Is 3333 Walters Springs Rd NW Unit 13c in Cleveland, TN a good investment?

CashFlowRE grades it F with a 4.6% cap rate and $-366/mo modeled cash flow at a $254,500 list price. See the full underwriting and recommended offer on the page.

What is the cap rate for 3333 Walters Springs Rd NW Unit 13c?

The modeled cap rate is 4.6% — annual NOI divided by price, using CashFlowRE's rent and expense estimates.

What would this property rent for?

Estimated market rent is $1,780/month, from CashFlowRE's rent model.

F Composite 31.65

Why this score? — see what drove the F 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).

ARV discount +7.6/15.0
Cash flow +7.1/30.0
Condition / age +5.0/5.0
Livability +3.5/5.0
Schools +2.7/10.0
Rent growth +2.5/5.0
1% rule +2.0/10.0
DSCR +1.3/10.0
Appreciation +0.0/10.0

$254,500

3333 Walters Springs Rd NW Unit 13c · Cleveland, TN 37312

4 bd · 3.5 ba · 1,397 sqft · Condo · 16 Days on market

Built 2025 Excellent condition $182/sqft · at area comps Est $255k · at est. $13/mo HOA · 1% of rent

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks MLS

Welcome to Three Creeks Townhomes - a beautifully designed community featuring brand-new craftsman-style construction with upscale finishes throughout. This 4-bedroom, 3.5-bath townhome offers the perfect blend of comfort and convenience, with two of the bedrooms featuring private en-suites. The gourmet kitchen boasts custom cabinetry, granite countertops, and sleek stainless steel appliances--ideal for everyday living and entertaining. Step out back to your private deck, perfect for grilling or relaxing with friends. This one-of-a-kind neighborhood includes unique amenities such as a private bus stop, dedicated dog park, and sidewalk-lined streets perfect for evening strolls and added peace of mind. Each unit also includes a walk-in crawl space, providing generous additional storage. Conveniently located for easy access to Chattanooga and just minutes from the heart of downtown, Three Creeks Townhomes is the perfect home for commuters, professionals, and anyone seeking stylish low-maintenance living in a vibrant community.

Key facts

Custom cabinetry
Gourmet kitchen
Granite countertops

What this means for you Summary

Snapshot

This is a 4-bed/3.5-bath condo listed at $254k. Condition is rated excellent.

Deal economics

At list price, monthly cash flow is $-366 ($-4k/yr) — negative.
To cash-flow at today's rent, offer at most $202k (20.8% below list).
To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $178k (30.1% below list).
Recommended offer: $178k (30.1% below list) — sets the bar for 1% rule.
Cap rate 4.6% vs local median 3.5% in Cleveland — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

Location reads 70/100 on livability (#55 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: employment D, crime F, amenities F.
Bradley County (other): math 35% / reading 34% proficiency, ranked #33 of 139 in TN (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
Zoned schools: Charleston Elementary School (math 37% / reading 37%, grade F, #272 of 952 statewide, top 31%, 341 students, 0% FRL); Ocoee Middle School (math 32% / reading 33%, grade F, #81 of 333 statewide, top 26%, 997 students, 0% FRL); Walker Valley High School (math 32% / reading 47%, grade F, #28 of 332 statewide, top 9%, 1,498 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: Rents flat; 780 active listings in the ZIP; solid renter incomes; 768 units permitted in Bradley County in 2024 (0 in 5+ unit buildings).

Forward outlook

Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
Bradley County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

It's been on market 16 days — a 2% lower offer ($251k) is reasonable based on typical stale-listing flexibility.
3 sale attempts 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.

Recommended offer $177,994 (30.1% below list)

Questions for the listing agent

What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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?
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?
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?
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.
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.
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: 0.70% ✗
Cap rate: 4.57%
Cash-on-cash: -6.16%
DSCR: 0.73
GRM: 11.9

CMA / ARV

ARV (median comp): $255,000
List price: $254,500
Delta: -0.20%
Verdict: FAIR
Comps: 9 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3333 Walters Springs Rd NW	0.00mi	4/3.5	1,397 (0%)	0mo	$254,000	$182	100
3333 Walters Springs Rd NW Unit 13c	0.01mi	4/3.5	1,397 (0%)	0mo	$254,000	$182	99
3331 Walters Springs Rd NW	0.00mi	4/3.5	1,397 (0%)	4mo	$254,500	$182	97
3044 Three Creeks Dr	0.04mi	3/2.5 (-1)	1,410 (+1%)	1mo	$256,600	$182	87
3046 Three Creeks Dr NW Unit 6b	0.04mi	3/2.5 (-1)	1,410 (+1%)	1mo	$255,000	$181	86
3046 Three Creeks Dr NW	0.04mi	3/2.5 (-1)	1,410 (+1%)	1mo	$255,000	$181	86
204 Crystal View Dr NW	0.42mi	3/3.0 (-1)	1,478 (+6%)	2mo	$365,000	$247	61
3 Willow Run Trl NW	0.65mi	3/2.0 (-1)	1,500 (+7%)	1mo	$379,900	$253	46
2636 Willow Run Trl NW	0.62mi	3/2.0 (-1)	1,500 (+7%)	4mo	$379,900	$253	44
509 Harris Creek Trl SW	1.16mi	3/2.0 (-1)	1,514 (+8%)	1mo	$460,000	$304	39
631 Harris Creek Trl SW	1.40mi	3/2.0 (-1)	1,672 (+20%)	2mo	$341,500	$204	27
3033 Discovery Dr NW	1.46mi	3/2.0 (-1)	1,697 (+22%)	4mo	$410,000	$242	26

