607 Pennsylvania Ave · Bristol, TN 37620

$205,000

4 bd · 2.0 ba · 2,139 sqft · SingleFamily public records · 17 Days on market

Built 1923 7,840 sqft lot Est $287k · 28% 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 +27.1/30.0
• ARV discount +15.0/15.0
• DSCR +9.4/10.0
• 1% rule +6.7/10.0
• Livability +3.7/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Classic character meets everyday comfort in this charming 1923 two-story home located in the heart of Bristol. Offering 4 bedrooms, 2 bathrooms, and 2,139 square feet of living space, this home blends timeless architectural details with spacious living areas designed for modern life. Whether you're looking for historic charm, extra space, or a home with character you simply can't replicate, this classic Bristol property is ready to welcome its next chapter. ALL OFFERS MUST BE SUBMITTED BY THE SELLING AGENT ON HUDHOMESTORE. GOV. THIS PROPERTY IS FHA 203K Eligible. HUD ID #481-312726. Sold AS IS. Managed by Olympus AMS. www. olympusams-at.com.

Key facts

• 7,840 sq ft lot
• Built 1923
• Listed 16 days

Property features AI

Exterior

• Parking: Unpaved parking; Shared driveway
• Utilities: Public water; Public sewer
• Home design: Single-family house; Two stories; Residential property
• Construction: Vinyl siding; Plaster construction; Shingle roof; Built with partial basement
• Exterior features: Covered patio/porch; Deck; Front porch; Level topography

Interior

• Flooring: Hardwood; Vinyl
• Bathrooms: Two full bathrooms
• Heating & cooling: Natural gas heating; Heat pump cooling
• Interior features: Hardwood and vinyl flooring; Partial basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $205k.

Deal economics

• At list price, monthly cash flow is $579 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $205k).
• Recommended offer: $202k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.7% vs local median 3.8% in Bristol — 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 73/100 on livability (#24 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, commute F, employment F.
• Bristol (urban): math 37% / reading 35% proficiency, ranked #29 of 139 in TN (top 21%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Fairmount Elementary (math 28% / reading 21%, grade F, #546 of 952 statewide, top 61%, 349 students, 0% FRL); Tennessee High School (math 20% / reading 41%, grade F, #75 of 332 statewide, top 24%, 1,154 students, 0% FRL) — zoned schools average 0% FRL vs 46% district-wide (46 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 253 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 453 units permitted in Sullivan County in 2024 (6 in 5+ unit buildings).
• At $2,398/mo this rent would consume 51% of the median local household income ($56k/yr) (locally 724% 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 $1k of loan paydown is wiped out by about $6k 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 + 3.0% rent growth), your $57k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $30k; list at $205k implies a 586% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $201,925 (1.5% below list)

Questions for the listing agent

1. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 9.68%
• Cash-on-cash: 12.10%
• DSCR: 1.54
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $286,626
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
600 Pennsylvania Ave	0.03mi	5/2.0 (+1)	2,083 (-3%)	13mo	$180,000	$86	78
415 Taylor St	0.30mi	4/3.0	2,144 (+0%)	12mo	$251,000	$117	72
409 Pennsylvania Ave	0.13mi	3/3.5 (-1)	2,253 (+5%)	6mo	$375,000	$166	69
917 Pennsylvania Ave	0.25mi	4/3.0	2,298 (+7%)	7mo	$334,000	$145	66
523 Goodson St	0.72mi	4/2.0	2,167 (+1%)	1mo	$40,000	$18	64
339 Melrose St	0.46mi	4/2.0	2,048 (-4%)	15mo	$280,000	$137	58
216 Taylor St	0.28mi	5/3.0 (+1)	2,373 (+11%)	5mo	$173,700	$73	56
1140 Columbia Rd	0.70mi	3/2.0 (-1)	2,140 (0%)	10mo	$360,000	$168	54
223 Taylor St	0.31mi	3/2.0 (-1)	1,900 (-11%)	17mo	$272,000	$143	48
1008 Pennsylvania Ave	0.32mi	3/2.0 (-1)	1,872 (-12%)	16mo	$250,000	$134	46
201 Rosewood St	0.70mi	3/2.0 (-1)	2,388 (+12%)	8mo	$234,000	$98	36
617 Fairview St	0.75mi	5/1.5 (+1)	2,376 (+11%)	4mo	$61,000	$26	36

