1803 Indian Ridge Rd · Johnson City, TN 37604

$175,000

2 bd · 1.0 ba · 936 sqft · SingleFamily public records · 23 Days on market

Built 1920 7,500 sqft lot $187/sqft · 14% below area Est $203k · 14% 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 +16.3/30.0
• ARV discount +13.7/15.0
• DSCR +5.1/10.0
• Schools +3.9/10.0
• Livability +3.8/5.0
• 1% rule +3.3/10.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 2-bedroom, 1-bath home located in the heart of Johnson City! This property is the perfect investment opportunity, situated close to the medical center, downtown, historic Jonesborough, and shopping areas. Some updates have already been completed, offering a head start to making this home your own or turning it into a lucrative rental property. Features a level back lawn, ideal for outdoor enjoyment. This handyman special is priced to allow for the updates and personal touches you desire. Don't miss out on this fantastic opportunity! (1382R/4849S)

Key facts

• Metal roof
• Refreshed interior
• One-level living

Tags

• ONE-LEVEL LIVING
• METAL ROOF
• BACK DECK
• LEVEL BACKYARD
• REFRESHED INTERIOR
• NEW APPLIANCES

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $97 ($1k/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 $145k (17.4% below list).
• Recommended offer: $145k (17.4% below list) — sets the bar for 1% rule.
• Cap rate 7.0% vs local median 3.1% in Johnson City — 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 76/100 on livability (#8 in TN, #3,349 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, health & safety A; Watch: crime D, commute F, employment F.
• Johnson City (urban): math 46% / reading 47% proficiency, ranked #9 of 139 in TN (top 6%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Woodland Elementary (math 52% / reading 62%, grade C+, #75 of 952 statewide, top 8%, 522 students, 0% FRL); Liberty Bell Middle School (math 43% / reading 38%, grade F, #42 of 333 statewide, top 13%, 898 students, 0% FRL) — zoned schools average 0% FRL vs 44% district-wide (44 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+1.5%/yr); 209 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,155 units permitted in Washington County in 2024 (437 in 5+ unit buildings).
• This rent runs 33% of the median local income ($52k/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.
• Washington County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $117k; 50% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $144,545 (17.4% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Crime grade is D 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?
4. 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.
5. 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.
6. 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: 0.83% ✗
• Cap rate: 6.96%
• Cash-on-cash: 2.39%
• DSCR: 1.11
• GRM: 10.1

CMA / ARV

• ARV (median comp): $202,798
• List price: $175,000
• Delta: -13.71%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1803 Indian Ridge Rd	0.00mi	2/1.0	936 (0%)	20mo	$117,000	$125	83
1105 Miller St	0.12mi	2/1.0	1,014 (+8%)	1mo	$225,000	$222	80
801 North St	0.40mi	2/1.0	1,008 (+8%)	1mo	$262,000	$260	67
1203 Barton St	0.49mi	3/1.0 (+1)	864 (-8%)	2mo	$224,000	$259	58
405 North St	0.69mi	3/1.0 (+1)	966 (+3%)	1mo	$195,000	$202	57
1104 Barton St	0.44mi	3/1.0 (+1)	925 (-1%)	20mo	$200,000	$216	56
2001 Indian Ridge Rd	0.52mi	3/1.0 (+1)	1,008 (+8%)	4mo	$215,000	$213	55
712 Barton St	0.47mi	2/1.0	1,018 (+9%)	10mo	$209,000	$205	55
619 Barton St	0.54mi	2/1.0	1,000 (+7%)	11mo	$234,900	$235	54
903 North Barton Street St	0.47mi	3/1.0 (+1)	1,012 (+8%)	14mo	$245,000	$242	48
2009 Indian Ridge Rd	0.58mi	3/1.0 (+1)	814 (-13%)	4mo	$154,500	$190	43

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 · 1.51% rent growth · sell at horizon

5-year hold

• IRR: -14.1%
• Equity multiple: 0.50×
• Total profit: $-24,367
• Equity at exit: $26,093