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 · 0.15% rent growth · sell at horizon

5-year hold

IRR: -30.1%
Equity multiple: 0.03×
Total profit: $-69,456
Equity at exit: $37,947

10-year hold

IRR: -49.9%
Equity multiple: -0.54×
Total profit: $-109,562
Equity at exit: $22,005

Cash invested: $71,260 (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 37312

Rents YoY: 0.1%
Active inventory: 780
Price-to-rent: 11.9×

Monthly cashflow live

Estimated rent: $1,780 medium interval (Pro) →
Mortgage (P&I): −$1,335
Tax est. 1.5%: −$318 /mo · $3,818/yr
Insurance: −$106
HOA: −$13
Lot rent: −$0
Vacancy / Maint / Mgmt: −$374
Net cashflow: $-366

Break-even live

Break-even rent $2,243

Max offer price $201,591

Occupancy floor —

Sensitivity live

Price	-10% $-190	-5% $-278	+0% $-366	+5% $-454	+10% $-542
Rent	-10% $-506	-5% $-436	+0% $-366	+5% $-295	+10% $-225
Rate	-1.0pp $-237	-0.5pp $-301	base $-366	+0.5pp $-432	+1.0pp $-499

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: $63,625
Closing costs: $7,635
Club membership (one-time): —
Reserves months: —
Total cash needed: —

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Short-term bridge; refi at stabilization.

Property features AI

Finance

Other: Energy-efficient windows
HOA & community: HOA with annual fee of $150HOA covers grounds maintenanceCommunity sidewalksCommon interest: Condominium

Exterior

Parking: Detached parkingDrivewayConcrete surfaces
Utilities: Public waterPublic sewerElectricity available
Home design: Residential townhouse (attached)Three or more levelsNew constructionEntry orientation: Not specified
Construction: Built new (year listed as new)Construction materials: OtherRoof: OtherFoundation: Not specified
Exterior features: BalconyZero lot lineSmall, landscaped yard (20 x 107 lot dimensions)

Interior

Kitchen: MicrowaveRangeDishwasher
Bedrooms: 4 bedrooms
Flooring: Other flooring
Bathrooms: 3 full baths1 half bath
Heating & cooling: Central heating (electric)Central air
Interior features: Ceiling fansOpen floorplanWalk-in closetsDouble vanity in master bathroomSmoke detectors

