150 Joe Hale Dr Unit - · Johnson City, TN 37615

$450,000

None bd · 4.0 ba · 3,696 sqft · MultiFamily public records · 21 Days on market

Built 1961

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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 +29.4/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• Livability +3.8/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Fantastic Investment Opportunity- Four Unit Apartment Complex. Two-Story Stacked Flats (Two Units on Ground Floor & Two Units on Second Floor). Lawn Maintenance, Electric & Water - Landlord Expense. Electric, Telephone, CATV - Tenant Expense. Fully occupied. Annual Rental Income : $39,540. NO SHOWINGS ON UNITS until property is under contract subject to previewing. Please see attached documents for rent rolls.

Key facts

• Built 1961
• Listed 21 days

Property features AI

Exterior

• Parking: Driveway (asphalt); Shared driveway
• Security: Security details: see remarks
• Utilities: Public water; Septic tank sewer
• Home design: Residential income property (quadruplex); Two levels
• Construction: Brick and frame construction; Metal roof; Foundation: other
• Exterior features: Part wooded, level topography; Lot dimensions approximately 103' x 159' x 187' x 139' (irregular); Subdivision: Daniel Boone Sec 2

Interior

• Flooring: Vinyl flooring; Carpet flooring
• Heating & cooling: Central air conditioning; Electric heating; Heating details: see remarks
• Interior features: Other interior features (see remarks)

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $398/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $450k).
• Recommended offer: $443k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.5% 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.
• 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: Boones Creek Elementary School (math 24% / reading 31%, grade F, #490 of 952 statewide, top 52%, 788 students, 0% FRL); Daniel Boone High School (math 23% / reading 46%, grade F, #41 of 332 statewide, top 15%, 1,211 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: Rents soft (-0.6%/yr); 219 active listings in the ZIP; solid renter incomes; 1,155 units permitted in Washington County in 2024 (437 in 5+ unit buildings).
• At $5,451/mo this rent would consume 84% of the median local household income ($78k/yr) (locally 278% 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 $3k of loan paydown is wiped out by about $14k 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 21 days — a 2% lower offer ($443k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $443,250 (1.5% 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. Built in 1961 — 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 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: 1.21% ✓
• Cap rate: 10.53%
• Cash-on-cash: 15.14%
• DSCR: 1.67
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 2.6%
• Equity multiple: 1.10×
• Total profit: $12,226
• Equity at exit: $67,096

10-year hold

• IRR: 9.3%
• Equity multiple: 1.62×
• Total profit: $78,676
• Equity at exit: $38,908

Cash invested: $126,000 (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 37615

• Home prices YoY: -19.2%
• Rents YoY: -0.6%
• Active inventory: 219
• Price-to-rent: 27.5×

Monthly cashflow live

• Estimated rent: $5,451 medium
• Mortgage (P&I): −$2,360
• Tax from tax record: −$169 /mo · $2,025/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,145
• Net cashflow: $1,590

Break-even live

Break-even rent $3,438

Max offer price $450,000

Occupancy floor 66%

Sensitivity live

Price	-10% $1,845	-5% $1,718	+0% $1,590	+5% $1,463	+10% $1,335
Rent	-10% $1,160	-5% $1,375	+0% $1,590	+5% $1,806	+10% $2,021
Rate	-1.0pp $1,817	-0.5pp $1,705	base $1,590	+0.5pp $1,474	+1.0pp $1,355

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$5,452
Total (4 units)			$5,451

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-19
   status Pending
2. 2026-04-27
   listed $450,000 Active

ⓘ 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: $2,025 · $169/mo
• Projected year-2 tax: $3,195 · $266/mo
• Expected delta: +$1,170/yr (+$98/mo · 57.8%)

ⓘ 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 4/10 Moderate 7 d/yr ≥99°F today · 18 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: $65,412
• − Mortgage interest: −$25,207
• − Property taxes: −$2,025
• − Insurance: −$2,250
• − Repairs & maintenance: −$5,233
• − Management: −$5,233
• − Depreciation: −$13,091
• Taxable income: $12,373
• Est. tax owed @ 24.0%: −$2,970
• After-tax cash flow: $16,113/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 — 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

• County: Washington County · 129,006 people
• City population: 99,926
• Metro: Johnson City, TN
• Population (ZIP): 22,821
• Household income: $77,525
• Rent vs Own: 25.1% rent · 74.9% own
• Severe rent burden: 278.0

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 (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 4% Asian 1% Black 1%
• Common ancestry: Slovak 4% Italian 3% Serbian 2%
• Foreign-born: 2% · Canada, China
• Languages at home: 97% English-only · Spanish 3%

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: ▼ -66.47%
• Current HPI: 279.1199
• Rent YoY: ▼ -0.63%
• 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

2 events — show timeline

• 2026-05-19 Pending — TVRMLS
• 2026-04-27 Listed $450,000 TVRMLS

Property tax history

+6.1%/yr

Latest (2025): $2,025 · +0.0% YoY. Source: county tax records.