day one. Currently configured as a duplex with both apartments sharing electric and water meters, the setup supports efficient operation while maintaining strong rental performance. Offering both convenience and long-term flexibility, this property presents a solid opportunity for steady income and future upside. The versatile layout allows investors to continue operating the home as a multi-family rental or convert the property into a single-family residence with a private mother-in-law suite for added value. Additional features include a fenced backyard area and rear patio, enhancing tenant desirability and outdoor living space. With strong rental functionality and multiple possibilities for future use, this property presents an attractive opportunity for both seasoned investors and owner-occupants seeking supplemental income. Please contact the listing agent to schedule all showings.

20. 2025-09-10
    listed $275,000 Active 1034-char remark

    Show marketing remark (1034 chars)

    This income-producing property generates a combined monthly rental income of $1,950, delivering immediate cash flow for investors from day one. Currently configured as a duplex with both apartments sharing electric and water meters, the setup supports efficient operation while maintaining strong rental performance. Offering both convenience and long-term flexibility, this property presents a solid opportunity for steady income and future upside. The versatile layout allows investors to continue operating the home as a multi-family rental or convert the property into a single-family residence with a private mother-in-law suite for added value. Additional features include a fenced backyard area and rear patio, enhancing tenant desirability and outdoor living space. With strong rental functionality and multiple possibilities for future use, this property presents an attractive opportunity for both seasoned investors and owner-occupants seeking supplemental income. Please contact the listing agent to schedule all showings.

21. 2024-04-05
    soldstatus $51,000

ⓘ 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: $1,302 · $108/mo
• Projected year-2 tax: $1,810 · $151/mo
• Expected delta: +$508/yr (+$42/mo · 39.1%)

ⓘ 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 5/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥101°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,380
• − Mortgage interest: −$14,284
• − Property taxes: −$1,302
• − Insurance: −$1,275
• − Repairs & maintenance: −$2,270
• − Management: −$2,270
• − Depreciation: −$7,418
• Taxable loss: −$440
• Est. tax savings @ 24.0%: +$106
• After-tax cash flow: $3,902/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: Hamblen County
• NCES district ID: 4700001
• Math proficiency: 31% ▼ -5.00%
• Reading proficiency: 30% ▼ -4.00%
• Median HH income: $39,361
• Composite: 25.61/100
• National rank: #7412
• State rank: #57 of 139 in TN

Livability — Morristown

• Score: 64/100
• State rank: #175
• US rank: #14625

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Hamblen County · 35,239 people
• City population: 35,239
• Metro: Morristown, TN
• Population (ZIP): 35,239
• Household income: $55,650
• Rent vs Own: 33.5% rent · 66.5% own
• Severe rent burden: 1001.0

Population outlook (Hamblen County) Hauer SSP2

• Today (2025): 65,185 people
• By 2030: 65,707 · +0.8%
• By 2040: 66,189 · +1.5%
• By 2050: 65,798 · +0.9%
• By 2075: 62,642 · -3.9%
• By 2100: 55,702 · -14.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 16% Two or more races 12% Black 4% Asian 1%
• Hispanic origin (detail): Mexican 12% Puerto Rican 2%
• Common ancestry: Slovak 3% Lithuanian 2% Serbian 2%
• Foreign-born: 8% · Canada
• Languages at home: 85% English-only · Spanish 13% Other Asian/Pacific 1%

Political lean MEDSL · Hamblen

• 2024 margin: Solid R (+58.9) · D 20.1% · R 79.0%
• 2008→2024 swing: -20.5pp toward R · 2008: -38.4pp · 2024: -58.9pp
• All cycles: 2024: R+58.9 2020: R+54.0 2016: R+57.2 2012: R+46.4 2008: R+38.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -61.88%
• Current HPI: 299.6486
• Rent YoY: —
• Metro: Morristown, 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

+400.0% since first listed

6 events — show timeline

• 2026-05-14 Price Changed $255,000 LAAR
• 2026-04-07 Price Changed $260,000 LAAR
• 2026-03-12 Relisted — LAAR
• 2025-10-29 Price Changed $268,000 LAAR
• 2025-09-10 Listed $275,000 LAAR
• 2024-04-05 Sold (Public Records) $51,000 Public Records

Property tax history

+10.2%/yr

Latest (2025): $1,302 · +158.3% YoY. Source: county tax records.