None · Johnson City, TN 37604

$799,000

None bd · 8.0 ba · 5,091 sqft · MultiFamily public records · 283 Days on market

Built 1913 7,405 sqft lot

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Why this score? — see what drove the C 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 +25.0/30.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• 1% rule +5.4/10.0
• Schools +3.9/10.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Turnkey. Timeless. Fully Leased. Opportunities like this don't wait—and neither should you. Located steps from everything downtown offers, and positioned squarely in the path of continued revitalization, this fully occupied 8-unit asset delivers what investors are chasing right now: character, stability, and immediate income. Known locally as ''The Hive, '' this one-of-a-kind building offers eight distinct floor plans, ranging from one- and two-bedroom units—a rarity in a market flooded with cookie-cutter rentals. The craftsmanship of the era is unmistakable: exposed brick built-ins, vintage hardwood floors, and architectural details you simply cannot recreate today. This is authentic charm, not manufactured nostalgia. From an operational standpoint, the property checks every box. All units have heating and air, utilizing a blend of mini-splits and window units where appropriate. The building has been mostly updated, and the metal roof installed in 2020 provides peace of mind for years to come. This is not a value-add gamble—this is a turnkey performer. Demand here isn't speculative—it's proven. Downtown proximity keeps this property insulated from market swings and positions it for long-term durability. 8 units. Fully leased. Prime location. Historic appeal. Modern updates. Assets like this do not come to market often—and when they do, they move. Rent rolls and financials available upon request.

Key facts

• Metal roof
• Internet included
• Exposed brick

Tags

• 8-PLEX
• EXPOSED BRICK
• VINTAGE HARDWOOD FLOORS
• METAL ROOF
• INTERNET INCLUDED
• WATER INCLUDED

What this means for you Summary

Snapshot

• This is a 4×1bd/1ba + 4×2bd/1ba units multifamily listed at $799k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $218/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $799k).
• Recommended offer: $703k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 3.1% in Johnson City — 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 76/100 on livability (#8 in TN, #3,349 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, health & safety A; Watch: crime D, commute F, employment F.
• Johnson City (urban): math 46% / reading 47% proficiency, ranked #9 of 139 in TN (top 6%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.5%/yr); 209 active listings in the ZIP; 1,155 units permitted in Washington County in 2024 (437 in 5+ unit buildings).
• At $8,276/mo this rent would consume 190% of the median local household income ($52k/yr) (locally 2254% 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 $6k of loan paydown is wiped out by about $24k of value loss. Plan a longer hold.
• Washington County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 283 days — a 12% lower offer ($703k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y ago; this cycle's ask has dropped $50k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1913 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $703,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 283 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1913 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Crime grade is D 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?
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: 1.04% ✓
• Cap rate: 8.91%
• Cash-on-cash: 9.36%
• DSCR: 1.42
• GRM: 8.0

CMA / ARV

• ARV (median comp): $371,679
• List price: $799,000
• Delta: 114.97%
• Verdict: OVERPRICED
• Comps: 13 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.51% rent growth · sell at horizon

5-year hold

• IRR: -3.7%
• Equity multiple: 0.86×
• Total profit: $-30,924
• Equity at exit: $119,133

10-year hold

• IRR: 4.3%
• Equity multiple: 1.30×
• Total profit: $66,129
• Equity at exit: $69,083

Cash invested: $223,720 (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 37604

• Home prices YoY: -26.1%
• Rents YoY: 1.5%
• Active inventory: 209
• Price-to-rent: 66.0×

Monthly cashflow live

• Estimated rent: $8,276 high
• Mortgage (P&I): −$4,190
• Tax from tax record: −$271 /mo · $3,249/yr
• Insurance: −$333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,738
• Net cashflow: $1,744

Break-even live

Break-even rent $6,068

Max offer price $799,000

Occupancy floor 74%

Sensitivity live

Price	-10% $2,197	-5% $1,970	+0% $1,744	+5% $1,518	+10% $1,292
Rent	-10% $1,091	-5% $1,417	+0% $1,744	+5% $2,071	+10% $2,398
Rate	-1.0pp $2,147	-0.5pp $1,948	base $1,744	+0.5pp $1,537	+1.0pp $1,327

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$4,036
▸ 4× units	2	1	$4,240
Total (8 units)			$8,276

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: $199,750
• Closing costs: $23,970
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-05-14
   status Pending 1449-char remark

   Show marketing remark (1449 chars)

   Turnkey. Timeless. Fully Leased. Opportunities like this don't wait—and neither should you. Located steps from everything downtown offers, and positioned squarely in the path of continued revitalization, this fully occupied 8-unit asset delivers what investors are chasing right now: character, stability, and immediate income. Known locally as ''The Hive, '' this one-of-a-kind building offers eight distinct floor plans, ranging from one- and two-bedroom units—a rarity in a market flooded with cookie-cutter rentals. The craftsmanship of the era is unmistakable: exposed brick built-ins, vintage hardwood floors, and architectural details you simply cannot recreate today. This is authentic charm, not manufactured nostalgia. From an operational standpoint, the property checks every box. All units have heating and air, utilizing a blend of mini-splits and window units where appropriate. The building has been mostly updated, and the metal roof installed in 2020 provides peace of mind for years to come. This is not a value-add gamble—this is a turnkey performer. Demand here isn't speculative—it's proven. Downtown proximity keeps this property insulated from market swings and positions it for long-term durability. 8 units. Fully leased. Prime location. Historic appeal. Modern updates. Assets like this do not come to market often—and when they do, they move. Rent rolls and financials available upon request.

