721 W Casey Dr · Sevierville, TN 37862

$1,625,000

20 bd · 0.0 ba · 7,776 sqft · MultiFamily · 342 Days on market

Built 1990 2.49 ac lot

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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 +16.0/30.0
• ARV discount +7.5/15.0
• DSCR +4.9/10.0
• 1% rule +4.4/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 10 units. confirmed

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 MLS

Mountain Mist Apartments. Don't miss this exceptional opportunity to own a fully leased, income-producing 10-unit apartment complex located just minutes from Dollywood and other area attractions. Each of the 10 well-maintained units offers:2 Bedrooms, 1 Full Bathroom Washer/Dryer Connections in Every Unit, Kitchens Remodeled in some Units: Includes refrigerator, oven/range, sink, faucets, cabinets & countertopsNew Insulated Vinyl Windows (2022) Recent Updates (within the last 5 years): Plank flooring, interior paint, new outlets & switches, HVAC systems, and modern light fixturesCovered Front Porch & Private Back Patio for each unit. Property is in a highly sought-after location with strong rental history and is 100% occupied. Whether you're an experienced investor or looking to expand your portfolio, this property is a solid performer!

Key facts

• Covered front porch
• Private back patio
• Plank flooring

Tags

• 10 UNIT APARTMENT COMPLEX
• KITCHENS REMODELED
• NEW INSULATED VINYL WINDOWS
• PLANK FLOORING
• COVERED FRONT PORCH
• PRIVATE BACK PATIO

What this means for you Summary

Snapshot

• This is a 10 × 2-bed/1-bath units multifamily listed at $1.62M.

Deal economics

• At list price, monthly cash flow is $809 ($10k/yr) — positive. Per door: $81/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 $1.52M (6.2% below list).
• Recommended offer: $1.43M (12.0% below list) — sets the bar for market timing.
• Cap rate 6.9% vs local median 1.6% in Sevierville — 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 57/100 on livability (#323 in TN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: employment C-, crime F, amenities F.
• Sevier County (rural): math 31% / reading 28% proficiency, ranked #62 of 139 in TN (top 45%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: New Center Elementary (math 32% / reading 28%, grade F, #415 of 952 statewide, top 44%, 855 students, 0% FRL); Seymour Junior High (math 40% / reading 30%, grade F, #65 of 333 statewide, top 20%, 766 students, 0% FRL); Sevier County High School (math 20% / reading 38%, grade F, #92 of 332 statewide, top 28%, 1,248 students, 0% FRL) — zoned schools average 0% FRL vs 52% district-wide (52 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 938 active listings in the ZIP; 1,594 units permitted in Sevier County in 2024 (456 in 5+ unit buildings).
• At $15,239/mo this rent would consume 306% of the median local household income ($60k/yr) (locally 544% 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 $11k of loan paydown is wiped out by about $49k of value loss. Plan a longer hold.
• Sevier County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 342 days — a 12% lower offer ($1.43M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 19y ago; this cycle's ask has dropped $325k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $1,430,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 342 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.94% ✗
• Cap rate: 6.89%
• Cash-on-cash: 2.13%
• DSCR: 1.09
• GRM: 8.9

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: -12.9%
• Equity multiple: 0.53×
• Total profit: $-211,577
• Equity at exit: $242,293

10-year hold

• IRR: -3.9%
• Equity multiple: 0.74×
• Total profit: $-116,972
• Equity at exit: $140,500

Cash invested: $455,000 (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 37862

• Home prices YoY: -22.1%
• Active inventory: 938
• Price-to-rent: 88.9×

Monthly cashflow live

• Estimated rent: $15,239 medium
• Mortgage (P&I): −$8,522
• Tax est. 1.5%: −$2,031 /mo · $24,375/yr
• Insurance: −$677
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,200
• Net cashflow: $809

Break-even live

Break-even rent $14,215

Max offer price $1,625,000

Occupancy floor 90%

Sensitivity live

Price	-10% $1,932	-5% $1,370	+0% $809	+5% $247	+10% $-314
Rent	-10% $-395	-5% $207	+0% $809	+5% $1,411	+10% $2,013
Rate	-1.0pp $1,627	-0.5pp $1,222	base $809	+0.5pp $388	+1.0pp $-41

