149 Fairgarden Rd · Fairgarden, TN 37876

$450,000

None bd · None ba · 696 sqft · MultiFamily · 102 Days on market

Built 1964 Poor condition ↓ 14% since listing

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Why this score? — see what drove the C+ 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 +24.7/30.0
• Appreciation +10.0/10.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Livability +2.7/5.0
• Schools +2.5/10.0
• Rent growth +1.9/5.0
• Condition / age +1.0/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

This offering consists of two mobile home parks located in Sevierville, TN. 149 Fairgarden Road is a 1.18 acre lot with 4 mobile homes all paying lot rent. 9217 Kodak Road is a 2.96 acre lot with one recently renovated park owned home and two RVs paying lot rent.

Key facts

• Built 1964
• Listed 101 days

What this means for you Summary

Snapshot

• This is a multifamily listed at $450k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $938 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $450k).
• Recommended offer: $410k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 1.9% in Fairgarden — 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 54/100 on livability (#381 in TN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: crime F, amenities F, commute F.
• Sevier County (rural): math 31% / reading 28% proficiency, ranked #62 of 139 in TN (top 45%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: New Center Elementary (math 32% / reading 28%, grade F, #415 of 952 statewide, top 44%, 855 students, 0% FRL); Seymour Junior High (math 40% / reading 30%, grade F, #65 of 333 statewide, top 20%, 766 students, 0% FRL); Sevier County High School (math 20% / reading 38%, grade F, #92 of 332 statewide, top 28%, 1,248 students, 0% FRL) — zoned schools average 0% FRL vs 52% district-wide (52 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents soft (-2.6%/yr); 1127 active listings in the ZIP; 1,594 units permitted in Sevier County in 2024 (456 in 5+ unit buildings).
• At $5,124/mo this rent would consume 106% of the median local household income ($58k/yr) (locally 611% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $48k of equity ($3k loan paydown + $45k appreciation (10.0% local appreciation)).
• Sevier County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 0.0% rent growth), your $126k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$77k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 102 days — a 9% lower offer ($410k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major 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 $409,500 (9.0% below list)

Questions for the listing agent

1. It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.14% ✓
• Cap rate: 8.79%
• Cash-on-cash: 8.93%
• DSCR: 1.40
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 29.5%
• Equity multiple: 3.30×
• Total profit: $289,892
• Equity at exit: $405,396

10-year hold

• IRR: 24.8%
• Equity multiple: 7.19×
• Total profit: $779,963
• Equity at exit: $874,251

Cash invested: $126,000 (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 37876

• Home prices YoY: 2.4%
• Rents YoY: -2.6%
• Active inventory: 1127
• Price-to-rent: 29.3×

Monthly cashflow live

• Estimated rent: $5,124 medium
• Mortgage (P&I): −$2,360
• Tax est. 1.5%: −$562 /mo · $6,750/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,076
• Net cashflow: $938

Break-even live

Break-even rent $3,937

Max offer price $450,000

Occupancy floor 77%

Sensitivity live

Price	-10% $1,249	-5% $1,094	+0% $938	+5% $783	+10% $627
Rent	-10% $533	-5% $736	+0% $938	+5% $1,141	+10% $1,343
Rate	-1.0pp $1,165	-0.5pp $1,053	base $938	+0.5pp $822	+1.0pp $703

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$5,124
Total (4 units)			$5,124

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $450,000 Active 102 DOM
2. 2026-06-18
   days on market $450,000 Active 101 DOM
3. 2026-06-17
   days on market $450,000 Active 100 DOM
4. 2026-06-16
   days on market $450,000 Active 99 DOM
5. 2026-06-15
   days on market $450,000 Active 98 DOM
6. 2026-06-14
   days on market $450,000 Active 96 DOM
7. 2026-06-13
   days on market $450,000 Active 95 DOM
8. 2026-06-10
   days on market $450,000 Active 93 DOM
9. 2026-06-09
   days on market $450,000 Active 92 DOM
10. 2026-06-08
    days on market $450,000 Active 91 DOM
11. 2026-06-07
    days on market $450,000 Active 90 DOM
12. 2026-06-02
    days on market $450,000 Active 85 DOM
13. 2026-06-01
    days on market $450,000 Active 84 DOM
14. 2026-05-31
    days on market $450,000 Active 83 DOM
15. 2026-05-30
    days on market $450,000 Active 82 DOM
16. 2026-05-12
    price $450,000 263-char remark

    Show marketing remark (263 chars)

    This offering consists of two mobile home parks located in Sevierville, TN. 149 Fairgarden Road is a 1.18 acre lot with 4 mobile homes all paying lot rent. 9217 Kodak Road is a 2.96 acre lot with one recently renovated park owned home and two RVs paying lot rent.