2. 2026-02-04
   status Active 1449-char remark

   Show marketing remark (1449 chars)

   Turnkey. Timeless. Fully Leased. Opportunities like this don't wait—and neither should you. Located steps from everything downtown offers, and positioned squarely in the path of continued revitalization, this fully occupied 8-unit asset delivers what investors are chasing right now: character, stability, and immediate income. Known locally as ''The Hive, '' this one-of-a-kind building offers eight distinct floor plans, ranging from one- and two-bedroom units—a rarity in a market flooded with cookie-cutter rentals. The craftsmanship of the era is unmistakable: exposed brick built-ins, vintage hardwood floors, and architectural details you simply cannot recreate today. This is authentic charm, not manufactured nostalgia. From an operational standpoint, the property checks every box. All units have heating and air, utilizing a blend of mini-splits and window units where appropriate. The building has been mostly updated, and the metal roof installed in 2020 provides peace of mind for years to come. This is not a value-add gamble—this is a turnkey performer. Demand here isn't speculative—it's proven. Downtown proximity keeps this property insulated from market swings and positions it for long-term durability. 8 units. Fully leased. Prime location. Historic appeal. Modern updates. Assets like this do not come to market often—and when they do, they move. Rent rolls and financials available upon request.

3. 2026-02-04
   historical 1449-char remark

   Show marketing remark (1449 chars)

   Turnkey. Timeless. Fully Leased. Opportunities like this don't wait—and neither should you. Located steps from everything downtown offers, and positioned squarely in the path of continued revitalization, this fully occupied 8-unit asset delivers what investors are chasing right now: character, stability, and immediate income. Known locally as ''The Hive, '' this one-of-a-kind building offers eight distinct floor plans, ranging from one- and two-bedroom units—a rarity in a market flooded with cookie-cutter rentals. The craftsmanship of the era is unmistakable: exposed brick built-ins, vintage hardwood floors, and architectural details you simply cannot recreate today. This is authentic charm, not manufactured nostalgia. From an operational standpoint, the property checks every box. All units have heating and air, utilizing a blend of mini-splits and window units where appropriate. The building has been mostly updated, and the metal roof installed in 2020 provides peace of mind for years to come. This is not a value-add gamble—this is a turnkey performer. Demand here isn't speculative—it's proven. Downtown proximity keeps this property insulated from market swings and positions it for long-term durability. 8 units. Fully leased. Prime location. Historic appeal. Modern updates. Assets like this do not come to market often—and when they do, they move. Rent rolls and financials available upon request.

4. 2026-01-14
   price $799,000 1449-char remark

   Show marketing remark (1449 chars)

   Turnkey. Timeless. Fully Leased. Opportunities like this don't wait—and neither should you. Located steps from everything downtown offers, and positioned squarely in the path of continued revitalization, this fully occupied 8-unit asset delivers what investors are chasing right now: character, stability, and immediate income. Known locally as ''The Hive, '' this one-of-a-kind building offers eight distinct floor plans, ranging from one- and two-bedroom units—a rarity in a market flooded with cookie-cutter rentals. The craftsmanship of the era is unmistakable: exposed brick built-ins, vintage hardwood floors, and architectural details you simply cannot recreate today. This is authentic charm, not manufactured nostalgia. From an operational standpoint, the property checks every box. All units have heating and air, utilizing a blend of mini-splits and window units where appropriate. The building has been mostly updated, and the metal roof installed in 2020 provides peace of mind for years to come. This is not a value-add gamble—this is a turnkey performer. Demand here isn't speculative—it's proven. Downtown proximity keeps this property insulated from market swings and positions it for long-term durability. 8 units. Fully leased. Prime location. Historic appeal. Modern updates. Assets like this do not come to market often—and when they do, they move. Rent rolls and financials available upon request.

5. 2025-08-03
   listed $849,000 Active 1449-char remark

   Show marketing remark (1449 chars)

   Turnkey. Timeless. Fully Leased. Opportunities like this don't wait—and neither should you. Located steps from everything downtown offers, and positioned squarely in the path of continued revitalization, this fully occupied 8-unit asset delivers what investors are chasing right now: character, stability, and immediate income. Known locally as ''The Hive, '' this one-of-a-kind building offers eight distinct floor plans, ranging from one- and two-bedroom units—a rarity in a market flooded with cookie-cutter rentals. The craftsmanship of the era is unmistakable: exposed brick built-ins, vintage hardwood floors, and architectural details you simply cannot recreate today. This is authentic charm, not manufactured nostalgia. From an operational standpoint, the property checks every box. All units have heating and air, utilizing a blend of mini-splits and window units where appropriate. The building has been mostly updated, and the metal roof installed in 2020 provides peace of mind for years to come. This is not a value-add gamble—this is a turnkey performer. Demand here isn't speculative—it's proven. Downtown proximity keeps this property insulated from market swings and positions it for long-term durability. 8 units. Fully leased. Prime location. Historic appeal. Modern updates. Assets like this do not come to market often—and when they do, they move. Rent rolls and financials available upon request.

