219 Old Siam Rd

Elizabethton, TN 37643

$75,000B+

2 bd · 1.0 ba · 753 sqft · Built 1943 · SingleFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,055/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$65
• HOA: −$0
• Vac / Maint / Mgmt: −$222
• Net cashflow: $376/mo
• Annual: $4,506/yr
• Cap rate: 12.30%
• Cash-on-cash: 21.46%
• DSCR: 1.95
• 1% rule: 1.41%
• Cash to close: $21,000

Investor read

• This is a 2-bed/1.0-bath single-family listed at $75k.
• At list price, monthly cash flow is $376 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• 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: East Side Elementary (math 32% / reading 32%, grade F, #369 of 952 statewide, top 42%, 491 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.
• Watch-outs: built in 1943 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 176 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 184 units permitted in Carter County in 2024 (0 in 5+ unit buildings).
• 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 $21k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 12.3% vs local median 3.5% 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.

Questions for listing agent

• Built in 1943 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.