115 Melrose Ave · Bulls Gap, TN 37711

$149,900

3 bd · 2.0 ba · 1,100 sqft · Other · 70 Days on market

Built 1988 0.58 ac lot $136/sqft · 16% above area Est $130k · 16% over

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Why this score? — see what drove the F 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).

• Appreciation +10.0/10.0
• Cash flow +6.9/30.0
• Livability +2.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• 1% rule +1.9/10.0
• DSCR +1.2/10.0
• ARV discount +0.4/15.0

Listing remarks MLS

Diamond in the Rough with a View! This 3-bedroom, 2-bathroom home in Bulls Gap sits on a 0.58-acre lot, offering the perfect balance of affordability and potential. While it needs a little TLC and some modern updates to truly shine, the home is a solid canvas for someone looking to customize their space without starting from scratch. You'll love the expansive, level yard--ideal for pets, gardening, or a detached garage--and the peaceful, rural atmosphere that makes East Tennessee so desirable. Whether you're looking for a budget-friendly primary residence or a high-potential rental, this property offers incredible value for the price. Sold as-is, bring your creative touch and unlock the full charm of this Tennessee homestead!

Key facts

• Level yard
• Rural atmosphere
• Detached garage

Tags

• LEVEL YARD
• RURAL ATMOSPHERE
• DETACHED GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $150k.

Deal economics

• At list price, monthly cash flow is $-224 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $118k (21.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $103k (31.4% below list).
• Recommended offer: $103k (31.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 54/100 on livability (#379 in TN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities F.
• Hawkins County (rural): math 23% / reading 26% proficiency, ranked #93 of 139 in TN (top 67%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 40 active listings in the ZIP; 151 units permitted in Hawkins County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (10.0% local appreciation)).
• Hawkins County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 3 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.
• Current owner paid $10k; list at $150k implies a 1399% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $102,835 (31.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is F 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.69% ✗
• Cap rate: 4.50%
• Cash-on-cash: -6.39%
• DSCR: 0.72
• GRM: 12.1

CMA / ARV

• ARV (median comp): $129,500
• List price: $149,900
• Delta: 15.75%
• Verdict: OVERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 19.8%
• Equity multiple: 2.61×
• Total profit: $67,419
• Equity at exit: $135,042

10-year hold

• IRR: 18.1%
• Equity multiple: 6.00×
• Total profit: $209,764
• Equity at exit: $291,223

Cash invested: $41,972 (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 37711

• Home prices YoY: 2.4%
• Active inventory: 40
• Price-to-rent: 12.1×

Monthly cashflow live

• Estimated rent: $1,028 medium
• Mortgage (P&I): −$786
• Tax est. 1.5%: −$187 /mo · $2,248/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$216
• Net cashflow: $-224

Break-even live

Break-even rent $1,311

Max offer price $117,556

Occupancy floor —

Sensitivity live

Price	-10% $-120	-5% $-172	+0% $-224	+5% $-275	+10% $-327
Rent	-10% $-305	-5% $-264	+0% $-224	+5% $-183	+10% $-142
Rate	-1.0pp $-148	-0.5pp $-185	base $-224	+0.5pp $-262	+1.0pp $-302

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-19
   days on market $149,900 Active 70 DOM
2. 2026-06-18
   days on market $149,900 Active 69 DOM
3. 2026-06-17
   days on market $149,900 Active 68 DOM
4. 2026-06-16
   days on market $149,900 Active 67 DOM
5. 2026-06-15
   days on market $149,900 Active 66 DOM
6. 2026-06-14
   days on market $149,900 Active 64 DOM
7. 2026-06-13
   days on market $149,900 Active 63 DOM
8. 2026-06-10
   days on market $149,900 Active 61 DOM
9. 2026-06-09
   days on market $149,900 Active 60 DOM
10. 2026-06-08
    days on market $149,900 Active 59 DOM
11. 2026-06-07
    days on market $149,900 Active 58 DOM
12. 2026-06-05
    days on market $149,900 Active 55 DOM
13. 2026-06-02
    days on market $149,900 Active 53 DOM
14. 2026-06-01
    days on market $149,900 Active 52 DOM
15. 2026-05-31
    days on market $149,900 Active 51 DOM
16. 2026-05-30
    days on market $149,900 Active 50 DOM
17. 2026-04-27
    listed $149,900 Active 735-char remark

