303 Louise Ave · Morristown, TN 37813

$239,000

5 bd · 3.0 ba · 2,240 sqft · SingleFamily public records · 37 Days on market

Built 1957 0.30 ac lot $107/sqft · 26% below area Est $288k · 17% under

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Why this score? — see what drove the B- 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 +25.7/30.0
• ARV discount +15.0/15.0
• DSCR +8.6/10.0
• 1% rule +5.4/10.0
• 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

Listing remarks

Spacious 5-bedroom, 2-bath home offering approximately 2000 square feet with tons of potential in a convenient central Morristown location. Situated on a large lot with a huge driveway providing plenty of parking for multiple vehicles, RVs, boats, or work trucks. The property also features a large detached garage/workshop, covered patio area, and a spacious side yard with room to enjoy or customize to your needs. The home is livable as-is and offers a great opportunity for a buyer to add their own finishing touches and updates over time. With the generous floor plan, oversized parking area, and large lot, this property has endless possibilities for an owner-occupant or investment opportunit

Key facts

• Large lot
• Huge driveway
• Spacious side yard

Tags

• CENTRAL MORRISTOWN LOCATION
• LARGE LOT
• HUGE DRIVEWAY
• DETACHED GARAGE
• COVERED PATIO AREA
• SPACIOUS SIDE YARD

Property features AI

Finance

• Other: Subdivision: Wood Bros Add; Directions: Off S. Cumberland St
• HOA & community: Landscaping association amenity

Exterior

• Parking: Garage (1 space); Carport (1 space); Driveway; Concrete parking surfaces
• Security: Smoke detectors; Carbon monoxide detector(s); See remarks
• Utilities: Public water; Public sewer / Sewer available and connected; Electricity connected
• Home design: Single family house; Two levels; Level topography; Residential zoning
• Construction: Brick and vinyl siding construction; Asphalt roof; Block foundation; Home warranty included
• Exterior features: Patio; Back yard fencing; Shed, storage, and workshop structures; Other exterior features

Interior

• Kitchen: Other appliances
• Bedrooms: Total rooms: 7
• Flooring: Carpet; Laminate; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Soaking tub; Other interior features; Living room fireplace
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath single-family listed at $239k.

Deal economics

• At list price, monthly cash flow is $571 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $239k).
• Recommended offer: $232k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.2% 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: crime F, amenities F, commute 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.
• Zoned schools: Hillcrest Elementary (math 21% / reading 15%, grade F, #697 of 952 statewide, top 74%, 604 students, 0% FRL); Meadowview Middle School (math 28% / reading 16%, grade F, #176 of 333 statewide, top 55%, 627 students, 0% FRL); Morristown East High (math 12% / reading 37%, grade F, #129 of 332 statewide, top 43%, 1,572 students, 0% FRL) — zoned schools average 0% FRL vs 54% district-wide (54 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 146 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 298 units permitted in Hamblen County in 2024 (48 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($232k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $60k; list at $239k implies a 298% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $231,830 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.04% ✓
• Cap rate: 9.16%
• Cash-on-cash: 10.24%
• DSCR: 1.46
• GRM: 8.0

CMA / ARV

• ARV (median comp): $287,696
• List price: $239,000
• Delta: -16.93%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
225 W Louise Ave	0.01mi	5/2.0	2,394 (+7%)	12mo	$155,000	$65	74
816 W 2nd North St	0.69mi	4/2.0 (-1)	2,350 (+5%)	1mo	$358,000	$152	50
1423 E East Jackson Cir	0.60mi	4/1.5 (-1)	2,050 (-8%)	11mo	$305,000	$149	38
1433 Hickory Ln	0.63mi	4/2.5 (-1)	2,337 (+4%)	22mo	$285,000	$122	38
826 W 2nd North St	0.70mi	4/2.5 (-1)	2,482 (+11%)	20mo	$432,000	$174	25

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -1.0%
• Equity multiple: 0.96×
• Total profit: $-2,461
• Equity at exit: $35,636

10-year hold

• IRR: 8.7%
• Equity multiple: 1.66×
• Total profit: $44,231
• Equity at exit: $20,664

Cash invested: $66,920 (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 37813

• Home prices YoY: -12.9%
• Active inventory: 146
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $2,495 medium
• Mortgage (P&I): −$1,253
• Tax from tax record: −$47 /mo · $562/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$524
• Net cashflow: $571

Break-even live

Break-even rent $1,772

Max offer price $239,000

Occupancy floor 72%

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: $59,750
• Closing costs: $7,170
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
510 W 3rd North St Morristown, TN	5.0	3.0	2942	$2,495	$0.85	43d	1	0.65mi

Listing history 19 events

1. 2026-06-19
   days on market $239,000 Active 37 DOM
2. 2026-06-18
   days on market $239,000 Active 36 DOM
3. 2026-06-17
   days on market $239,000 Active 35 DOM
4. 2026-06-16
   days on market $239,000 Active 34 DOM
5. 2026-06-15
   days on market $239,000 Active 33 DOM
6. 2026-06-14
   days on market $239,000 Active 31 DOM
7. 2026-06-12
   days on market $239,000 Active 30 DOM
8. 2026-06-09
   days on market $239,000 Active 27 DOM
9. 2026-06-08
   days on market $239,000 Active 26 DOM
10. 2026-06-07
    days on market $239,000 Active 25 DOM
11. 2026-06-05
    days on market $239,000 Active 22 DOM
12. 2026-06-02
    days on market $239,000 Active 20 DOM
13. 2026-06-01
    days on market $239,000 Active 19 DOM
14. 2026-05-31
    days on market $239,000 Active 18 DOM
15. 2026-05-30
    days on market $239,000 Active 17 DOM
16. 2026-05-13
    listed $239,000 Active 787-char remark
17. 1999-09-30
    soldstatus $60,000
18. 1997-03-28
    soldstatus $65,000
19. 1994-05-11
    soldstatus $51,680

ⓘ 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: $562 · $47/mo
• Projected year-2 tax: $1,697 · $141/mo
• Expected delta: +$1,135/yr (+$95/mo · 201.7%)

ⓘ 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 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥101°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 8 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,940
• − Mortgage interest: −$13,388
• − Property taxes: −$562
• − Insurance: −$1,195
• − Repairs & maintenance: −$2,395
• − Management: −$2,395
• − Depreciation: −$6,953
• Taxable income: $3,052
• Est. tax owed @ 24.0%: −$732
• After-tax cash flow: $6,123/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

• Census place: Morristown, TN
• City population: 35,239
• Population (ZIP): 17,479

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 (72%)
• Race & ethnicity: White 72% Hispanic / Latino 21% Two or more races 10% Black 2% Pacific Islander 1%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Iranian 1% Serbian 1% Slovak 1%
• Foreign-born: 10% · Canada, Vietnam
• Languages at home: 83% English-only · Spanish 15% 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: ▼ -44.81%
• Current HPI: 302.4655
• Rent YoY: —
• Metro: —
• 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

+362.5% since first listed

4 events — show timeline

• 2026-05-13 Listed $239,000 TVRMLS
• 1999-09-30 Sold (Public Records) $60,000 Public Records
• 1997-03-28 Sold (Public Records) $65,000 Public Records
• 1994-05-11 Sold (Public Records) $51,680 Public Records

Property tax history

-6.5%/yr

Latest (2025): $562 · -51.1% YoY. Source: county tax records.