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

Units	Beds	Baths	Est. rent
▸ 10× units	2	1	$15,240
Total (10 units)			$15,239

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: $406,250
• Closing costs: $48,750
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-22
   days on market $1,625,000 Active 342 DOM
2. 2026-06-19
   days on market $1,625,000 Active 340 DOM
3. 2026-06-18
   days on market $1,625,000 Active 339 DOM
4. 2026-06-17
   days on market $1,625,000 Active 338 DOM
5. 2026-06-16
   days on market $1,625,000 Active 337 DOM
6. 2026-06-15
   days on market $1,625,000 Active 336 DOM
7. 2026-06-14
   days on market $1,625,000 Active 334 DOM
8. 2026-06-13
   days on market $1,625,000 Active 333 DOM
9. 2026-06-10
   days on market $1,625,000 Active 331 DOM
10. 2026-06-09
    days on market $1,625,000 Active 330 DOM
11. 2026-06-08
    days on market $1,625,000 Active 329 DOM
12. 2026-06-07
    days on market $1,625,000 Active 328 DOM
13. 2026-06-02
    days on market $1,625,000 Active 323 DOM
14. 2026-06-01
    days on market $1,625,000 Active 322 DOM
15. 2026-05-31
    days on market $1,625,000 Active 321 DOM
16. 2026-05-30
    pricedays on market $1,625,000 Active 320 DOM
17. 2025-11-18
    price $1,850,000 860-char remark

    Show marketing remark (860 chars)

    Mountain Mist Apartments. Don't miss this exceptional opportunity to own a fully leased, income-producing 10-unit apartment complex located just minutes from Dollywood and other area attractions. Each of the 10 well-maintained units offers:2 Bedrooms, 1 Full Bathroom Washer/Dryer Connections in Every Unit, Kitchens Remodeled in some Units: Includes refrigerator, oven/range, sink, faucets, cabinets & countertopsNew Insulated Vinyl Windows (2022) Recent Updates (within the last 5 years): Plank flooring, interior paint, new outlets & switches, HVAC systems, and modern light fixturesCovered Front Porch & Private Back Patio for each unit. Property is in a highly sought-after location with strong rental history and is 100% occupied. Whether you're an experienced investor or looking to expand your portfolio, this property is a solid performer!

18. 2025-07-14
    listed $1,950,000 Active 860-char remark

    Show marketing remark (860 chars)

    Mountain Mist Apartments. Don't miss this exceptional opportunity to own a fully leased, income-producing 10-unit apartment complex located just minutes from Dollywood and other area attractions. Each of the 10 well-maintained units offers:2 Bedrooms, 1 Full Bathroom Washer/Dryer Connections in Every Unit, Kitchens Remodeled in some Units: Includes refrigerator, oven/range, sink, faucets, cabinets & countertopsNew Insulated Vinyl Windows (2022) Recent Updates (within the last 5 years): Plank flooring, interior paint, new outlets & switches, HVAC systems, and modern light fixturesCovered Front Porch & Private Back Patio for each unit. Property is in a highly sought-after location with strong rental history and is 100% occupied. Whether you're an experienced investor or looking to expand your portfolio, this property is a solid performer!

19. 2008-03-01
    listed $474,900
20. 2007-11-21
    listed $474,900

ⓘ 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: $182,868
• − Mortgage interest: −$91,025
• − Property taxes: −$24,375
• − Insurance: −$8,125
• − Repairs & maintenance: −$14,629
• − Management: −$14,629
• − Depreciation: −$47,273
• Taxable loss: −$17,189
• Est. tax savings @ 24.0%: +$4,125
• After-tax cash flow: $13,831/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: Sevier County
• NCES district ID: 4703780
• Math proficiency: 31% ▼ -6.00%
• Reading proficiency: 28% ▼ -4.00%
• Median HH income: $42,730
• Composite: 25.12/100
• National rank: #7527
• State rank: #62 of 139 in TN

Livability — Sevierville

• Score: 57/100
• State rank: #323
• US rank: #21663

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sevierville, TN
• County: Sevier County · 80,402 people
• Metro: Sevierville, TN
• Population (ZIP): 21,767
• Household income: $59,792
• Rent vs Own: 38.8% rent · 61.2% own
• Severe rent burden: 544.0

Population outlook (Sevier County) Hauer SSP2

• Today (2025): 107,903 people
• By 2030: 113,633 · +5.3%
• By 2040: 123,969 · +14.9%
• By 2050: 132,123 · +22.4%
• By 2075: 148,524 · +37.6%
• By 2100: 153,436 · +42.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 21% Two or more races 9% Asian 2%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Serbian 3% Lithuanian 2% Slovak 2%
• Foreign-born: 14% · Canada, Jamaica
• Languages at home: 80% English-only · Spanish 18% Russian/Polish/Slavic 1%

Political lean MEDSL · Sevier

• 2024 margin: Solid R (+61.1) · D 18.9% · R 80.1% · Other 1.0%
• 2008→2024 swing: -13.1pp toward R · 2008: -48.1pp · 2024: -61.1pp
• All cycles: 2024: R+61.1 2020: R+57.6 2016: R+61.7 2012: R+54.8 2008: R+48.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -84.27%
• Current HPI: 297.684
• Rent YoY: —
• Metro: Sevierville, 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

+289.6% since first listed

4 events — show timeline

• 2025-11-18 Price Changed $1,850,000 Knoxville MLS
• 2025-07-14 Listed $1,950,000 Knoxville MLS
• 2008-03-01 Listed $474,900 Knoxville MLS
• 2007-11-21 Listed $474,900 Knoxville MLS