506 Watauga Ave · Elizabethton, TN 37643

$145,000

3 bd · 1.0 ba · 1,120 sqft · SingleFamily public records · 59 Days on market

Built 1925 7,500 sqft lot Est $221k · 34% 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 +27.5/30.0
• ARV discount +15.0/15.0
• DSCR +9.6/10.0
• 1% rule +6.7/10.0
• Livability +3.3/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

One level living in the heart of Elizabethton in need of some TLC. Roof is less than 6 years old. Property is occupied to please schedule appts. NO look- ins. All information deemed reliable, buyer to verify.

Key facts

• 7,500 sq ft lot
• Built 1925
• Listed 59 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $426 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $141k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 3.7% in Elizabethton — 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 66/100 on livability (#121 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A, crime A-; Watch: amenities F, commute F, employment F.
• Elizabethton (suburban): math 36% / reading 35% proficiency, ranked #35 of 139 in TN (top 25%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Harold Mccormick Elementary (math 27% / reading 32%, grade F, #423 of 952 statewide, top 48%, 380 students, 0% FRL); T A Dugger Junior High School (math 42% / reading 28%, grade F, #65 of 333 statewide, top 20%, 633 students, 0% FRL); Elizabethton High School (math 17% / reading 41%, grade F, #92 of 332 statewide, top 28%, 863 students, 0% FRL) — zoned schools average 0% FRL vs 43% district-wide (43 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 173 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 184 units permitted in Carter County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Carter County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $52k; list at $145k implies a 179% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,650 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 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 1925 — 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. 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.
6. 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.
7. 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: 1.17% ✓
• Cap rate: 9.82%
• Cash-on-cash: 12.60%
• DSCR: 1.56
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $220,640
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
212 H St	0.30mi	3/1.5	1,128 (+1%)	2mo	$263,500	$234	81
612 Lynn South Ave	0.11mi	2/1.0 (-1)	1,158 (+3%)	4mo	$230,000	$199	81
728 Lynn Ave	0.26mi	3/1.0	960 (-14%)	0mo	$197,700	$206	64
610 Bingham St	0.53mi	3/1.0	1,092 (-2%)	9mo	$220,000	$201	63
1463 Southside Rd	0.63mi	3/1.0	1,148 (+2%)	5mo	$215,000	$187	63
409 Roan St	0.15mi	2/1.0 (-1)	955 (-15%)	4mo	$184,000	$193	61
722 Watauga Ave	0.23mi	3/2.0	1,264 (+13%)	7mo	$260,000	$206	58
450 Riverside Dr	0.69mi	2/2.0 (-1)	1,142 (+2%)	1mo	$225,000	$197	55
806 Tipton St	0.58mi	2/1.0 (-1)	1,053 (-6%)	4mo	$169,950	$161	54
509 Bingham St	0.45mi	3/2.0	1,225 (+9%)	8mo	$215,000	$176	52
210 Cottage Ave	0.63mi	2/1.0 (-1)	1,214 (+8%)	7mo	$174,900	$144	46
701 Roan St	0.71mi	2/1.0 (-1)	1,250 (+12%)	1mo	$199,000	$159	42

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: 2.3%
• Equity multiple: 1.09×
• Total profit: $3,633
• Equity at exit: $21,620

10-year hold

• IRR: 11.9%
• Equity multiple: 1.94×
• Total profit: $38,025
• Equity at exit: $12,537

Cash invested: $40,600 (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 37643

• Home prices YoY: -19.3%
• Active inventory: 173
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,702 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$98 /mo · $1,172/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $426

Break-even live

Break-even rent $1,163

Max offer price $145,000

Occupancy floor 70%

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1541 Southside Rd Apt 4 Elizabethton, TN	3.0	2.0	1300	$1,398	$1.08	13d	1	0.83mi
107 Ingram St Elizabethton, TN	3.0	2.0	1500	$2,000	$1.33	13d	1	0.94mi
600 Pine Hill Rd Elizabethton, TN	2.0	1.0	1200	$1,800	$1.50	13d	1	1.17mi

Listing history 5 events

1. 2026-04-22
   status Pending
2. 2026-03-26
   price $145,000
3. 2026-03-06
   price $153,000
4. 2026-02-22
   listed $160,000 Active
5. 2002-08-30
   soldstatus $52,000

ⓘ 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: $1,172 · $98/mo
• Projected year-2 tax: $1,172 · $98/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥97°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,428
• − Mortgage interest: −$8,122
• − Property taxes: −$1,172
• − Insurance: −$725
• − Repairs & maintenance: −$1,634
• − Management: −$1,634
• − Depreciation: −$4,218
• Taxable income: $2,922
• Est. tax owed @ 24.0%: −$701
• After-tax cash flow: $4,415/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: Elizabethton
• NCES district ID: 4701110
• Math proficiency: 36% ▼ -12.00%
• Reading proficiency: 35% ▼ -8.00%
• Median HH income: $30,800
• Composite: 28.94/100
• National rank: #6630
• State rank: #35 of 139 in TN

Livability — Elizabethton

• Score: 66/100
• State rank: #121
• US rank: #11785

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elizabethton, TN
• City population: 513
• Population (ZIP): 33,690

Population outlook (Carter County) Hauer SSP2

• Today (2025): 54,493 people
• By 2030: 52,639 · -3.4%
• By 2040: 47,929 · -12.0%
• By 2050: 42,877 · -21.3%
• By 2075: 31,487 · -42.2%
• By 2100: 21,979 · -59.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 3% Hispanic / Latino 3% Black 2%
• Common ancestry: Serbian 3% Slovak 2% Italian 2%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Carter

• 2024 margin: Solid R (+63.2) · D 17.9% · R 81.2%
• 2008→2024 swing: -16.1pp toward R · 2008: -47.2pp · 2024: -63.2pp
• All cycles: 2024: R+63.2 2020: R+61.5 2016: R+64.0 2012: R+52.0 2008: R+47.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -77.08%
• Current HPI: 321.4024
• 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

+178.8% since first listed

5 events — show timeline

• 2026-04-22 Pending — TVRMLS
• 2026-03-26 Price Changed $145,000 TVRMLS
• 2026-03-06 Price Changed $153,000 TVRMLS
• 2026-02-22 Listed $160,000 TVRMLS
• 2002-08-30 Sold (Public Records) $52,000 Public Records

Property tax history

+1.9%/yr

Latest (2025): $1,172 · +2.4% YoY. Source: county tax records.