908 Chadwick Dr · Kingsport, TN 37660

$1,545,000

25 bd · 5.0 ba · 2,538 sqft · MultiFamily public records · 74 Days on market

Built 1973

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.5/5.0
• Livability +3.6/5.0
• Schools +3.0/10.0
• 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: 25 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

Presenting a 25-unit multifamily portfolio in Kingsport, Tennessee. The portfolio is currently 100% occupied and consists of six buildings with a unit mix of twenty 1 bed /1 bath units and five 3 bed / 1.5 bath units. Located approximately five minutes from downtown Kingsport, the property offers stable in-place income with value-add potential through future improvements and rent growth. This portfolio is located in Kingsport, TN which is anchored by major employers including Eastman Chemical Company and Ballad Health, providing a strong and stable employment base. The area offers convenient access to a range of retail, dining, and recreational amenities, along with proximity to the Tri-Cit

Key facts

• Built 1973
• Listed 73 days

Property features AI

Exterior

• Parking: Off-street parking; On-premise parking
• Home design: Brick construction; Multifamily building with 25 total units; Building area reported from tax records
• Construction: Brick exterior
• Exterior features: Balconies

Interior

• Flooring: Carpet; Vinyl
• Heating & cooling: Baseboard heating; Other heating; Window units for cooling; Other cooling
• Interior features: Carpet and vinyl flooring

What this means for you Summary

Snapshot

• This is a 20×1.0bd/1.5ba + 5×3.0bd/1.5ba units multifamily listed at $1.54M.

Deal economics

• At list price, monthly cash flow is $10k ($123k/yr) — positive. Per door: $409/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($26k rent vs $1.54M).
• Recommended offer: $1.45M (6.0% below list) — sets the bar for market timing.
• Cap rate 14.2% vs local median 3.8% in Kingsport — 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 71/100 on livability (#39 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities C-, crime F, commute F.
• Kingsport (urban): math 35% / reading 38% proficiency, ranked #26 of 139 in TN (top 19%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Andrew Jackson Elementary School (math 27% / reading 23%, grade F, #541 of 952 statewide, top 57%, 496 students, 0% FRL); John Sevier Middle School (math 21% / reading 24%, grade F, #172 of 333 statewide, top 52%, 750 students, 0% FRL); Dobyns - Bennett High School (math 23% / reading 56%, grade F, #28 of 332 statewide, top 9%, 2,514 students, 0% FRL) — zoned schools average 0% FRL vs 47% district-wide (47 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+8.0%/yr); 242 active listings in the ZIP; 453 units permitted in Sullivan County in 2024 (6 in 5+ unit buildings).
• At $26,453/mo this rent would consume 645% of the median local household income ($49k/yr) (locally 1384% 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 $46k of value loss. Plan a longer hold.
• Sullivan County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $433k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($1.45M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $85k; list at $1.54M implies a 1718% gain — meaningful room to come down on a strong offer.

Recommended offer $1,452,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% 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. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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: 1.71% ✓
• Cap rate: 14.23%
• Cash-on-cash: 28.35%
• DSCR: 2.26
• GRM: 4.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.95% rent growth · sell at horizon

5-year hold

• IRR: 28.1%
• Equity multiple: 2.25×
• Total profit: $539,338
• Equity at exit: $230,365

10-year hold

• IRR: 38.4%
• Equity multiple: 5.48×
• Total profit: $1,938,427
• Equity at exit: $133,583

Cash invested: $432,600 (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 37660

• Home prices YoY: -24.2%
• Rents YoY: 8.0%
• Active inventory: 242
• Price-to-rent: 127.5×

Monthly cashflow live

• Estimated rent: $26,453 high
• Mortgage (P&I): −$8,102
• Tax est. 1.5%: −$1,931 /mo · $23,175/yr
• Insurance: −$644
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,555
• Net cashflow: $10,221

Break-even live

Break-even rent $13,515

Max offer price $1,545,000

Occupancy floor 56%

Sensitivity live

Price	-10% $11,288	-5% $10,755	+0% $10,221	+5% $9,687	+10% $9,153
Rent	-10% $8,131	-5% $9,176	+0% $10,221	+5% $11,266	+10% $12,311
Rate	-1.0pp $10,999	-0.5pp $10,614	base $10,221	+0.5pp $9,820	+1.0pp $9,413

