2482 Elk Way · Newport, TN 37821

$379,999

3 bd · 5.0 ba · 3,408 sqft · MultiFamily public records · 13 Days on market

Built 2000 $112/sqft · 71% above area Est $401k · 5% under ↓ 24% 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 +29.6/30.0
• DSCR +10.0/10.0
• ARV discount +9.9/15.0
• 1% rule +7.3/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• 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

Turnkey Smoky Mountains Investment Opportunity - Income-Producing Tri-Plex with Mountain Views both front and rear. Discover a rare, cash-flowing multi-property asset in East Tennessee featuring a fully leased tri-plex ideally located near medical facilities, shopping, and dining. The tri-plex offers three 1-bedroom, 1.5-bath units (1,187 SF each), all currently producing income and well suited for either long-term or short-term rental strategies. Recent capital improvements include a brand-new roof and new HVAC systems on the tri-plex, significantly reducing near-term maintenance and capital expenditure for the next owner. Additional value comes from the open frontage land and a total of 0.78 of an acre Whether you're looking to expand a rental portfolio, capitalize on short-term rental demand near the Smokies, this property delivers: Immediate cash flow Multiple rental strategies, major system upgrades already completed desirable location Long-term appreciation potential A true turnkey investment with flexibility. This property is 53 minutes to Knoxville, 48 minutes to Pigeon Forge or Gatlinburg and only 45 minutes to Hot springs NC.

Key facts

• New hvac systems
• Brand-new roof
• 0.78 of an acre

Tags

• FULLY LEASED TRI-PLEX
• RECENT CAPITAL IMPROVEMENTS
• BRAND-NEW ROOF
• NEW HVAC SYSTEMS
• OPEN FRONTAGE LAND
• 0.78 OF AN ACRE

Property features AI

Finance

• Financial info: Owner pays trash collection; Tenants pay other utilities

Exterior

• Utilities: Electricity available
• Home design: Triplex (residential income, attached property)
• Construction: Frame with vinyl siding and other exterior materials; Other roof type
• Exterior features: Lot dimensions approximately 137 x 275 x 115 x 281

Interior

• Bedrooms: Three 1-bedroom units (triplex)
• Flooring: Carpet; Tile
• Heating & cooling: Central heating; Electric heat; Heat pump; Central air; Ceiling fans
• Interior features: Carpet and tile flooring
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/5.0-bath multifamily listed at $380k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $380k).
• Cap rate 10.6% vs local median 2.9% in Newport — 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 (#347 in TN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: crime F, amenities F, commute F.
• Cocke County (rural): math 21% / reading 21% proficiency, ranked #112 of 139 in TN (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Cosby Elementary (math 29% / reading 28%, grade F, #472 of 952 statewide, top 50%, 421 students, 0% FRL); Cosby High School (math 8% / reading 27%, grade F, #215 of 332 statewide, top 67%, 326 students, 0% FRL) — zoned schools average 0% FRL vs 71% district-wide (71 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 219 active listings in the ZIP; 13 units permitted in Cocke County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Cocke County population projected at -19% 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 $106k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 15 sale attempts since 7y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $379,999

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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.
5. 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.
6. 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: 1.23% ✓
• Cap rate: 10.61%
• Cash-on-cash: 15.40%
• DSCR: 1.69
• GRM: 6.8

CMA / ARV

• ARV (median comp): $401,025
• List price: $379,999
• Delta: 86.72%
• Verdict: OVERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 6.1%
• Equity multiple: 1.24×
• Total profit: $25,291
• Equity at exit: $56,659

10-year hold

• IRR: 15.5%
• Equity multiple: 2.26×
• Total profit: $133,548
• Equity at exit: $32,855

Cash invested: $106,400 (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 37821

• Home prices YoY: -7.3%
• Active inventory: 219
• Price-to-rent: 28.1×

Monthly cashflow live

• Estimated rent: $4,663 medium
• Mortgage (P&I): −$1,993
• Tax from tax record: −$167 /mo · $2,003/yr
• Insurance: −$158
• HOA: −$0
• Vacancy / Maint / Mgmt: −$979
• Net cashflow: $1,366

Break-even live

Break-even rent $2,934

Max offer price $379,999

Occupancy floor 66%

Sensitivity live

Price	-10% $1,581	-5% $1,473	+0% $1,366	+5% $1,258	+10% $1,151
Rent	-10% $997	-5% $1,182	+0% $1,366	+5% $1,550	+10% $1,734
Rate	-1.0pp $1,557	-0.5pp $1,462	base $1,366	+0.5pp $1,267	+1.0pp $1,167

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1.5	$3,381
1× unit	3	1	$1,283
Total (4 units)			$4,663

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: $95,000
• Closing costs: $11,400
• Reserves months: —
• Total cash needed: —

Listing history 36 events

1. 2026-06-21
   days on market $379,999 Active 13 DOM
2. 2026-06-19
   days on market $379,999 Active 11 DOM
3. 2026-06-18
   days on market $379,999 Active 10 DOM
4. 2026-06-17
   days on market $379,999 Active 9 DOM
5. 2026-06-16
   days on market $379,999 Active 8 DOM
6. 2026-06-15
   days on market $379,999 Active 7 DOM
7. 2026-06-14
   days on market $379,999 Active 5 DOM
8. 2026-06-13
   days on market $379,999 Active 4 DOM
9. 2026-06-10
   days on market $379,999 Active 2 DOM
10. 2026-06-09
    pricedays on marketlisting id $379,999 Active 1 DOM
11. 2026-06-08
    days on market $748,800 Active 133 DOM

    Show marketing remark (1153 chars)

    Turnkey Smoky Mountains Investment Opportunity - Income-Producing Tri-Plex with Mountain Views both front and rear. Discover a rare, cash-flowing multi-property asset in East Tennessee featuring a fully leased tri-plex ideally located near medical facilities, shopping, and dining. The tri-plex offers three 1-bedroom, 1.5-bath units (1,187 SF each), all currently producing income and well suited for either long-term or short-term rental strategies. Recent capital improvements include a brand-new roof and new HVAC systems on the tri-plex, significantly reducing near-term maintenance and capital expenditure for the next owner. Additional value comes from the open frontage land and a total of 0.78 of an acre Whether you're looking to expand a rental portfolio, capitalize on short-term rental demand near the Smokies, this property delivers: Immediate cash flow Multiple rental strategies, major system upgrades already completed desirable location Long-term appreciation potential A true turnkey investment with flexibility. This property is 53 minutes to Knoxville, 48 minutes to Pigeon Forge or Gatlinburg and only 45 minutes to Hot springs NC.

