1908 Mccallie Ave · Chattanooga, TN 37404

$349,000

8 bd · 4.0 ba · 3,258 sqft · MultiFamily public records · 92 Days on market

Built 1920 6,573 sqft lot

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +6.8/30.0
• Livability +3.9/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.0/10.0
• 1% rule +0.9/10.0
• 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 property could be converted into a single family residence or renovated back into the 4 2-bedroom, 1-bath units that previously existed. Lot next door available for lease for additional parking Owner/agent

Key facts

• 6,573 sq ft lot
• Built 1920
• Listed 92 days

Property features AI

Finance

• Financial info: Annual tax amount listed

Exterior

• Parking: Off-street unpaved parking
• Utilities: Public water; Public sewer
• Home design: Residential income property (Triplex)
• Construction: Approximately 3,258 total interior area
• Exterior features: Off-street unpaved parking

Interior

• Bathrooms: 4 full bathrooms
• Heating & cooling: No cooling
• Interior features: Basement present; No central cooling

What this means for you Summary

Snapshot

• This is a 8-bed/4.0-bath multifamily listed at $349k.

Deal economics

• At list price, monthly cash flow is $-545 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $253k (27.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $206k (40.9% below list).
• Recommended offer: $206k (40.9% below list) — sets the bar for 1% rule.
• Cap rate 4.4% vs local median 3.4% in Chattanooga — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 78/100 on livability (#3 in TN, #2,582 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D+, crime F.
• Hamilton County (urban): math 31% / reading 31% proficiency, ranked #42 of 139 in TN (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Orchard Knob Elementary (math 12% / reading 2%, grade F, #863 of 952 statewide, top 92%, 477 students, 0% FRL); Orchard Knob Middle (math 5% / reading 6%, grade F, #291 of 333 statewide, top 88%, 334 students, 0% FRL) — zoned schools average 0% FRL vs 52% district-wide (52 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 6% at this address vs 31% district-wide (-25 pts) — the specific schools serving this property underperform the Hamilton County average; the district grade overstates school quality for this exact location.
• Market conditions: Rents flat; 167 active listings in the ZIP; 2,133 units permitted in Hamilton County in 2024 (405 in 5+ unit buildings).
• This rent runs 44% of the median local income ($57k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Hamilton County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 92 days — a 9% lower offer ($318k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $71k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $206,376 (40.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 92 days. Have you received any prior offers? Is the seller open to a 41% concession, seller financing, or rate buy-down credit?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.59% ✗
• Cap rate: 4.42%
• Cash-on-cash: -6.70%
• DSCR: 0.70
• GRM: 14.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.03% rent growth · sell at horizon

5-year hold

• IRR: -30.8%
• Equity multiple: 0.00×
• Total profit: $-97,388
• Equity at exit: $52,037

10-year hold

• IRR: -50.5%
• Equity multiple: -0.57×
• Total profit: $-153,149
• Equity at exit: $30,175

Cash invested: $97,720 (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 37404

• Home prices YoY: -30.6%
• Rents YoY: 0.0%
• Active inventory: 167
• Price-to-rent: 14.1×

Monthly cashflow live

• Estimated rent: $2,064 medium
• Mortgage (P&I): −$1,830
• Tax from tax record: −$200 /mo · $2,401/yr
• Insurance: −$145
• HOA: −$0
• Vacancy / Maint / Mgmt: −$433
• Net cashflow: $-545

Break-even live

Break-even rent $2,754

Max offer price $252,668

Occupancy floor —

Sensitivity live

Price	-10% $-348	-5% $-447	+0% $-545	+5% $-644	+10% $-743
Rent	-10% $-708	-5% $-627	+0% $-545	+5% $-464	+10% $-382
Rate	-1.0pp $-370	-0.5pp $-457	base $-545	+0.5pp $-636	+1.0pp $-728