17. 2026-03-09
    listed $525,000 Active 263-char remark

    Show marketing remark (263 chars)

    This offering consists of two mobile home parks located in Sevierville, TN. 149 Fairgarden Road is a 1.18 acre lot with 4 mobile homes all paying lot rent. 9217 Kodak Road is a 2.96 acre lot with one recently renovated park owned home and two RVs paying lot rent.

ⓘ 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 6/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥101°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $61,488
• − Mortgage interest: −$25,207
• − Property taxes: −$6,750
• − Insurance: −$2,250
• − Repairs & maintenance: −$4,919
• − Management: −$4,919
• − Depreciation: −$13,091
• Taxable income: $4,352
• Est. tax owed @ 24.0%: −$1,044
• After-tax cash flow: $10,213/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

Poor 20/100 Extensive rehab

This multi-family property is in poor condition and requires extensive repairs and updates to improve its resale and rental value.

Repairs flagged

• Major roof — The roof appears to be in poor condition and may need to be replaced.
• Major exterior siding — The exterior siding is peeling and in need of repair.
• Major flooring — The flooring in the mobile homes is worn and in need of replacement.
• Major interior walls — The interior walls are in poor condition and may need to be repaired or replaced.
• Major HVAC systems — The HVAC systems appear to be old and in need of replacement.

Value-add opportunities

• Both repair and replace the roof — A new roof will improve the overall condition of the property and make it more attractive to potential buyers or renters.
• Both repair and replace the exterior siding — New siding will improve the appearance of the property and make it more attractive to potential buyers or renters.
• Both repair and replace the flooring — New flooring will improve the appearance of the property and make it more attractive to potential buyers or renters.
• Both repair and replace the interior walls — New interior walls will improve the appearance of the property and make it more attractive to potential buyers or renters.
• Both repair and replace the HVAC systems — New HVAC systems will improve the comfort and energy efficiency of the property and make it more attractive to potential buyers or renters.
• Both paint and landscape — Painting and landscaping will improve the appearance of the property and make it more attractive to potential buyers or renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · The roof appears to be in poor condition and may need to be replaced.	Major	$15,000–50,000
exterior siding · The exterior siding is peeling and in need of repair.	Major	$15,000–50,000
flooring · The flooring in the mobile homes is worn and in need of replacement.	Major	$15,000–50,000
interior walls · The interior walls are in poor condition and may need to be repaired or replaced.	Major	$15,000–50,000
HVAC systems · The HVAC systems appear to be old and in need of replacement.	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both repair and replace the roof — A new roof will improve the overall condition of the property and make it more attractive to potential buyers or renters. ↑
• Both repair and replace the exterior siding — New siding will improve the appearance of the property and make it more attractive to potential buyers or renters. ↑
• Both repair and replace the flooring — New flooring will improve the appearance of the property and make it more attractive to potential buyers or renters. ↑
• Both repair and replace the interior walls — New interior walls will improve the appearance of the property and make it more attractive to potential buyers or renters. ↑
• Both repair and replace the HVAC systems — New HVAC systems will improve the comfort and energy efficiency of the property and make it more attractive to potential buyers or renters. ↑
• Both paint and landscape — Painting and landscaping will improve the appearance of the property and make it more attractive to potential buyers or renters. ↑

ⓘ 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: Sevier County
• NCES district ID: 4703780
• Math proficiency: 31% ▼ -6.00%
• Reading proficiency: 28% ▼ -4.00%
• Median HH income: $42,730
• Composite: 25.12/100
• National rank: #7527
• State rank: #62 of 139 in TN

Livability — Fairgarden

• Score: 54/100
• State rank: #381
• US rank: #24205

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fairgarden, TN
• County: Sevier County · 80,402 people
• Metro: Sevierville, TN
• Population (ZIP): 33,561
• Household income: $58,277
• Rent vs Own: 23.4% rent · 76.6% own
• Severe rent burden: 611.0

Population outlook (Sevier County) Hauer SSP2

• Today (2025): 107,903 people
• By 2030: 113,633 · +5.3%
• By 2040: 123,969 · +14.9%
• By 2050: 132,123 · +22.4%
• By 2075: 148,524 · +37.6%
• By 2100: 153,436 · +42.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Hispanic / Latino 5% Two or more races 5% Black 1%
• Common ancestry: Slovak 5% Serbian 4% Romanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3% Russian/Polish/Slavic 1%

Political lean MEDSL · Sevier

• 2024 margin: Solid R (+61.1) · D 18.9% · R 80.1% · Other 1.0%
• 2008→2024 swing: -13.1pp toward R · 2008: -48.1pp · 2024: -61.1pp
• All cycles: 2024: R+61.1 2020: R+57.6 2016: R+61.7 2012: R+54.8 2008: R+48.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 11.06%
• Current HPI: 477.19
• Rent YoY: ▼ -2.57%
• Metro: Sevierville, TN
• 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

-14.3% since first listed

2 events — show timeline

• 2026-05-12 Price Changed $450,000 Knoxville MLS
• 2026-03-09 Listed $525,000 Knoxville MLS