203 E 13th North St · Morristown, TN 37814

$145,000

3 bd · 1.0 ba · 1,320 sqft · SingleFamily public records · 39 Days on market

Built 1939 10,018 sqft lot $110/sqft · 23% below area Est $188k · 23% 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 +23.4/30.0
• ARV discount +15.0/15.0
• DSCR +7.5/10.0
• 1% rule +5.0/10.0
• Livability +3.2/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Located in the heart of Morristown, this 3-bedroom, 1-bath home is full of potential and ready for your vision. With over 1,300 square feet of living space, this fixer-upper offers a great opportunity for investors, first-time buyers, or anyone looking to create their dream home. Situated on a spacious corner lot, the property features a welcoming covered front porch, mature shade trees, and a detached garage perfect for storage, a workshop, or extra parking. Inside, you'll find generous room sizes and endless possibilities to customize and renovate to your style. Conveniently located near shopping, dining, schools, and downtown Morristown amenities, this property combines small-town charm

Key facts

• Covered front porch
• Near dining
• Near shopping

Tags

• COVERED FRONT PORCH
• MATURE SHADE TREES
• DETACHED GARAGE
• SPACIOUS CORNER LOT
• NEAR SHOPPING
• NEAR DINING

Property features AI

Exterior

• Parking: Attached or detached garage with 1 parking space
• Utilities: Public water; Public sewer; Cable available; Electricity available
• Home design: Single-family residence (house); One story; Entry level: main
• Construction: Vinyl siding; Block foundation; Shingle roof; Built area above grade: 1,320
• Exterior features: Corner lot; Gravel road frontage (public maintained, city street); Garage(s)

Interior

• Kitchen: Electric cooktop; Electric oven; Refrigerator
• Bedrooms: Total rooms: 7
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Heat pump; Central heating and cooling; Wood stove
• Interior features: Awning(s); Covered patio/porch; Electric water heater; Fixer condition
• Laundry & utility: Main-level laundry room; 220V outlet in laundry

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $268 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $145k).
• Recommended offer: $141k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 2.9% in Morristown — 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 64/100 on livability (#175 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: crime F, amenities F, commute F.
• Hamblen County (urban): math 31% / reading 30% proficiency, ranked #57 of 139 in TN (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: West Elementary (math 32% / reading 27%, grade F, #423 of 952 statewide, top 48%, 432 students, 0% FRL); Lincoln Heights Middle School (math 23% / reading 18%, grade F, #194 of 333 statewide, top 59%, 561 students, 0% FRL); Morristown West High (math 13% / reading 44%, grade F, #96 of 332 statewide, top 30%, 1,506 students, 0% FRL) — zoned schools average 0% FRL vs 54% district-wide (54 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 332 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 298 units permitted in Hamblen County in 2024 (48 in 5+ unit buildings).
• This rent runs 31% of the median local income ($56k/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 $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $9k; list at $145k implies a 1511% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,650 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 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 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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 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: 1.00% ✓
• Cap rate: 8.51%
• Cash-on-cash: 7.93%
• DSCR: 1.35
• GRM: 8.3

CMA / ARV

• ARV (median comp): $188,209
• List price: $145,000
• Delta: -22.96%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1509 Goodson Ave	0.22mi	3/1.5	1,331 (+1%)	1mo	$156,750	$118	85
1036 N Henry St	0.19mi	3/1.0	1,452 (+10%)	1mo	$240,000	$165	73
321 E Converse St	0.16mi	3/1.0	1,152 (-13%)	16mo	$219,000	$190	58
137 Morton St	0.59mi	3/1.0	1,248 (-6%)	8mo	$215,000	$172	57
2008 Murray St	0.73mi	3/1.0	1,250 (-5%)	1mo	$245,000	$196	56
145 Virginia Ave	0.48mi	2/1.0 (-1)	1,220 (-8%)	8mo	$230,000	$189	54
340 Gilbert St	0.47mi	3/1.0	1,474 (+12%)	10mo	$235,000	$159	50
1111 Carmichael St	0.72mi	3/1.0	1,176 (-11%)	2mo	$245,900	$209	47
1420 Buffalo Trl	0.56mi	3/1.0	1,129 (-14%)	4mo	$190,000	$168	46
550 W 7th North St	0.66mi	3/2.0	1,126 (-15%)	1mo	$120,000	$107	40
523 N Jackson St	0.72mi	4/1.0 (+1)	1,130 (-14%)	2mo	$150,000	$133	36
522 Katerina Dr	0.63mi	3/2.0	1,485 (+12%)	12mo	$380,000	$256	35

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -4.2%
• Equity multiple: 0.84×
• Total profit: $-6,452
• Equity at exit: $21,620

