This income-producing property generates a combined monthly rental income of $1,950, delivering immediate cash flow for investors from day one. Currently configured as a duplex with both apartments sharing electric and water meters, the setup supports efficient operation while maintaining strong rental performance. Offering both convenience and long-term flexibility, this property presents a solid opportunity for steady income and future upside.
The versatile layout allows investors to continue operating the home as a multi-family rental or convert the property into a single-family residence with a private mother-in-law suite for added value.
Additional features include a fenced backyard area and rear patio, enhancing tenant desirability and outdoor living space. With strong rental functionality and multiple possibilities for future use, this property presents an attractive opportunity for both seasoned investors and owner-occupants seeking supplemental income.
Please contact the listing agent to schedule all showings.
For sale
Price cut: $5K (5/14)
$255,000
1987 Joe Stephens Rd, Morristown, TN 37814
3beds
--sqft
Est.: Get pre-qualified
Duplex, Multi Family
Built in 1952
-- sqft lot
$-- Zestimate®
$--/sqft
$-- HOA
What's special
Patio behind the home
- 257 days |
- 813 |
- 57 |
Zillow last checked:
Listing updated:
Listed by:
Trey Cate 865-310-8786,
The Cate Group, Realty & Property Management LLC 865-350-6411
Source: Lakeway Area AOR,MLS#: 708974
Tour with a local agent
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 3
- Bathrooms: 2
- Full bathrooms: 2
Heating
- Central, Varies by Unit
Cooling
- Ceiling Fan(s), Central Air, Wall Unit(s)
Appliances
- Included: Dishwasher, Dryer, Electric Oven, Electric Range, Refrigerator, Washer
- Laundry: Common Area, Electric Dryer Hookup, Gas Dryer Hookup, Laundry Room
Features
- Flooring: Combination, Luxury Vinyl, Wood
- Common walls with other units/homes: 1 Common Wall
Interior area
- Finished area above ground: 1,736
- Finished area below ground: 0
Property
Features
- Levels: One
- Stories: 1
- Patio & porch: Covered, Patio
- Exterior features: Balcony, Rain Gutters
- Fencing: Back Yard
Lot
- Size: 0.87 Acres
Details
- Parcel number: 032
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Duplex, Multi Family
Materials
- Vinyl Siding
- Foundation: Slab
- Roof: Shingle
Condition
- New construction: No
- Year built: 1952
Utilities & green energy
- Electric: Circuit Breakers
- Sewer: Septic Tank
- Water: Public
- Utilities for property: Electricity Connected, Water Connected
Community & HOA
Location
- Region: Morristown
Financial & listing details
- Tax assessed value: $221,400
- Annual tax amount: $503
- Date on market: 3/12/2026
- Inclusions: Kitchen Appliances: Refrigerator and stove Other: Washer and dryer
- Tenant pays: All Utilities, Trash Collection
- Electric utility on property: Yes
- Road surface type: Paved
Estimated market value
Not available
Estimated sales range
Not available
$1,387/mo
Price history
| Date | Event | Price |
|---|---|---|
| 5/14/2026 | Price change | $255,000-1.9% |
Source:  Lakeway Area AOR #708974 Report a problem | ||
| 4/7/2026 | Price change | $260,000-3% |
Source: Lakeway Area AOR #708974 Report a problem | ||
| 10/29/2025 | Price change | $268,000-2.5% |
Source: Lakeway Area AOR #708974 Report a problem | ||
| 9/11/2025 | Listed for sale | $275,000 |
Source: Lakeway Area AOR #708974 Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $1,302 +158.4% | $88,560 +246.3% |
| 2024 | $504 | $25,575 |
| 2023 | $504 | $25,575 |
| 2022 | $504 | $25,575 |
| 2021 | $504 | $25,575 |
| 2020 | $504 +6.2% | $25,575 +14.8% |
| 2019 | $474 | $22,275 |
| 2018 | $474 +0.1% | $22,275 |
| 2017 | $474 | $22,275 |
| 2016 | $474 +15% | $22,275 |
| 2015 | $412 | $22,275 |
| 2014 | -- | $22,275 -7.7% |
| 2013 | -- | $24,125 |
| 2011 | $446 | $24,125 |
| 2010 | $446 | $24,125 |
| 2009 | -- | $24,125 +13.4% |
| 2008 | $468 | $21,275 |
| 2007 | $468 +4.8% | $21,275 |
| 2006 | $447 | $21,275 |
| 2005 | $447 -11% | $21,275 |
| 2004 | $502 +42.1% | $21,275 +42.1% |
| 2003 | $353 | $14,975 +2.5% |
| 2001 | -- | $14,614 -75% |
| 2000 | -- | $58,457 |
Find assessor info on the county website
Monthly payment
Est. payment$--/mo
Payment breakdown
Explore the cost of this home by adjusting the details. Changes won't be saved.
All calculations are estimates and provided by Zillow, Inc. for informational purposes only. Actual amounts may vary.
HOA fees may include property taxes on listings classified as Co-Ops. Contact the listing agent and/or owner for fee details.
Mortgage interest rates are dependent on a number of factors, including credit score, down payment, and repayment length. Interest rate data provided by Zillow Group Marketplace, Inc. as of 1/1/1970 from various mortgage lenders with which we have lead or other similar arrangements; the Estimated Payment is an average of those rates.
See how much you could borrow to make a competitive offer.
Climate risks
Neighborhood: 37814
Getting around
0 / 100
Car-DependentNearby schools
GreatSchools rating
- 6/10Manley Elementary SchoolGrades: PK-5Distance: 1.8 mi
- 7/10West View Middle SchoolGrades: 6-8Distance: 3.6 mi
- 5/10Morristown West High SchoolGrades: 9-12Distance: 4.1 mi
Schools provided by the listing agent
- Elementary: Manley
- Middle: Westview
- High: West
Source: Lakeway Area AOR. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.
A local agent can set up tours, give advice and negotiate with sellers.
A local lender can help you make sure your offer is ready when you are.
- Tennessee
- Hamblen County
- Morristown
- 37814
- 1987 Joe Stephens Rd
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