209 Cemetary Ln · Jonesborough, TN 37659

$625,000

8 bd · 7.0 ba · 3,475 sqft · MultiFamily public records · 2 Days on market

Built 1998

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Why this score? — see what drove the D+ 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 +19.3/30.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• 1% rule +4.0/10.0
• Livability +3.6/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Remodeled 4 Plex in the heart of Jonesborough Tn walking distance to downtown! These 2 bedroom 1.5 bath units feature granite countertops and generous 1 level living space in the heart of Tennessee's oldest town. Call the listing agent for showing instructions. Minimum 48 Hour notice for showings! Seller is a family member of listing agent.

Key facts

• Remodeled 4 plex
• Granite countertops
• Built 1998

Tags

• REMODELED 4 PLEX
• GRANITE COUNTERTOPS
• WALKING DISTANCE TO DOWNTOWN
• GENEROUS 1 LEVEL LIVING SPACE

Property features AI

Finance

• Other: Zoning: 00

Exterior

• Parking: Asphalt parking
• Utilities: Public water; Public sewer
• Home design: Multi-family residential income property; One story
• Construction: Vinyl siding
• Exterior features: Shingle roof; Lot dimensions approximately 197' x 205' x 157' x 116'; Topography: Other

Interior

• Heating & cooling: Central heating; Central air conditioning
• Interior features: Central heating; Central air conditioning

What this means for you Summary

Snapshot

• This is a 4 × 2.0-bed/1.5-bath units multifamily listed at $625k.

Deal economics

• At list price, monthly cash flow is $687 ($8k/yr) — positive. Per door: $172/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $563k (10.0% below list).
• Recommended offer: $563k (10.0% below list) — sets the bar for 1% rule.
• Cap rate 7.6% vs local median 3.1% in Jonesborough — 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 71/100 on livability (#40 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: amenities F, commute F, health & safety F.
• Washington County (suburban): math 26% / reading 34% proficiency, ranked #54 of 139 in TN (top 39%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Jonesborough Elementary (math 12% / reading 27%, grade F, #654 of 952 statewide, top 72%, 485 students, 0% FRL); Jonesborough Middle School (math 27% / reading 25%, grade F, #144 of 333 statewide, top 44%, 416 students, 0% FRL); David Crockett High School (math 25% / reading 39%, grade F, #56 of 332 statewide, top 20%, 1,181 students, 0% FRL) — zoned schools average 0% FRL vs 41% district-wide (41 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 312 active listings in the ZIP; 1,155 units permitted in Washington County in 2024 (437 in 5+ unit buildings).
• At $5,626/mo this rent would consume 95% of the median local household income ($71k/yr) (locally 310% 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 $4k of loan paydown is wiped out by about $19k 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

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $562,600 (10.0% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.90% ✗
• Cap rate: 7.61%
• Cash-on-cash: 4.71%
• DSCR: 1.21
• GRM: 9.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -9.0%
• Equity multiple: 0.67×
• Total profit: $-57,784
• Equity at exit: $93,190

10-year hold

• IRR: 0.4%
• Equity multiple: 1.03×
• Total profit: $4,966
• Equity at exit: $54,039

Cash invested: $175,000 (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 37659

• Home prices YoY: -19.7%
• Active inventory: 312
• Price-to-rent: 37.0×

Monthly cashflow live

• Estimated rent: $5,626 high
• Mortgage (P&I): −$3,278
• Tax from tax record: −$220 /mo · $2,635/yr
• Insurance: −$260
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,181
• Net cashflow: $687

Break-even live

Break-even rent $4,756

Max offer price $625,000

Occupancy floor 83%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2.0	1.5	$5,628
Total (4 units)			$5,626

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: $156,250
• Closing costs: $18,750
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-06-19
   days on market $625,000 Active 2 DOM
2. 2026-06-18
   remarks 343-char remark
3. 2026-06-17
   remarks 299-char remark
4. 2026-06-17
   listed $625,000 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: $2,635 · $220/mo
• Projected year-2 tax: $4,438 · $370/mo
• Expected delta: +$1,802/yr (+$150/mo · 68.4%)

ⓘ 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 · 21 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: $67,512
• − Mortgage interest: −$35,010
• − Property taxes: −$2,635
• − Insurance: −$3,125
• − Repairs & maintenance: −$5,401
• − Management: −$5,401
• − Depreciation: −$18,182
• Taxable loss: −$2,241
• Est. tax savings @ 24.0%: +$538
• After-tax cash flow: $8,782/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: Washington County
• NCES district ID: 4704380
• Math proficiency: 26% ▼ -21.00%
• Reading proficiency: 34% ▼ -11.00%
• Median HH income: $46,542
• Composite: 25.85/100
• National rank: #7350
• State rank: #54 of 139 in TN

Livability — Jonesborough

• Score: 71/100
• State rank: #40
• US rank: #6626

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Jonesborough, TN
• County: Washington County · 129,006 people
• City population: 29,080
• Metro: Johnson City, TN
• Population (ZIP): 29,080
• Household income: $71,110
• Rent vs Own: 20.3% rent · 79.7% own
• Severe rent burden: 310.0

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 (91%)
• Race & ethnicity: White 91% Two or more races 5% Hispanic / Latino 3% Asian 2% Black 1%
• Common ancestry: Italian 3% Serbian 3% Slovak 2%
• Foreign-born: 3% · South Korea, Canada
• Languages at home: 96% English-only · Spanish 1% Korean 1% Other Asian/Pacific 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: ▼ -73.31%
• Current HPI: 298.6464
• Rent YoY: —
• 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

1 event — show timeline

• 2026-06-17 Listed $625,000 TVRMLS

Property tax history

-3.0%/yr

Latest (2025): $2,635 · +0.0% YoY. Source: county tax records.