300 Chilhowie Ave · Johnson City, TN 37604

$199,000

3 bd · 1.5 ba · 2,448 sqft · SingleFamily · 58 Days on market

Built 1956 Fair condition 10,454 sqft lot $81/sqft · 44% below area Est $354k · 44% under ↓ 20% 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 +27.7/30.0
• ARV discount +15.0/15.0
• DSCR +9.7/10.0
• 1% rule +7.6/10.0
• Schools +3.9/10.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Unlock the potential of 300 West Chilhowie Avenue in Johnson City, TN--a versatile residential/commercial property in a highly convenient location. Currently operated by a nonprofit organization serving the community daily, this unique property is well-suited for a variety of future uses. Whether you're envisioning a continued nonprofit mission, a church, professional office space, or a conversion into a multi-family residence, the flexible layout provides the perfect foundation to bring your vision to life. Inside, you'll find a spacious kitchen complemented by a large pantry, along with expansive interior areas that can be adapted for multiple purposes. The generous square footage allows

Key facts

• Flexible layout
• Spacious kitchen
• Large pantry

Tags

• HIGHLY CONVENIENT LOCATION
• FLEXIBLE LAYOUT
• SPACIOUS KITCHEN
• LARGE PANTRY
• EXPANSIVE INTERIOR AREAS
• THREE SEPARATE PARCEL IDS

Property features AI

Finance

• Other: Zoning: R2C; Lot roughly 0.24 acres (about 78 x 135)

Exterior

• Parking: Driveway; Parking pad
• Utilities: Public water; Public sewer; Electricity connected
• Home design: Mixed use structure; Single-family residential property; One level
• Construction: Block and vinyl siding construction; Other construction materials
• Exterior features: Shingle roof; Level topography

Interior

• Kitchen: Convection oven; Microwave; Refrigerator
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central heating; Heat pump; Central air conditioning; Heat pump cooling
• Interior features: Convection oven; Microwave; Refrigerator; 7 total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $199k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $599 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $199k).
• Recommended offer: $193k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.9% vs local median 3.1% in Johnson City — 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 76/100 on livability (#8 in TN, #3,349 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, health & safety A; Watch: crime D, commute F, employment F.
• Johnson City (urban): math 46% / reading 47% proficiency, ranked #9 of 139 in TN (top 6%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Side Elementary (math 32% / reading 37%, grade F, #319 of 952 statewide, top 37%, 375 students, 0% FRL); Liberty Bell Middle School (math 43% / reading 38%, grade F, #42 of 333 statewide, top 13%, 898 students, 0% FRL); Science Hill High School (math 37% / reading 60%, grade D, #13 of 332 statewide, top 4%, 2,401 students, 0% FRL) — zoned schools average 0% FRL vs 44% district-wide (44 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+1.5%/yr); 208 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,155 units permitted in Washington County in 2024 (437 in 5+ unit buildings).
• At $2,499/mo this rent would consume 57% of the median local household income ($52k/yr) (locally 2254% 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.
• Washington County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($193k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $193,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 1.26% ✓
• Cap rate: 9.91%
• Cash-on-cash: 12.91%
• DSCR: 1.57
• GRM: 6.6

CMA / ARV

• ARV (median comp): $354,088
• List price: $199,000
• Delta: -43.80%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
219 Gilmer Park	0.29mi	4/3.0 (+1)	2,469 (+1%)	1mo	$375,000	$152	73
119 W Holston Avenue Ave	0.16mi	3/2.0	2,352 (-4%)	15mo	$343,500	$146	71
106 11th Ave	0.36mi	3/2.5	2,556 (+4%)	24mo	$405,000	$158	52
320 Baron Dr	0.60mi	3/2.0	2,513 (+3%)	22mo	$490,000	$195	48
314 Lamont St	0.53mi	4/2.5 (+1)	2,180 (-11%)	2mo	$350,000	$161	47
1005 Baxter St	0.65mi	4/1.5 (+1)	2,519 (+3%)	20mo	$185,000	$73	44
118 Belmeade Cir	0.57mi	4/2.5 (+1)	2,673 (+9%)	14mo	$467,000	$175	38
800 Baxter St	0.67mi	4/3.0 (+1)	2,319 (-5%)	15mo	$315,000	$136	36
611 Hillcrest Dr	0.49mi	3/3.0	2,800 (+14%)	23mo	$399,900	$143	28

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 · 1.51% rent growth · sell at horizon

5-year hold

• IRR: 1.1%
• Equity multiple: 1.04×
• Total profit: $2,271
• Equity at exit: $29,672

10-year hold

• IRR: 9.2%
• Equity multiple: 1.66×
• Total profit: $36,579
• Equity at exit: $17,206

Cash invested: $55,720 (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 37604

