2108 Elena Dr · Chattanooga, TN 37406

$169,900

4 bd · 2.0 ba · 1,416 sqft · SingleFamily public records · 43 Days on market

Built 1951 0.47 ac lot Est $296k · 43% under

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Why this score? — see what drove the C+ 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 +23.3/30.0
• ARV discount +15.0/15.0
• DSCR +7.5/10.0
• 1% rule +4.8/10.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Brick, Bold and Ready for a New Chapter!! Calling all Visionary investors: This rare corner-lot opportunity presents a unique opportunity to acquire a valuable property. While it requires structural renovation, it comes with a newer roof and HVAC unit. . Priced as-is to reflect the necessary work, this property is a true gem for those with the expertise to restore and enhance its value. The corner lot is fully fenced, and the lot size is 120 x 172.2 according to tax records.

Key facts

• 0.47 acre lot
• Garage
• Built 1951

Property features AI

Exterior

• Parking: Attached garage with driveway (1 garage space)
• Security: Security system
• Utilities: Public water; Electricity connected; Water connected
• Home design: Single family residence; Two stories; Fixer condition
• Construction: Brick construction; Brick/mortar foundation; Built with two levels
• Exterior features: Chain link full fencing; Shingle roof; Public maintained road access; City street frontage; Lot dimensions 120 x 172.2 (0.47 acres)

Interior

• Kitchen: Refrigerator; Electric range
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Electric cooling
• Interior features: Refrigerator; Electric range; Crawl space basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $244 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $166k (2.4% below list).
• Recommended offer: $165k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 3.4% in Chattanooga — 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 78/100 on livability (#3 in TN, #2,582 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D+, crime F.
• Hamilton County (urban): math 31% / reading 31% proficiency, ranked #42 of 139 in TN (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hardy Elementary School (math 8% / reading 2%, grade F, #896 of 952 statewide, top 96%, 435 students, 0% FRL); Dalewood Middle School (math 7% / reading 7%, grade F, #278 of 333 statewide, top 85%, 258 students, 0% FRL); Brainerd High School (math 2% / reading 12%, grade F, #294 of 332 statewide, top 91%, 635 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.
• Zoned-school proficiency averages 6% at this address vs 31% district-wide (-25 pts) — the specific schools serving this property underperform the Hamilton County average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+5.1%/yr); 127 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 2,133 units permitted in Hamilton County in 2024 (405 in 5+ unit buildings).
• This rent runs 44% of the median local income ($45k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Hamilton County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $164,803 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.98% ✗
• Cap rate: 8.49%
• Cash-on-cash: 7.83%
• DSCR: 1.35
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $295,944
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1806 Ocoee St	0.67mi	3/2.0 (-1)	1,280 (-10%)	9mo	$268,000	$209	40

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 · 5.13% rent growth · sell at horizon

5-year hold

• IRR: -4.6%
• Equity multiple: 0.82×
• Total profit: $-8,406
• Equity at exit: $25,333

10-year hold

• IRR: 7.2%
• Equity multiple: 1.59×
• Total profit: $28,079
• Equity at exit: $14,690

Cash invested: $47,572 (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 37406

• Home prices YoY: -23.8%
• Rents YoY: 5.1%
• Active inventory: 127
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,659 high
• Mortgage (P&I): −$891
• Tax from tax record: −$38 /mo · $460/yr
• Insurance: −$71
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$348
• Net cashflow: $244

Break-even live

Break-even rent $1,350

Max offer price $169,900

Occupancy floor 80%

Sensitivity live

Price	-10% $340	-5% $292	+0% $244	+5% $196	+10% $148
Rent	-10% $113	-5% $178	+0% $244	+5% $309	+10% $375
Rate	-1.0pp $329	-0.5pp $287	base $244	+0.5pp $200	+1.0pp $155