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

Units	Beds	Baths	Est. rent
▸ 20× units	1.0	1.5	$20,200
▸ 5× units	3.0	1.5	$6,255
Total (25 units)			$26,453

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: $386,250
• Closing costs: $46,350
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $1,545,000 Active 74 DOM
2. 2026-06-19
   days on market $1,545,000 Active 72 DOM
3. 2026-06-18
   days on market $1,545,000 Active 71 DOM
4. 2026-06-17
   days on market $1,545,000 Active 70 DOM
5. 2026-06-16
   days on market $1,545,000 Active 69 DOM
6. 2026-06-15
   days on market $1,545,000 Active 68 DOM
7. 2026-06-14
   days on market $1,545,000 Active 66 DOM
8. 2026-06-13
   days on market $1,545,000 Active 65 DOM
9. 2026-06-10
   days on market $1,545,000 Active 63 DOM
10. 2026-06-09
    days on market $1,545,000 Active 62 DOM
11. 2026-06-08
    days on market $1,545,000 Active 61 DOM
12. 2026-06-07
    days on market $1,545,000 Active 60 DOM
13. 2026-06-05
    days on market $1,545,000 Active 57 DOM
14. 2026-06-03
    days on market $1,545,000 Active 56 DOM
15. 2026-06-02
    days on market $1,545,000 Active 55 DOM
16. 2026-06-01
    pricedays on market $1,545,000 Active 54 DOM
17. 2026-05-31
    days on market $1,595,000 Active 53 DOM
18. 2026-05-30
    days on market $1,595,000 Active 52 DOM
19. 2026-04-08
    listed $1,595,000 Active
20. 2004-02-05
    soldstatus $85,000
21. 2002-05-28
    soldstatus $75,000

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 6 d/yr ≥100°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $317,436
• − Mortgage interest: −$86,544
• − Property taxes: −$23,175
• − Insurance: −$7,725
• − Repairs & maintenance: −$25,395
• − Management: −$25,395
• − Depreciation: −$44,945
• Taxable income: $104,257
• Est. tax owed @ 24.0%: −$25,022
• After-tax cash flow: $97,627/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: Kingsport
• NCES district ID: 4702190
• Math proficiency: 35% ▼ -12.00%
• Reading proficiency: 38% ▼ -5.00%
• Median HH income: $38,017
• Composite: 30.44/100
• National rank: #6233
• State rank: #26 of 139 in TN

Livability — Kingsport

• Score: 71/100
• State rank: #39
• US rank: #6587

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kingsport, TN
• County: Sullivan County · 121,987 people
• City population: 83,493
• Metro: Kingsport-Bristol, TN-VA
• Population (ZIP): 40,996
• Household income: $49,191
• Rent vs Own: 39.2% rent · 60.8% own
• Severe rent burden: 1384.0

Population outlook (Sullivan County) Hauer SSP2

• Today (2025): 157,030 people
• By 2030: 156,415 · -0.4%
• By 2040: 153,778 · -2.1%
• By 2050: 149,018 · -5.1%
• By 2075: 138,068 · -12.1%
• By 2100: 119,927 · -23.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 4% Black 4% Hispanic / Latino 3%
• Common ancestry: Serbian 3% Slovak 3% Italian 1%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Sullivan

• 2024 margin: Solid R (+55.0) · D 22.0% · R 77.0% · Other 1.0%
• 2008→2024 swing: -13.6pp toward R · 2008: -41.3pp · 2024: -55.0pp
• All cycles: 2024: R+55.0 2020: R+51.9 2016: R+56.2 2012: R+47.2 2008: R+41.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -80.93%
• Current HPI: 252.9821
• Rent YoY: ▲ 7.95%
• Metro: Kingsport-Bristol, TN-VA
• 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

+2026.7% since first listed

3 events — show timeline

• 2026-04-08 Listed $1,595,000 Knoxville MLS
• 2004-02-05 Sold (Public Records) $85,000 Public Records
• 2002-05-28 Sold (Public Records) $75,000 Public Records

Property tax history

+6.2%/yr

Latest (2025): $2,585 · +75.7% YoY. Source: county tax records.