6. 2025-06-21
   historical $1,000
7. 2025-02-08
   price $1,000
8. 2025-01-30
   listed $1,025
9. 2024-07-09
   price $799,000
10. 2024-06-30
    price $844,900
11. 2024-02-19
    price $849,900
12. 2024-01-08
    price $899,900
13. 2023-11-27
    price $949,900
14. 2023-07-27
    historical
15. 2023-07-18
    listed
16. 2023-07-14
    historical
17. 2022-07-15
    soldstatus $695,000
18. 2021-11-18
    listed $695,000
19. 2019-02-19
    soldstatus $320,000
20. 2018-08-03
    soldstatus $238,865
21. 2017-07-25
    soldstatus $165,000

ⓘ 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: $3,249 · $271/mo
• Projected year-2 tax: $5,673 · $473/mo
• Expected delta: +$2,424/yr (+$202/mo · 74.6%)

ⓘ 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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥95°F today · 22 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: $99,312
• − Mortgage interest: −$44,756
• − Property taxes: −$3,249
• − Insurance: −$3,995
• − Repairs & maintenance: −$7,945
• − Management: −$7,945
• − Depreciation: −$23,244
• Taxable income: $8,178
• Est. tax owed @ 24.0%: −$1,963
• After-tax cash flow: $18,969/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: Johnson City
• NCES district ID: 4702130
• Math proficiency: 46% ▼ -14.00%
• Reading proficiency: 47% ▼ -2.00%
• Median HH income: $37,514
• Composite: 38.69/100
• National rank: #4143
• State rank: #9 of 139 in TN

Livability — Johnson City

• Score: 76/100
• State rank: #8
• US rank: #3349

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Johnson City, TN
• County: Washington County · 129,006 people
• City population: 99,926
• Metro: Johnson City, TN
• Population (ZIP): 39,097
• Household income: $52,345
• Rent vs Own: 49.7% rent · 50.3% own
• Severe rent burden: 2254.0

Population outlook (Washington County) Hauer SSP2

• Today (2025): 132,816 people
• By 2030: 135,823 · +2.3%
• By 2040: 140,897 · +6.1%
• By 2050: 145,073 · +9.2%
• By 2075: 156,386 · +17.7%
• By 2100: 159,893 · +20.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 6% Black 6% Two or more races 5% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Slovak 3% Serbian 3% Italian 3%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 4% Other Indo-European 1%

Political lean MEDSL · Washington

• 2024 margin: Solid R (+39.5) · D 29.6% · R 69.1% · Other 1.3%
• 2008→2024 swing: -6.0pp toward R · 2008: -33.5pp · 2024: -39.5pp
• All cycles: 2024: R+39.5 2020: R+36.2 2016: R+42.9 2012: R+38.5 2008: R+33.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -97.73%
• Current HPI: 277.1137
• Rent YoY: ▲ 1.51%
• Metro: Johnson City, 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

+384.2% since first listed

21 events — show timeline

• 2026-05-14 Pending — TVRMLS
• 2026-02-04 Relisted — TVRMLS
• 2026-02-04 Delisted — TVRMLS
• 2026-01-14 Price Changed $799,000 TVRMLS
• 2025-08-03 Listed $849,000 TVRMLS
• 2025-06-21 Rental Removed $1,000 LEASESTAR
• 2025-02-08 Price Changed $1,000 LEASESTAR
• 2025-01-30 Listed for Rent $1,025 LEASESTAR
• 2024-07-09 Price Changed $799,000 TVRMLS
• 2024-06-30 Price Changed $844,900 TVRMLS
• 2024-02-19 Price Changed $849,900 TVRMLS
• 2024-01-08 Price Changed $899,900 TVRMLS
• 2023-11-27 Price Changed $949,900 TVRMLS
• 2023-07-27 Rental Removed — LEASESTAR
• 2023-07-18 Listed for Rent — LEASESTAR
• 2023-07-14 Rental Removed — LEASESTAR
• 2022-07-15 Sold (MLS) $695,000 TVRMLS
• 2021-11-18 Listed $695,000 TVRMLS
• 2019-02-19 Sold (Public Records) $320,000 Public Records
• 2018-08-03 Sold (Public Records) $238,865 Public Records
• 2017-07-25 Sold (Public Records) $165,000 Public Records

Property tax history

+0.5%/yr

Latest (2025): $3,249 · +0.0% YoY. Source: county tax records.