HOA detail $13/mo · $156/yr condo

Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

2026-09-05

days on market $254,500 Active 16 DOM
2026-09-04

days on market $254,500 Active 15 DOM
2026-09-03

days on market $254,500 Active 14 DOM
2026-09-01

days on market $254,500 Active 12 DOM
2026-08-30

days on market $254,500 Active 10 DOM
2026-08-29

days on market $254,500 Active 9 DOM
2026-08-28

days on market $254,500 Active 8 DOM
2026-08-27

days on market $254,500 Active 7 DOM
2026-08-26

days on market $254,500 Active 6 DOM
2026-08-25

days on market $254,500 Active 5 DOM
2026-08-24

days on market $254,500 Active 4 DOM
2026-08-23

days on market $254,500 Active 3 DOM
2026-08-22

days on market $254,500 Active 2 DOM
2026-08-20

days on marketlisting id $254,500 Active 1 DOM
2026-08-20

days on market $254,500 Active 97 DOM
2026-08-19

days on market $254,500 Active 96 DOM
2026-08-18

days on market $254,500 Active 95 DOM
2026-08-17

days on market $254,500 Active 94 DOM
2026-08-16

days on market $254,500 Active 93 DOM
2026-08-15

days on market $254,500 Active 92 DOM
2026-08-14

days on market $254,500 Active 91 DOM
2026-08-13

days on market $254,500 Active 90 DOM
2026-08-12

days on market $254,500 Active 89 DOM
2026-08-11

days on market $254,500 Active 88 DOM
2026-08-10

days on market $254,500 Active 87 DOM
2026-08-09

days on market $254,500 Active 86 DOM
2026-08-08

days on market $254,500 Active 85 DOM
2026-08-07

days on market $254,500 Active 84 DOM
2026-08-06

days on market $254,500 Active 83 DOM
2026-08-05

days on market $254,500 Active 82 DOM
2026-08-04

days on market $254,500 Active 81 DOM
2026-08-03

days on market $254,500 Active 80 DOM
2026-07-31

days on market $254,500 Active 77 DOM
2026-07-29

days on market $254,500 Active 75 DOM
2026-07-27

days on market $254,500 Active 73 DOM
2026-07-25

days on market $254,500 Active 71 DOM
2026-07-24

days on market $254,500 Active 70 DOM
2026-07-23

days on market $254,500 Active 69 DOM
2026-07-22

days on market $254,500 Active 68 DOM
2026-07-21

days on market $254,500 Active 67 DOM
2026-07-18

days on market $254,500 Active 64 DOM
2026-07-16

days on market $254,500 Active 62 DOM
2026-07-16

days on market $254,500 Active 61 DOM
2026-07-14

days on market $254,500 Active 60 DOM
2026-07-13

days on market $254,500 Active 59 DOM
2026-07-12

days on market $254,500 Active 58 DOM
2026-07-11

days on market $254,500 Active 57 DOM
2026-07-10

days on market $254,500 Active 56 DOM
2026-07-09

days on market $254,500 Active 55 DOM
2026-07-08

days on market $254,500 Active 54 DOM

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

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income: $21,359
− Mortgage interest: −$14,256
− Property taxes: −$3,818
− Insurance: −$1,272
− Repairs & maintenance: −$1,709
− Management: −$1,709
− HOA: −$156
− Depreciation: −$7,404
Taxable loss: −$8,964

Your marginal tax rate % combined federal + state — saved on this device

Est. tax savings @ 24.0%: +$2,151
After-tax cash flow: $-2,236/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 · 30 photos

Excellent 100/100 None rehab

This brand-new townhome is move-in ready with excellent condition and no repairs needed. It offers a perfect blend of comfort and convenience, making it ideal for both resale and rental.

Value-add opportunities

Both Landscaping — Enhances curb appeal and adds value ↑
Both Furniture — Improves the home's livability and appeal ↑
Both Decor — Enhances the home's aesthetic and appeal ↑

F Composite school gradezoned avg 27/100

Zoned Schools

Elementary Charleston Elementary School F TN #272/952 Nat'l #21,438/41,679 Middle Cleveland Middle F TN #147/333 Nat'l #10,204/14,009 High Cleveland High F TN #208/332 Nat'l #14,713/17,239

Schools (NCES district)

District: Bradley County
NCES district ID: 4700330
Math proficiency: 35% ▼ -5.00%
Reading proficiency: 34% ▼ -2.00%
Median HH income: $45,807
Composite: 29.54/100
National rank: #6494
State rank: #33 of 139 in TN

B Composite livability gradescore 70/100

Livability — Cleveland

Score: 70/100
State rank: #55
US rank: #7689

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

County: Bradley County · 114,901 people
City population: 99,337
Metro: Cleveland, TN
Population (ZIP): 36,669
Household income: $78,261
Rent vs Own: 33.1% rent · 66.9% own
Severe rent burden: 11% of renters

Population outlook (Bradley County) Hauer SSP2

Today (2025): 114,901 people
By 2030: 120,137 · +4.6%
By 2040: 130,125 · +13.2%
By 2050: 139,257 · +21.2%
By 2075: 161,664 · +40.7%
By 2100: 179,767 · +56.5%

Race, ethnicity, and origin ACS 2023

Neighborhood character: Predominantly White (82%)
Race & ethnicity: White 82% Hispanic / Latino 7% Two or more races 6% Black 4% Asian 3%
Hispanic origin (detail): Mexican 3% Puerto Rican 1%
Common ancestry: Serbian 3% Slovak 2% Italian 2%
Foreign-born: 7% · Canada, South Korea
Languages at home: 92% English-only · Spanish 4% Other Indo-European 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Bradley

2024 margin: Solid R (+58.9) · D 20.0% · R 78.9% · Other 1.1%
2008→2024 swing: -9.2pp toward R · 2008: -49.7pp · 2024: -58.9pp
All cycles: 2024: R+58.9 2020: R+55.3 2016: R+59.1 2012: R+53.9 2008: R+49.7

Not yet ingested

Civics: —

Market trends

HPI YoY: ▼ -206.27%
Current HPI: 260.8746
Rent YoY: ▲ 0.15%
Metro: Cleveland, TN
State GDP YoY: ▲ 2.78%
F500 in state: 22

Industry mix (Fortune 500 HQ in TN)

Industry	F500 HQs	Revenue
Healthcare	3	$91B
#61 HCA Healthcare Nashville $70.6B #287 Community Health Systems Franklin $12.4B #445 Envision Healthcare Nashville $7.8B
Retail	3	$72B
#110 Dollar General Goodlettsville $38.7B #181 AutoZone Memphis $18.5B #253 Tractor Supply Brentwood $14.9B
Transportation / Logistics	1	$88B
#49 FedEx Memphis $87.7B
Paper / Packaging	1	$19B
#172 International Paper Memphis $19.4B
Insurance	1	$13B
#238 Unum Group Chattanooga $13.0B
Energy	1	$12B
#458 Delek US Holdings Brentwood $11.7B

Price history

+0.0% since first listed

4 events — show timeline

2026-08-20 Listed $254,500 REALTRACS as Distributed by MLS Grid
2026-07-28 Pending — RCAOR
2026-05-15 Listed $254,500 GCAR
2026-05-15 Listed $254,500 RCAOR

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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