232 W Legion Cir · Pikeville, TN 37367

$109,900

2 bd · 1.0 ba · 845 sqft · SingleFamily · 30 Days on market

Built 1978 Good condition 9,583 sqft lot $130/sqft · 32% below area Est $161k · 32% under ↓ 8% since listing

---

Why this score? — see what drove the A 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Condition / age +3.8/5.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Schools +1.9/10.0

Listing remarks MLS

;; Charming Downtown Pikeville Home! Step inside this beautifully remodeled 2-bedroom, 1-bath home just minutes from downtown Pikeville. Enjoy a fresh, modern interior featuring new kitchen cabinets, updated flooring, and fresh paint throughout ready for you to move right in! The seller is offering a $1,000 allowance at closing toward your choice of appliances, making it easy to personalize your new kitchen. Perfect for first-time buyers, downsizers, or anyone looking for a cozy home close to town conveniences. Buyer to verify all information before making an informed offer

Key facts

• Fresh paint
• New kitchen cabinets
• Updated flooring

Tags

• REMODELED HOME
• NEW KITCHEN CABINETS
• UPDATED FLOORING
• FRESH PAINT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $110k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $846 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $108k (1.5% below list) — sets the bar for market timing.
• Cap rate 15.5% vs local median 4.8% in Pikeville — 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 59/100 on livability (#296 in TN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A, housing B+; Watch: health & safety C-, schools F, amenities F.
• Bledsoe County (rural): math 19% / reading 27% proficiency, ranked #104 of 139 in TN (top 75%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 155 active listings in the ZIP.
• This rent runs 45% of the median local income ($55k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $12k of equity ($760 loan paydown + $11k appreciation (10.0% local appreciation)).
• Bledsoe County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $108,251 (1.5% below list)

Questions for the listing agent

1. Built in 1978 — 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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.85% ✓
• Cap rate: 15.53%
• Cash-on-cash: 32.98%
• DSCR: 2.47
• GRM: 4.5

CMA / ARV

• ARV (median comp): $161,379
• List price: $109,900
• Delta: -28.74%
• Verdict: UNDERPRICED
• Comps: 8 within 2.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 49.5%
• Equity multiple: 4.70×
• Total profit: $113,749
• Equity at exit: $99,007

10-year hold

• IRR: 43.2%
• Equity multiple: 10.51×
• Total profit: $292,675
• Equity at exit: $213,512

Cash invested: $30,772 (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 37367

• Home prices YoY: 34.5%
• Active inventory: 155
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $2,032 medium
• Mortgage (P&I): −$576
• Tax est. 1.5%: −$137 /mo · $1,648/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$427
• Net cashflow: $846

Break-even live

Break-even rent $961

Max offer price $109,900

Occupancy floor 53%

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $109,900 Active 30 DOM
2. 2026-06-17
   days on market $109,900 Active 29 DOM
3. 2026-06-16
   days on market $109,900 Active 28 DOM
4. 2026-06-15
   days on market $109,900 Active 27 DOM
5. 2026-06-14
   days on market $109,900 Active 25 DOM
6. 2026-06-10
   days on market $109,900 Active 22 DOM
7. 2026-06-09
   days on market $109,900 Active 21 DOM
8. 2026-06-08
   days on market $109,900 Active 20 DOM
9. 2026-06-07
   days on market $109,900 Active 19 DOM
10. 2026-06-03
    days on market $109,900 Active 15 DOM
11. 2026-06-02
    days on market $109,900 Active 14 DOM
12. 2026-06-01
    days on market $109,900 Active 13 DOM
13. 2026-05-31
    days on market $109,900 Active 12 DOM
14. 2026-05-30
    days on market $109,900 Active 11 DOM
15. 2026-05-20
    listed $109,900 Active 588-char remark

    Show marketing remark (588 chars)

    ;; Charming Downtown Pikeville Home! Step inside this beautifully remodeled 2-bedroom, 1-bath home just minutes from downtown Pikeville. Enjoy a fresh, modern interior featuring new kitchen cabinets, updated flooring, and fresh paint throughout ready for you to move right in! The seller is offering a $1,000 allowance at closing toward your choice of appliances, making it easy to personalize your new kitchen. Perfect for first-time buyers, downsizers, or anyone looking for a cozy home close to town conveniences. Buyer to verify all information before making an informed offer

