I had a similar problem with a small 10" Craftsman once. It turned out the bearing press-fit into the bottom wheel hub wasn't that snug. When the blade was tensioned and the wheels turned the bearing would move around a tiny bit in the hub and make a knocking sound once per rotation. I could only detect the noise at lower speeds, when the saw was turned off and the wheels were coming to a stop. And it only happened if the blade was under tension.
The fix for me (bought the saw used) was to use some Loc-tite stuff for gluing bearings into their bores.