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: $87,250
• Closing costs: $10,470
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $349,000 Active 92 DOM
2. 2026-06-17
   days on market $349,000 Active 91 DOM
3. 2026-06-16
   days on market $349,000 Active 90 DOM
4. 2026-06-15
   days on market $349,000 Active 89 DOM
5. 2026-06-14
   days on market $349,000 Active 87 DOM
6. 2026-06-10
   days on market $349,000 Active 84 DOM
7. 2026-06-09
   days on market $349,000 Active 83 DOM
8. 2026-06-08
   days on market $349,000 Active 82 DOM
9. 2026-06-07
   days on market $349,000 Active 81 DOM
10. 2026-06-05
    days on market $349,000 Active 78 DOM
11. 2026-06-03
    days on market $349,000 Active 77 DOM
12. 2026-06-02
    days on market $349,000 Active 76 DOM
13. 2026-06-01
    pricedays on market $349,000 Active 75 DOM
14. 2026-05-31
    days on market $399,900 Active 74 DOM
15. 2026-05-30
    days on market $399,900 Active 73 DOM
16. 2026-03-23
    price $399,900
17. 2026-03-18
    listed $419,900 Active
18. 2026-03-16
    historical 213-char remark

    Show marketing remark (213 chars)

    This property could be converted into a single family residence or renovated back into the 4 2-bedroom, 1-bath units that previously existed. Lot next door available for lease for additional parking Owner/agent

19. 2025-08-18
    price $419,900
20. 2025-07-07
    price $449,000
21. 2025-06-05
    listed $419,900 213-char remark

    Show marketing remark (213 chars)

    This property could be converted into a single family residence or renovated back into the 4 2-bedroom, 1-bath units that previously existed. Lot next door available for lease for additional parking Owner/agent

22. 2022-09-15
    soldstatus $3,973,000

ⓘ 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: $2,401 · $200/mo
• Projected year-2 tax: $2,478 · $206/mo
• Expected delta: +$77/yr (+$6/mo · 3.2%)

ⓘ 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 6/10 Major 7 d/yr ≥104°F today · 19 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 10% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,765
• − Mortgage interest: −$19,549
• − Property taxes: −$2,401
• − Insurance: −$1,745
• − Repairs & maintenance: −$1,981
• − Management: −$1,981
• − Depreciation: −$10,153
• Taxable loss: −$13,045
• Est. tax savings @ 24.0%: +$3,131
• After-tax cash flow: $-3,413/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: Hamilton County
• NCES district ID: 4701590
• Math proficiency: 31% ▼ -10.00%
• Reading proficiency: 31% ▼ -3.00%
• Median HH income: $47,456
• Composite: 26.8/100
• National rank: #7122
• State rank: #42 of 139 in TN

Livability — Chattanooga

• Score: 78/100
• State rank: #3
• US rank: #2582

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chattanooga, TN
• County: Hamilton County · 312,777 people
• City population: 131,999
• Metro: Chattanooga, TN-GA
• Population (ZIP): 14,737
• Household income: $56,637
• Rent vs Own: 50.0% rent · 50.0% own
• Severe rent burden: 486.0

Population outlook (Hamilton County) Hauer SSP2

• Today (2025): 393,784 people
• By 2030: 412,983 · +4.9%
• By 2040: 449,502 · +14.1%
• By 2050: 484,341 · +23.0%
• By 2075: 565,746 · +43.7%
• By 2100: 618,394 · +57.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: Black 38% White 38% Hispanic / Latino 21% Two or more races 11%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Slovak 3% Romanian 1% Lithuanian 1%
• Foreign-born: 11% · Canada
• Languages at home: 81% English-only · Spanish 18%

Political lean MEDSL · Hamilton

• 2024 margin: R (+13.1) · D 42.7% · R 55.7% · Other 1.6%
• 2008→2024 swing: -1.2pp toward R · 2008: -11.8pp · 2024: -13.1pp
• All cycles: 2024: R+13.1 2020: R+9.7 2016: R+16.6 2012: R+14.8 2008: R+11.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -139.43%
• Current HPI: 315.8539
• Rent YoY: ▬ 0.03%
• Metro: Chattanooga, TN-GA
• 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

-89.9% since first listed

7 events — show timeline

• 2026-03-23 Price Changed $399,900 GCAR
• 2026-03-18 Listed $419,900 GCAR
• 2026-03-16 Listing Removed — REALTRACS as Distributed by MLS Grid
• 2025-08-18 Price Changed $419,900 GCAR
• 2025-07-07 Price Changed $449,000 GCAR
• 2025-06-05 Listed $419,900 REALTRACS as Distributed by MLS Grid
• 2022-09-15 Sold (Public Records) $3,973,000 Public Records

Property tax history

+7.6%/yr

Latest (2025): $2,401 · +87.9% YoY. Source: county tax records.