10-year hold

• IRR: -7.6%
• Equity multiple: 0.55×
• Total profit: $-22,054
• Equity at exit: $15,131

Cash invested: $49,000 (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 37604

• Home prices YoY: -26.1%
• Rents YoY: 1.5%
• Active inventory: 209
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,445 high
• Mortgage (P&I): −$918
• Tax from tax record: −$54 /mo · $646/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$304
• Net cashflow: $97

Break-even live

Break-even rent $1,322

Max offer price $175,000

Occupancy floor 88%

Sensitivity live

Price	-10% $197	-5% $147	+0% $97	+5% $48	+10% $-2
Rent	-10% $-17	-5% $40	+0% $97	+5% $155	+10% $212
Rate	-1.0pp $186	-0.5pp $142	base $97	+0.5pp $52	+1.0pp $6

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1107 Miller St Johnson City, TN	3.0	1.0	980	$1,700	$1.73	45d	1	0.10mi
1005 N Barton St Johnson City, TN	3.0	1.0	896	$1,650	$1.84	45d	1	0.49mi
1408 Knob Creek Rd Unit 7 Johnson City, TN	2.0	1.0	949	$1,250	$1.32	45d	1	0.62mi
2506 McKinley Rd Unit 501 Johnson City, TN	1.0	1.0	736	$1,000	$1.36	22d	1	0.79mi
103 Beech St Unit 15 Johnson City, TN	2.0	1.0	743	$1,150	$1.55	14d	1	0.79mi
923 E Hillcrest Dr Unit 2 Johnson City, TN	2.0	1.0	1100	$1,500	$1.36	14d	1	0.95mi
1901 Knob Creek Rd Johnson City, TN	1.0–2.0	1.0–1.5	650	$1,495	$2.30	45d	1	0.95mi
505 Stanley Ave Apt 03 Johnson City, TN	2.0	1.0	800	$950	$1.19	45d	1	1.12mi
2805 W Walnut St Unit 13 Johnson City, TN	2.0	1.0	650	$900	$1.38	22d	1	1.15mi
1729 Mary St Johnson City, TN	3.0	1.0	890	$1,450	$1.63	45d	1	1.17mi
409 Brookhaven Dr Unit 409BRKHAVEN3 Johnson City, TN	1.0	1.0	675	$900	$1.33	45d	1	1.20mi
621 Lamont St Johnson City, TN	3.0	1.0	925	$1,500	$1.62	14d	1	1.22mi
510 Lamont St Apt 3 Johnson City, TN	1.0	1.0	600	$800	$1.33	14d	1	1.32mi
707 Carter Sells Rd Unit 4 Johnson City, TN	2.0	1.0	850	$900	$1.06	22d	1	1.34mi
234 Mockingbird Ln Johnson City, TN	1.0–2.0	1.0–1.5	852	$1,419	$1.67	14d	3	1.40mi

Listing history 12 events

1. 2025-08-26
   price $175,000
2. 2025-08-13
   price $185,000
3. 2025-08-05
   price $199,000
4. 2025-07-28
   price $199,750
5. 2025-07-21
   price $215,000
6. 2025-07-07
   price $220,000
7. 2024-10-22
   soldstatus $117,000
8. 2024-10-18
   soldstatus $117,000 Closed 561-char remark

   Show marketing remark (561 chars)

   Charming 2-bedroom, 1-bath home located in the heart of Johnson City! This property is the perfect investment opportunity, situated close to the medical center, downtown, historic Jonesborough, and shopping areas. Some updates have already been completed, offering a head start to making this home your own or turning it into a lucrative rental property. Features a level back lawn, ideal for outdoor enjoyment. This handyman special is priced to allow for the updates and personal touches you desire. Don't miss out on this fantastic opportunity! (1382R/4849S)

9. 2024-10-10
   status Pending 561-char remark

   Show marketing remark (561 chars)