16. 2026-05-19
    listed $109,900 Active 583-char remark

    Show marketing remark (583 chars)

    ;; Charming Downtown Pikeville Home! Step inside this beautifully remodeled 2-bedroom, 1-bath home just minutes from downtown Pikeville. Enjoy a fresh, modern interior featuring new kitchen cabinets, updated flooring, and fresh paint throughout ready for you to move right in! The seller is offering a $1,000 allowance at closing toward your choice of appliances, making it easy to personalize your new kitchen. Perfect for first-time buyers, downsizers, or anyone looking for a cozy home close to town conveniences. Buyer to verify all information before making an informed offer

17. 2026-05-17
    historical
18. 2026-03-20
    status Active
19. 2026-02-11
    historical Active Under Contract
20. 2026-01-26
    price $115,000
21. 2026-01-26
    price $115,000
22. 2025-11-18
    listed $119,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥103°F today · 21 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,383
• − Mortgage interest: −$6,156
• − Property taxes: −$1,648
• − Insurance: −$550
• − Repairs & maintenance: −$1,951
• − Management: −$1,951
• − Depreciation: −$3,197
• Taxable income: $8,930
• Est. tax owed @ 24.0%: −$2,143
• After-tax cash flow: $8,005/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.

Condition & rehab AI · 11 photos

Good 75/100 Cosmetic rehab

This charming 2-bedroom, 1-bath home in Pikeville is move-in ready with fresh updates and a good condition score. It offers a great opportunity for first-time buyers or downsizers looking for a cozy home close to town conveniences.

Value-add opportunities

• Resale Painting exterior siding — Enhances curb appeal and can add value
• Resale Landscaping improvements — Enhances curb appeal and can add value
• Both New outdoor lighting — Improves safety and enhances curb appeal

Renovation cost estimate screening

Value-add ROI direction

• Resale Painting exterior siding — Enhances curb appeal and can add value ↑
• Resale Landscaping improvements — Enhances curb appeal and can add value ↑
• Both New outdoor lighting — Improves safety and enhances curb appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Bledsoe County
• NCES district ID: 4700270
• Math proficiency: 19% ▼ -13.00%
• Reading proficiency: 27% ▼ -1.00%
• Median HH income: $35,901
• Composite: 19.02/100
• National rank: #8845
• State rank: #104 of 139 in TN

Livability — Pikeville

• Score: 59/100
• State rank: #296
• US rank: #20539

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pikeville, TN
• County: Bledsoe · 11,736 people
• Population (ZIP): 11,736
• Household income: $54,696
• Rent vs Own: 21.1% rent · 78.9% own
• Severe rent burden: 2.1

Population outlook (Bledsoe County) Hauer SSP2

• Today (2025): 18,085 people
• By 2030: 19,649 · +8.6%
• By 2040: 22,438 · +24.1%
• By 2050: 24,582 · +35.9%
• By 2075: 26,769 · +48.0%
• By 2100: 25,033 · +38.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Black 7% Two or more races 6% Hispanic / Latino 2%
• Common ancestry: Italian 1% Slovak 1% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Bledsoe

• 2024 margin: Solid R (+70.5) · D 14.4% · R 84.9%
• 2008→2024 swing: -36.0pp toward R · 2008: -34.5pp · 2024: -70.5pp
• All cycles: 2024: R+70.5 2020: R+65.2 2016: R+58.6 2012: R+40.3 2008: R+34.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 106.44%
• Current HPI: 415.344
• Rent YoY: —
• Metro: —
• 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

-7.6% since first listed

8 events — show timeline

• 2026-05-20 Listed $109,900 REALTRACS as Distributed by MLS Grid
• 2026-05-19 Listed $109,900 GCAR
• 2026-05-17 Listing Removed — REALTRACS as Distributed by MLS Grid
• 2026-03-20 Relisted — REALTRACS as Distributed by MLS Grid
• 2026-02-11 Contingent — REALTRACS as Distributed by MLS Grid
• 2026-01-26 Price Changed $115,000 GCAR
• 2026-01-26 Price Changed $115,000 REALTRACS as Distributed by MLS Grid
• 2025-11-18 Listed $119,000 REALTRACS as Distributed by MLS Grid