476 Morelock St · Bloomingdale, TN 37660

$120,000

3 bd · 2.0 ba · 1,581 sqft · SingleFamily public records · 81 Days on market

Built 1968 1.58 ac lot $76/sqft · 47% below area Est $225k · 47% under ↓ 7% since listing

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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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• Rent growth +4.5/5.0
• Livability +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great opportunity to own this one-level ranch-style home, close to Bristol and Kingsport. Nice oversized, level lot. Property is in good condition and ready for a new owner. All information taken from tax records and to be verified by buyers. All information subject to errors and omissions. This is a First Look property. All offers must be submitted on www. homepath.com. Offers must include proof of funds or a pre-approval letter.

Key facts

• 1.58 acre lot
• Built 1968
• Listed 80 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $538 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $113k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.7% vs local median 4.9% in Bloomingdale — 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 56/100 on livability (#343 in TN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment D+, schools F, crime F.
• Sullivan County (suburban): math 17% / reading 24% proficiency, ranked #109 of 139 in TN (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+8.0%/yr); 239 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 453 units permitted in Sullivan County in 2024 (6 in 5+ unit buildings).
• This rent runs 40% of the median local income ($49k/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 $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Sullivan County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $34k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.

Recommended offer $112,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.36% ✓
• Cap rate: 11.68%
• Cash-on-cash: 19.23%
• DSCR: 1.86
• GRM: 6.1

CMA / ARV

• ARV (median comp): $225,049
• List price: $120,000
• Delta: -46.68%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2506 Cloister Ln	0.51mi	3/2.0	1,633 (+3%)	7mo	$250,000	$153	65
705 New Beason Well Rd	0.50mi	3/2.0	1,664 (+5%)	18mo	$208,000	$125	53
101 Lancer Rd	0.65mi	3/2.0	1,669 (+6%)	13mo	$252,000	$151	50

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 · 7.95% rent growth · sell at horizon

5-year hold

• IRR: 16.3%
• Equity multiple: 1.70×
• Total profit: $23,379
• Equity at exit: $17,892

10-year hold

• IRR: 28.1%
• Equity multiple: 4.08×
• Total profit: $103,326
• Equity at exit: $10,375

Cash invested: $33,600 (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 37660

• Home prices YoY: -24.2%
• Rents YoY: 8.0%
• Active inventory: 239
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,636 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$75 /mo · $900/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$344
• Net cashflow: $538

Break-even live

Break-even rent $955

Max offer price $120,000

Occupancy floor 62%

Sensitivity live

Price	-10% $606	-5% $572	+0% $538	+5% $504	+10% $470
Rent	-10% $409	-5% $474	+0% $538	+5% $603	+10% $668
Rate	-1.0pp $599	-0.5pp $569	base $538	+0.5pp $507	+1.0pp $476

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2684 Timbers Edge Trce Kingsport, TN	3.0	2.0	1286	$1,750	$1.36	14d	1	0.33mi
893 New Beason Well Rd Kingsport, TN	3.0	2.0	1139	$1,188	$1.04	14d	3	0.78mi

Listing history 17 events

1. 2026-06-19
   days on market $120,000 Active 81 DOM
2. 2026-06-18
   days on market $120,000 Active 80 DOM
3. 2026-06-17
   days on market $120,000 Active 79 DOM
4. 2026-06-16
   days on market $120,000 Active 78 DOM
5. 2026-06-15
   days on market $120,000 Active 77 DOM
6. 2026-06-14
   days on market $120,000 Active 75 DOM
7. 2026-06-13
   days on market $120,000 Active 74 DOM
8. 2026-06-10
   days on market $120,000 Active 72 DOM
9. 2026-06-09
   days on market $120,000 Active 71 DOM
10. 2026-06-08
    days on market $120,000 Active 70 DOM
11. 2026-06-07
    days on market $120,000 Active 69 DOM
12. 2026-06-02
    days on market $120,000 Active 64 DOM
13. 2026-06-01
    days on market $120,000 Active 63 DOM
14. 2026-05-31
    days on market $120,000 Active 62 DOM
15. 2026-05-30
    days on market $120,000 Active 61 DOM
16. 2026-04-23
    price $125,000 434-char remark

    Show marketing remark (434 chars)

    Great opportunity to own this one-level ranch-style home, close to Bristol and Kingsport. Nice oversized, level lot. Property is in good condition and ready for a new owner. All information taken from tax records and to be verified by buyers. All information subject to errors and omissions. This is a First Look property. All offers must be submitted on www. homepath.com. Offers must include proof of funds or a pre-approval letter.

17. 2026-03-30
    listed $135,000 Active 434-char remark

    Show marketing remark (434 chars)

    Great opportunity to own this one-level ranch-style home, close to Bristol and Kingsport. Nice oversized, level lot. Property is in good condition and ready for a new owner. All information taken from tax records and to be verified by buyers. All information subject to errors and omissions. This is a First Look property. All offers must be submitted on www. homepath.com. Offers must include proof of funds or a pre-approval letter.

ⓘ 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: $900 · $75/mo
• Projected year-2 tax: $900 · $75/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 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥100°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,635
• − Mortgage interest: −$6,722
• − Property taxes: −$900
• − Insurance: −$600
• − Repairs & maintenance: −$1,571
• − Management: −$1,571
• − Depreciation: −$3,491
• Taxable income: $4,781
• Est. tax owed @ 24.0%: −$1,147
• After-tax cash flow: $5,313/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: Sullivan County
• NCES district ID: 4703990
• Math proficiency: 17% ▼ -15.00%
• Reading proficiency: 24% ▼ -10.00%
• Median HH income: $43,263
• Composite: 17.66/100
• National rank: #9030
• State rank: #109 of 139 in TN

Livability — Bloomingdale

• Score: 56/100
• State rank: #343
• US rank: #22770

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bloomingdale, TN
• County: Sullivan County · 121,987 people
• Metro: Kingsport-Bristol, TN-VA
• Population (ZIP): 40,996
• Household income: $49,191
• Rent vs Own: 39.2% rent · 60.8% own
• Severe rent burden: 1384.0

Population outlook (Sullivan County) Hauer SSP2

• Today (2025): 157,030 people
• By 2030: 156,415 · -0.4%
• By 2040: 153,778 · -2.1%
• By 2050: 149,018 · -5.1%
• By 2075: 138,068 · -12.1%
• By 2100: 119,927 · -23.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 4% Black 4% Hispanic / Latino 3%
• Common ancestry: Serbian 3% Slovak 3% Italian 1%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Sullivan

• 2024 margin: Solid R (+55.0) · D 22.0% · R 77.0% · Other 1.0%
• 2008→2024 swing: -13.6pp toward R · 2008: -41.3pp · 2024: -55.0pp
• All cycles: 2024: R+55.0 2020: R+51.9 2016: R+56.2 2012: R+47.2 2008: R+41.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -80.93%
• Current HPI: 252.9821
• Rent YoY: ▲ 7.95%
• Metro: Kingsport-Bristol, TN-VA
• 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

-7.4% since first listed

2 events — show timeline

• 2026-04-23 Price Changed $125,000 TVRMLS
• 2026-03-30 Listed $135,000 TVRMLS

Property tax history

+4.5%/yr

Latest (2025): $900 · +12.6% YoY. Source: county tax records.