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: 1.6%
• Equity multiple: 1.06×
• Total profit: $3,610
• Equity at exit: $30,566

10-year hold

• IRR: 11.2%
• Equity multiple: 1.88×
• Total profit: $50,495
• Equity at exit: $17,725

Cash invested: $57,400 (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 37620

• Active inventory: 253
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $2,398 medium
• Mortgage (P&I): −$1,075
• Tax from tax record: −$155 /mo · $1,863/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$504
• Net cashflow: $579

Break-even live

Break-even rent $1,665

Max offer price $205,000

Occupancy floor 71%

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: $51,250
• Closing costs: $6,150
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
712 Haynes St Bristol, TN	3.0	2.0	2228	$2,100	$0.94	13d	1	0.74mi
201 Springdale Rd Bristol, TN	3.0	2.0	1635	$2,750	$1.68	43d	1	1.02mi
311 12th St Bristol, TN	5.0	2.0	2000	$2,995	$1.50	43d	1	1.16mi
1216 Norway St Unit 101 Bristol, VA	4.0	2.0	1615	$2,100	$1.30	13d	1	1.35mi

Listing history 13 events

1. 2026-06-19
   days on market $205,000 Active 17 DOM
2. 2026-06-18
   days on market $205,000 Active 16 DOM
3. 2026-06-17
   days on market $205,000 Active 15 DOM
4. 2026-06-16
   days on market $205,000 Active 14 DOM
5. 2026-06-15
   days on market $205,000 Active 13 DOM
6. 2026-06-14
   days on market $205,000 Active 11 DOM
7. 2026-06-13
   days on market $205,000 Active 10 DOM
8. 2026-06-10
   days on market $205,000 Active 8 DOM
9. 2026-06-09
   days on market $205,000 Active 7 DOM
10. 2026-06-08
    days on market $205,000 Active 6 DOM
11. 2026-06-07
    days on market $205,000 Active 5 DOM
12. 2026-06-03
    remarks 649-char remark
13. 2026-06-03
    listed $205,000 Active 1 DOM

ⓘ 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: $1,863 · $155/mo
• Projected year-2 tax: $1,863 · $155/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 ≥98°F today · 22 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,775
• − Mortgage interest: −$11,483
• − Property taxes: −$1,863
• − Insurance: −$1,025
• − Repairs & maintenance: −$2,302
• − Management: −$2,302
• − Depreciation: −$5,964
• Taxable income: $3,836
• Est. tax owed @ 24.0%: −$921
• After-tax cash flow: $6,023/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: Bristol
• NCES district ID: 4700360
• Math proficiency: 37% ▼ -7.00%
• Reading proficiency: 35% ▼ -8.00%
• Median HH income: $37,018
• Composite: 29.95/100
• National rank: #6376
• State rank: #29 of 139 in TN

Livability — Bristol

• Score: 73/100
• State rank: #24
• US rank: #5413

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bristol, TN
• County: Sullivan County · 121,987 people
• City population: 38,494
• Metro: Kingsport-Bristol, TN-VA
• Population (ZIP): 38,494
• Household income: $56,128
• Rent vs Own: 27.8% rent · 72.2% own
• Severe rent burden: 724.0

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 (91%)
• Race & ethnicity: White 91% Two or more races 5% Hispanic / Latino 3% Black 2%
• Common ancestry: Serbian 3% Slovak 3% Italian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% 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: ▼ -294.12%
• Current HPI: 263.38
• Rent YoY: —
• 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

+819.3% since first listed

3 events — show timeline

• 2026-06-02 Listed $205,000 TVRMLS
• 1994-07-20 Sold (Public Records) $29,900 Public Records
• 1988-02-22 Sold (Public Records) $22,300 Public Records

Property tax history

+6.2%/yr

Latest (2025): $1,863 · +38.8% YoY. Source: county tax records.