10-year hold

• IRR: 5.4%
• Equity multiple: 1.40×
• Total profit: $16,180
• Equity at exit: $12,537

Cash invested: $40,600 (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 37814

• Home prices YoY: -17.1%
• Active inventory: 332
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,453 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$58 /mo · $700/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$305
• Net cashflow: $268

Break-even live

Break-even rent $1,113

Max offer price $145,000

Occupancy floor 77%

Sensitivity live

Price	-10% $351	-5% $309	+0% $268	+5% $227	+10% $186
Rent	-10% $154	-5% $211	+0% $268	+5% $326	+10% $383
Rate	-1.0pp $341	-0.5pp $305	base $268	+0.5pp $231	+1.0pp $193

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
578 Housley St Morristown, TN	2.0	2.0	949	$890	$0.94	22d	1	0.66mi

Listing history 18 events

1. 2026-06-21
   days on market $145,000 Active 39 DOM
2. 2026-06-19
   days on market $145,000 Active 37 DOM
3. 2026-06-18
   days on market $145,000 Active 36 DOM
4. 2026-06-17
   days on market $145,000 Active 35 DOM
5. 2026-06-16
   days on market $145,000 Active 34 DOM
6. 2026-06-15
   days on market $145,000 Active 33 DOM
7. 2026-06-14
   days on market $145,000 Active 31 DOM
8. 2026-06-12
   days on market $145,000 Active 30 DOM
9. 2026-06-09
   days on market $145,000 Active 27 DOM
10. 2026-06-08
    days on market $145,000 Active 26 DOM
11. 2026-06-07
    days on market $145,000 Active 25 DOM
12. 2026-06-05
    days on market $145,000 Active 22 DOM
13. 2026-06-02
    days on market $145,000 Active 20 DOM
14. 2026-06-01
    days on market $145,000 Active 19 DOM
15. 2026-05-31
    days on market $145,000 Active 18 DOM
16. 2026-05-30
    days on market $145,000 Active 17 DOM
17. 2026-05-13
    listed $145,000 Active 787-char remark
18. 1986-10-01
    soldstatus $9,000

ⓘ 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: $700 · $58/mo
• Projected year-2 tax: $1,030 · $86/mo
• Expected delta: +$330/yr (+$27/mo · 47.1%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥101°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 8 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,432
• − Mortgage interest: −$8,122
• − Property taxes: −$700
• − Insurance: −$725
• − Repairs & maintenance: −$1,395
• − Management: −$1,395
• − Depreciation: −$4,218
• Taxable income: $877
• Est. tax owed @ 24.0%: −$211
• After-tax cash flow: $3,011/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: Hamblen County
• NCES district ID: 4700001
• Math proficiency: 31% ▼ -5.00%
• Reading proficiency: 30% ▼ -4.00%
• Median HH income: $39,361
• Composite: 25.61/100
• National rank: #7412
• State rank: #57 of 139 in TN

Livability — Morristown

• Score: 64/100
• State rank: #175
• US rank: #14625

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Morristown, TN
• County: Hamblen County · 35,239 people
• City population: 35,239
• Metro: Morristown, TN
• Population (ZIP): 35,239
• Household income: $55,650
• Rent vs Own: 33.5% rent · 66.5% own
• Severe rent burden: 1001.0

Population outlook (Hamblen County) Hauer SSP2

• Today (2025): 65,185 people
• By 2030: 65,707 · +0.8%
• By 2040: 66,189 · +1.5%
• By 2050: 65,798 · +0.9%
• By 2075: 62,642 · -3.9%
• By 2100: 55,702 · -14.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 16% Two or more races 12% Black 4% Asian 1%
• Hispanic origin (detail): Mexican 12% Puerto Rican 2%
• Common ancestry: Slovak 3% Lithuanian 2% Serbian 2%
• Foreign-born: 8% · Canada
• Languages at home: 85% English-only · Spanish 13% Other Asian/Pacific 1%

Political lean MEDSL · Hamblen

• 2024 margin: Solid R (+58.9) · D 20.1% · R 79.0%
• 2008→2024 swing: -20.5pp toward R · 2008: -38.4pp · 2024: -58.9pp
• All cycles: 2024: R+58.9 2020: R+54.0 2016: R+57.2 2012: R+46.4 2008: R+38.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -61.88%
• Current HPI: 299.6486
• Rent YoY: —
• Metro: Morristown, 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

+1511.1% since first listed

2 events — show timeline

• 2026-05-13 Listed $145,000 LAAR
• 1986-10-01 Sold (Public Records) $9,000 Public Records

Property tax history

+5.1%/yr

Latest (2025): $700 · +71.6% YoY. Source: county tax records.