   Charming 2-bedroom, 1-bath home located in the heart of Johnson City! This property is the perfect investment opportunity, situated close to the medical center, downtown, historic Jonesborough, and shopping areas. Some updates have already been completed, offering a head start to making this home your own or turning it into a lucrative rental property. Features a level back lawn, ideal for outdoor enjoyment. This handyman special is priced to allow for the updates and personal touches you desire. Don't miss out on this fantastic opportunity! (1382R/4849S)

10. 2024-10-08
    listed $129,500 Active 561-char remark

    Show marketing remark (561 chars)

    Charming 2-bedroom, 1-bath home located in the heart of Johnson City! This property is the perfect investment opportunity, situated close to the medical center, downtown, historic Jonesborough, and shopping areas. Some updates have already been completed, offering a head start to making this home your own or turning it into a lucrative rental property. Features a level back lawn, ideal for outdoor enjoyment. This handyman special is priced to allow for the updates and personal touches you desire. Don't miss out on this fantastic opportunity! (1382R/4849S)

11. 1998-06-12
    soldstatus $30,000
12. 1978-11-14
    soldstatus $15,000

ⓘ 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: $646 · $54/mo
• Projected year-2 tax: $1,242 · $104/mo
• Expected delta: +$596/yr (+$50/mo · 92.3%)

ⓘ 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 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,345
• − Mortgage interest: −$9,803
• − Property taxes: −$646
• − Insurance: −$875
• − Repairs & maintenance: −$1,388
• − Management: −$1,388
• − Depreciation: −$5,091
• Taxable loss: −$1,844
• Est. tax savings @ 24.0%: +$443
• After-tax cash flow: $1,612/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: Johnson City
• NCES district ID: 4702130
• Math proficiency: 46% ▼ -14.00%
• Reading proficiency: 47% ▼ -2.00%
• Median HH income: $37,514
• Composite: 38.69/100
• National rank: #4143
• State rank: #9 of 139 in TN

Livability — Johnson City

• Score: 76/100
• State rank: #8
• US rank: #3349

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Johnson City, TN
• County: Washington County · 129,006 people
• City population: 99,926
• Metro: Johnson City, TN
• Population (ZIP): 39,097
• Household income: $52,345
• Rent vs Own: 49.7% rent · 50.3% own
• Severe rent burden: 2254.0

Population outlook (Washington County) Hauer SSP2

• Today (2025): 132,816 people
• By 2030: 135,823 · +2.3%
• By 2040: 140,897 · +6.1%
• By 2050: 145,073 · +9.2%
• By 2075: 156,386 · +17.7%
• By 2100: 159,893 · +20.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 6% Black 6% Two or more races 5% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Slovak 3% Serbian 3% Italian 3%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 4% Other Indo-European 1%

Political lean MEDSL · Washington

• 2024 margin: Solid R (+39.5) · D 29.6% · R 69.1% · Other 1.3%
• 2008→2024 swing: -6.0pp toward R · 2008: -33.5pp · 2024: -39.5pp
• All cycles: 2024: R+39.5 2020: R+36.2 2016: R+42.9 2012: R+38.5 2008: R+33.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -97.73%
• Current HPI: 277.1137
• Rent YoY: ▲ 1.51%
• Metro: Johnson City, 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

+1066.7% since first listed

12 events — show timeline

• 2025-08-26 Price Changed $175,000 TVRMLS
• 2025-08-13 Price Changed $185,000 TVRMLS
• 2025-08-05 Price Changed $199,000 TVRMLS
• 2025-07-28 Price Changed $199,750 TVRMLS
• 2025-07-21 Price Changed $215,000 TVRMLS
• 2025-07-07 Price Changed $220,000 TVRMLS
• 2024-10-22 Sold (Public Records) $117,000 Public Records
• 2024-10-18 Sold (MLS) $117,000 TVRMLS
• 2024-10-10 Pending — TVRMLS
• 2024-10-08 Listed $129,500 TVRMLS
• 1998-06-12 Sold (Public Records) $30,000 Public Records
• 1978-11-14 Sold (Public Records) $15,000 Public Records

Property tax history

+2.1%/yr

Latest (2025): $646 · +0.0% YoY. Source: county tax records.