12. 2026-06-07
    days on market $748,800 Active 132 DOM
13. 2026-06-05
    days on market $748,800 Active 129 DOM
14. 2026-06-02
    days on market $748,800 Active 127 DOM
15. 2026-06-01
    days on market $748,800 Active 126 DOM
16. 2026-05-31
    days on market $748,800 Active 125 DOM
17. 2026-05-30
    days on market $748,800 Active 124 DOM
18. 2026-01-27
    listed $748,800 Active 1746-char remark
19. 2026-01-27
    listed $748,800 Active 1746-char remark
20. 2026-01-26
    listed $748,800 Active
21. 2026-01-26
    listed $748,800 Active
22. 2026-01-25
    listed $748,800 Active
23. 2026-01-22
    historical
24. 2026-01-20
    listed $500,000
25. 2025-05-15
    historical $1,000
26. 2025-04-25
    price $1,000
27. 2025-03-22
    listed $1,225
28. 2023-08-21
    historical $1,200
29. 2023-08-20
    historical $1,200
30. 2023-08-03
    listed $1,200
31. 2021-06-23
    historical
32. 2021-05-10
    status Active
33. 2021-05-06
    historical Pending - Continue to Show
34. 2021-04-09
    listed $500,000
35. 2021-04-07
    listed $500,000 Active
36. 2019-08-19
    listed $500,000

ⓘ 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: $2,003 · $167/mo
• Projected year-2 tax: $2,698 · $225/mo
• Expected delta: +$695/yr (+$58/mo · 34.7%)

ⓘ 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 5/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥100°F today · 20 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: $55,956
• − Mortgage interest: −$21,286
• − Property taxes: −$2,003
• − Insurance: −$1,900
• − Repairs & maintenance: −$4,476
• − Management: −$4,476
• − Depreciation: −$11,055
• Taxable income: $10,760
• Est. tax owed @ 24.0%: −$2,582
• After-tax cash flow: $13,807/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: Cocke County
• NCES district ID: 4700750
• Math proficiency: 21% ▼ -10.00%
• Reading proficiency: 21% ▼ -10.00%
• Median HH income: $33,486
• Composite: 17.17/100
• National rank: #9109
• State rank: #112 of 139 in TN

Livability — Newport

• Score: 56/100
• State rank: #347
• US rank: #22944

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 22,113

Population outlook (Cocke County) Hauer SSP2

• Today (2025): 33,586 people
• By 2030: 32,394 · -3.5%
• By 2040: 29,727 · -11.5%
• By 2050: 27,075 · -19.4%
• By 2075: 22,590 · -32.7%
• By 2100: 19,643 · -41.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 3% Black 1%
• Common ancestry: Romanian 1% Serbian 1% Slovak 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Cocke

• 2024 margin: Solid R (+68.2) · D 15.4% · R 83.7%
• 2008→2024 swing: -23.3pp toward R · 2008: -44.9pp · 2024: -68.2pp
• All cycles: 2024: R+68.2 2020: R+64.8 2016: R+64.5 2012: R+49.4 2008: R+44.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -24.44%
• Current HPI: 311.4626
• Rent YoY: —
• Metro: —
• 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

-24.0% since first listed

24 events — show timeline

• 2026-06-09 Listed $379,999 REALTRACS as Distributed by MLS Grid
• 2026-06-08 Listing Removed — REALTRACS as Distributed by MLS Grid
• 2026-06-08 Listed $379,999 Knoxville MLS
• 2026-06-08 Listing Removed — Knoxville MLS
• 2026-06-05 Listed $379,999 GSMAR
• 2026-06-05 Listed $379,999 LAAR
• 2026-06-05 Listed $379,999 TVRMLS
• 2026-01-26 Listed $748,800 REALTRACS as Distributed by MLS Grid
• 2026-01-26 Listed $748,800 LAAR
• 2026-01-25 Listed $748,800 Knoxville MLS
• 2026-01-22 Listing Removed — REALTRACS as Distributed by MLS Grid
• 2026-01-20 Listed $500,000 REALTRACS as Distributed by MLS Grid
• 2025-05-15 Rental Removed $1,000 Avail
• 2025-04-25 Price Changed $1,000 Avail
• 2025-03-22 Listed for Rent $1,225 Avail
• 2023-08-21 Rental Removed $1,200 Avail
• 2023-08-20 Rental Removed $1,200 APPFOLIO
• 2023-08-03 Listed for Rent $1,200 APPFOLIO
• 2021-06-23 Listing Removed — Knoxville MLS
• 2021-05-10 Relisted — Knoxville MLS
• 2021-05-06 Contingent — Knoxville MLS
• 2021-04-09 Listed $500,000 LAAR
• 2021-04-07 Listed $500,000 Knoxville MLS
• 2019-08-19 Listed $500,000 Knoxville MLS

Property tax history

+2.1%/yr

Latest (2023): $2,003 · -0.2% YoY. Source: county tax records.