If you are looking at upscale housing, I imagine that your down payment and mortgage will be higher--are there areas nearby with lower prices that would attract the type of tenant you're describing?

 Cheesecake Factory is probably trading at attractive prices now, I imagine. 

That being said, prices can be attractive.

I was hoping with all the attractions and new additions that the area would being appreciating--but that did not pan out. 

What are some of the "anchor" industries/businesses that attract folks to the Chattanooga area?

I live in New Jersey and have been very attracted to the Dayton OH market lately.

Now you have an investment big enough to attract larger investors than just the local investors. 

Even if your property is accurately priced (or even priced on the lower end), you're always going to attract lower offers.Buyers know they have leverage right now and buyer agents are persuading would-be buyers by telling them they can offer under asking price.These are ultimately your properties so only you know your holding costs and stresses of holding the properties.

Which options seem to still attract good tenants?

This is just a general idea and would obviously depend on what the actual numbers looked like for this property and if the Unleveraged return is good enough to attract outside capital.