    Show marketing remark (735 chars)

    Diamond in the Rough with a View! This 3-bedroom, 2-bathroom home in Bulls Gap sits on a 0.58-acre lot, offering the perfect balance of affordability and potential. While it needs a little TLC and some modern updates to truly shine, the home is a solid canvas for someone looking to customize their space without starting from scratch. You'll love the expansive, level yard--ideal for pets, gardening, or a detached garage--and the peaceful, rural atmosphere that makes East Tennessee so desirable. Whether you're looking for a budget-friendly primary residence or a high-potential rental, this property offers incredible value for the price. Sold as-is, bring your creative touch and unlock the full charm of this Tennessee homestead!

18. 2026-04-27
    listed $149,900 Active 735-char remark

    Show marketing remark (735 chars)

    Diamond in the Rough with a View! This 3-bedroom, 2-bathroom home in Bulls Gap sits on a 0.58-acre lot, offering the perfect balance of affordability and potential. While it needs a little TLC and some modern updates to truly shine, the home is a solid canvas for someone looking to customize their space without starting from scratch. You'll love the expansive, level yard--ideal for pets, gardening, or a detached garage--and the peaceful, rural atmosphere that makes East Tennessee so desirable. Whether you're looking for a budget-friendly primary residence or a high-potential rental, this property offers incredible value for the price. Sold as-is, bring your creative touch and unlock the full charm of this Tennessee homestead!

19. 2026-04-09
    listed $149,900 Active
20. 2000-12-22
    soldstatus $10,000

ⓘ 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 5/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥102°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,340
• − Mortgage interest: −$8,397
• − Property taxes: −$2,248
• − Insurance: −$750
• − Repairs & maintenance: −$987
• − Management: −$987
• − Depreciation: −$4,361
• Taxable loss: −$5,390
• Est. tax savings @ 24.0%: +$1,294
• After-tax cash flow: $-1,389/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: Hawkins County
• NCES district ID: 4701740
• Math proficiency: 23% ▼ -9.00%
• Reading proficiency: 26% ▼ -6.00%
• Median HH income: $37,555
• Composite: 20.45/100
• National rank: #8581
• State rank: #93 of 139 in TN

Livability — Bulls Gap

• Score: 54/100
• State rank: #379
• US rank: #24113

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bulls Gap, TN
• Population (ZIP): 5,682

Population outlook (Hawkins County) Hauer SSP2

• Today (2025): 55,226 people
• By 2030: 53,784 · -2.6%
• By 2040: 50,015 · -9.4%
• By 2050: 45,682 · -17.3%
• By 2075: 36,211 · -34.4%
• By 2100: 26,536 · -52.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Hispanic / Latino 1% Two or more races 1%
• Common ancestry: Serbian 4% Italian 2% Slovak 1%
• Foreign-born: 0%
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Hawkins

• 2024 margin: Solid R (+68.8) · D 15.2% · R 84.0%
• 2008→2024 swing: -26.9pp toward R · 2008: -42.0pp · 2024: -68.8pp
• All cycles: 2024: R+68.8 2020: R+65.8 2016: R+63.4 2012: R+47.0 2008: R+42.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 10.37%
• Current HPI: 437.2332
• 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

+1399.0% since first listed

4 events — show timeline

• 2026-04-27 Listed $149,900 LAAR
• 2026-04-27 Listed $149,900 TVRMLS
• 2026-04-09 Listed $149,900 Knoxville MLS
• 2000-12-22 Sold (Public Records) $10,000 Public Records

Property tax history

-1.0%/yr

Latest (2025): $90 · -36.2% YoY. Source: county tax records.