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1754 Ocoee St Chattanooga, TN	3.0	1.5	1050	$1,250	$1.19	14d	1	0.60mi
2009 Camden St Chattanooga, TN	3.0	1.5	1148	$1,450	$1.26	24d	1	0.83mi
2009 Taylor St Chattanooga, TN	3.0	1.5	1800	$1,950	$1.08	24d	1	0.85mi
1409 Bradt St Chattanooga, TN	3.0	1.0	960	$1,275	$1.33	24d	1	0.89mi
2603 Dodson Ave Chattanooga, TN	4.0	1.0	1104	$1,250	$1.13	22d	1	0.92mi
2400 Crutchfield St Chattanooga, TN	3.0	1.0	984	$1,200	$1.22	22d	1	1.02mi
1601 Arlington Ave Chattanooga, TN	3.0	1.0	1416	$1,650	$1.17	14d	1	1.04mi
1706 Wheeler Ave Chattanooga, TN	3.0	1.0	1317	$1,625	$1.23	24d	1	1.08mi
3207 Curtis St Chattanooga, TN	3.0	1.0	1128	$1,375	$1.22	24d	1	1.23mi
2011 Milne St Unit b Chattanooga, TN	3.0	1.0	976	$1,345	$1.38	14d	1	1.26mi
2512 Boone St Chattanooga, TN	3.0	1.0	1060	$1,150	$1.08	14d	1	1.29mi
1125 Highland Dr Chattanooga, TN	3.0	1.0	1200	$1,873	$1.56	14d	1	1.33mi
2105 Rawlings St Chattanooga, TN	3.0	1.0	1064	$1,300	$1.22	14d	1	1.35mi
1908 Robbins St Chattanooga, TN	3.0	2.0	1783	$1,750	$0.98	14d	1	1.35mi
709 N Holly St Chattanooga, TN	3.0	2.0	1092	$1,850	$1.69	14d	1	1.37mi
3118 Noa St Chattanooga, TN	3.0	2.5	1350	$1,599	$1.18	14d	1	1.49mi

Listing history 16 events

1. 2026-06-18
   days on market $169,900 Active 43 DOM
2. 2026-06-17
   days on market $169,900 Active 42 DOM
3. 2026-06-16
   days on market $169,900 Active 41 DOM
4. 2026-06-15
   days on market $169,900 Active 40 DOM
5. 2026-06-14
   days on market $169,900 Active 38 DOM
6. 2026-06-10
   days on market $169,900 Active 35 DOM
7. 2026-06-09
   days on market $169,900 Active 34 DOM
8. 2026-06-08
   days on market $169,900 Active 33 DOM
9. 2026-06-07
   days on market $169,900 Active 32 DOM
10. 2026-06-05
    days on market $169,900 Active 29 DOM
11. 2026-06-03
    days on market $169,900 Active 28 DOM
12. 2026-06-02
    days on market $169,900 Active 27 DOM
13. 2026-06-01
    days on market $169,900 Active 26 DOM
14. 2026-05-31
    days on market $169,900 Active 25 DOM
15. 2026-05-30
    days on market $169,900 Active 24 DOM
16. 2026-05-06
    listed $169,900 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: $460 · $38/mo
• Projected year-2 tax: $1,206 · $101/mo
• Expected delta: +$746/yr (+$62/mo · 162.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥104°F today · 19 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 10% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,906
• − Mortgage interest: −$9,517
• − Property taxes: −$460
• − Insurance: −$1,647
• − Repairs & maintenance: −$1,592
• − Management: −$1,592
• − Depreciation: −$4,943
• Taxable income: $154
• Est. tax owed @ 24.0%: −$37
• After-tax cash flow: $2,890/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: Hamilton County
• NCES district ID: 4701590
• Math proficiency: 31% ▼ -10.00%
• Reading proficiency: 31% ▼ -3.00%
• Median HH income: $47,456
• Composite: 26.8/100
• National rank: #7122
• State rank: #42 of 139 in TN

Livability — Chattanooga

• Score: 78/100
• State rank: #3
• US rank: #2582

Category grades

Amenities A+ Commute A+ 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

• Census place: Chattanooga, TN
• County: Hamilton County · 312,777 people
• City population: 131,999
• Metro: Chattanooga, TN-GA
• Population (ZIP): 13,364
• Household income: $44,850
• Rent vs Own: 52.8% rent · 47.2% own
• Severe rent burden: 759.0

Population outlook (Hamilton County) Hauer SSP2

• Today (2025): 393,784 people
• By 2030: 412,983 · +4.9%
• By 2040: 449,502 · +14.1%
• By 2050: 484,341 · +23.0%
• By 2075: 565,746 · +43.7%
• By 2100: 618,394 · +57.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (70%)
• Race & ethnicity: Black 70% White 21% Hispanic / Latino 6% Two or more races 5%
• Hispanic origin (detail): Puerto Rican 1%
• Common ancestry: Italian 1% Slovak 1%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 6% Other Indo-European 1%

Political lean MEDSL · Hamilton

• 2024 margin: R (+13.1) · D 42.7% · R 55.7% · Other 1.6%
• 2008→2024 swing: -1.2pp toward R · 2008: -11.8pp · 2024: -13.1pp
• All cycles: 2024: R+13.1 2020: R+9.7 2016: R+16.6 2012: R+14.8 2008: R+11.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -63.73%
• Current HPI: 203.5858
• Rent YoY: ▲ 5.13%
• Metro: Chattanooga, TN-GA
• 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

1 event — show timeline

• 2026-05-06 Listed $169,900 GCAR

Property tax history

+3.9%/yr

Latest (2025): $460 · +57.6% YoY. Source: county tax records.