• Home prices YoY: -26.1%
• Rents YoY: 1.5%
• Active inventory: 208
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $2,499 medium
• Mortgage (P&I): −$1,044
• Tax est. 1.5%: −$249 /mo · $2,985/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$525
• Net cashflow: $599

Break-even live

Break-even rent $1,741

Max offer price $199,000

Occupancy floor 71%

Sensitivity live

Price	-10% $737	-5% $668	+0% $599	+5% $531	+10% $462
Rent	-10% $402	-5% $501	+0% $599	+5% $698	+10% $797
Rate	-1.0pp $700	-0.5pp $650	base $599	+0.5pp $548	+1.0pp $495

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
200 E Main St Unit 500 Johnson City, TN	4.0	3.5	3070	$3,650	$1.19	46d	1	0.64mi
901 Johnson Ave Johnson City, TN	3.0	2.0	1670	$1,850	$1.11	23d	1	0.81mi
1509 Virginia St Johnson City, TN	3.0	2.0	1702	$2,200	$1.29	46d	1	1.45mi

Listing history 18 events

1. 2026-06-21
   days on market $199,000 Active 58 DOM
2. 2026-06-19
   days on market $199,000 Active 56 DOM
3. 2026-06-18
   days on market $199,000 Active 55 DOM
4. 2026-06-17
   days on market $199,000 Active 54 DOM
5. 2026-06-17
   price $199,000 Active 53 DOM
6. 2026-06-16
   days on market $225,000 Active 53 DOM
7. 2026-06-15
   days on market $225,000 Active 52 DOM
8. 2026-06-14
   days on market $225,000 Active 50 DOM
9. 2026-06-13
   days on market $225,000 Active 49 DOM
10. 2026-06-10
    days on market $225,000 Active 47 DOM
11. 2026-06-09
    days on market $225,000 Active 46 DOM
12. 2026-06-08
    days on market $225,000 Active 45 DOM
13. 2026-06-07
    days on market $225,000 Active 44 DOM
14. 2026-06-02
    days on market $225,000 Active 39 DOM
15. 2026-06-01
    days on market $225,000 Active 38 DOM
16. 2026-05-31
    pricedays on market $225,000 Active 37 DOM
17. 2026-05-30
    days on market $250,000 Active 36 DOM
18. 2026-04-24
    listed $250,000 Active 1561-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $29,994
• − Mortgage interest: −$11,147
• − Property taxes: −$2,985
• − Insurance: −$995
• − Repairs & maintenance: −$2,399
• − Management: −$2,399
• − Depreciation: −$5,789
• Taxable income: $4,278
• Est. tax owed @ 24.0%: −$1,027
• After-tax cash flow: $6,165/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This property requires moderate rehabilitation to improve its condition and increase its value. Repairs to the exterior siding, driveway, and interior walls are necessary to bring it up to a fair condition.

Repairs flagged

• Major exterior siding — Significant wear and tear
• Major concrete driveway — Cracks and unevenness
• Major interior walls — Worn paint and potential structural issues

Value-add opportunities

• Both repair exterior siding — Enhances curb appeal and property value
• Both repair concrete driveway — Improves accessibility and property value
• Both paint interior walls — Enhances interior aesthetics and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant wear and tear	Major	$15,000–50,000
concrete driveway · Cracks and unevenness	Major	$15,000–50,000
interior walls · Worn paint and potential structural issues	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both repair exterior siding — Enhances curb appeal and property value ↑
• Both repair concrete driveway — Improves accessibility and property value ↑
• Both paint interior walls — Enhances interior aesthetics and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Johnson City
• NCES district ID: 4702130
• Math proficiency: 46% ▼ -14.00%
• Reading proficiency: 47% ▼ -2.00%
• Median HH income: $37,514
• Composite: 38.69/100
• National rank: #4143
• State rank: #9 of 139 in TN

Livability — Johnson City

• Score: 76/100
• State rank: #8
• US rank: #3349

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Johnson City, TN
• County: Washington County · 129,006 people
• City population: 99,926
• Metro: Johnson City, TN
• Population (ZIP): 39,097
• Household income: $52,345
• Rent vs Own: 49.7% rent · 50.3% own
• Severe rent burden: 2254.0

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 (83%)
• Race & ethnicity: White 83% Hispanic / Latino 6% Black 6% Two or more races 5% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Slovak 3% Serbian 3% Italian 3%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 4% Other Indo-European 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: ▼ -97.73%
• Current HPI: 277.1137
• Rent YoY: ▲ 1.51%
• 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

-20.4% since first listed

3 events — show timeline

• 2026-06-16 Price Changed $199,000 TVRMLS
• 2026-05-31 Price Changed $225,000 TVRMLS
• 2026-04-24 Listed $250,000 TVRMLS