397 I B Maynard St · Spencer, TN 38585

$124,500

3 bd · 1.0 ba · 1,431 sqft · SingleFamily public records · 123 Days on market

Built 1948 3.82 ac lot $87/sqft · 50% below area

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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 +20.6/30.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• Appreciation +6.4/10.0
• 1% rule +4.3/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0

Listing remarks MLS

With almost 4 acres of land, this property presents a remarkable investment opportunity in today's market. With a spacious layout and an outbuilding that holds possibility for various uses - this home is a canvas awaiting your personal touch. Properties of this size and potential are a rare find! AS IS, cash or conventional! Schedule your showing today!

Key facts

• Outbuilding
• 4 acres of land
• 3.82 acre lot

Tags

• 4 ACRES OF LAND
• OUTBUILDING

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $124k.

Deal economics

• At list price, monthly cash flow is $167 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $116k (6.8% below list).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 2.5% in Spencer — 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 67/100 on livability (#99 in TN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, schools F, amenities F.
• Van Buren County (rural): math 28% / reading 21% proficiency, ranked #96 of 139 in TN (top 69%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 181 active listings in the ZIP; 8 units permitted in Van Buren County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($861 loan paydown + $3k appreciation (2.8% local appreciation)).
• Van Buren County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (2.8% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 123 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 8 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

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $109,560 (12.0% below list)

Questions for the listing agent

1. It's been on market 123 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
7. 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.
8. 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: 0.93% ✗
• Cap rate: 7.91%
• Cash-on-cash: 5.76%
• DSCR: 1.26
• GRM: 8.9

CMA / ARV

• ARV (median comp): $249,992
• List price: $124,500
• Delta: -50.20%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
589 Turkey Scratch Rd	0.36mi	3/1.0	1,392 (-3%)	13mo	$120,000	$86	68
111 Baker And Boyd	0.60mi	3/2.0	1,356 (-5%)	1mo	$325,000	$240	58
114 Smith Dr	0.72mi	3/1.0	1,350 (-6%)	1mo	$162,500	$120	56
205 Baker And Boyd Dr	0.70mi	3/2.0	1,403 (-2%)	13mo	$256,000	$182	50
257 Baker & Boyd Dr	0.74mi	3/2.0	1,405 (-2%)	13mo	$252,000	$179	48
52 Rosemary Way	0.70mi	3/2.0	1,400 (-2%)	22mo	$259,900	$186	41
13 Rosemary Way	0.73mi	3/2.0	1,402 (-2%)	23mo	$260,000	$185	39
172 Baker And Boyd Dr	0.68mi	3/2.0	1,372 (-4%)	23mo	$365,000	$266	38
29 Rosemary Way	0.74mi	3/2.0	1,277 (-11%)	17mo	$229,950	$180	29
384 Woodlee St	0.57mi	2/1.0 (-1)	1,250 (-13%)	23mo	$163,000	$130	28

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

2.77% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.3%
• Equity multiple: 1.69×
• Total profit: $24,127
• Equity at exit: $54,407

10-year hold

• IRR: 14.4%
• Equity multiple: 3.09×
• Total profit: $72,757
• Equity at exit: $82,644

Cash invested: $34,860 (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 38585

• Home prices YoY: 0.7%
• Active inventory: 181
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,161 medium
• Mortgage (P&I): −$653
• Tax from tax record: −$45 /mo · $539/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$244
• Net cashflow: $167

Break-even live

Break-even rent $949

Max offer price $124,500

Occupancy floor 81%

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: $31,125
• Closing costs: $3,735
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-19
   days on market $124,500 Active 123 DOM
2. 2026-06-18
   days on market $124,500 Active 122 DOM
3. 2026-06-17
   days on market $124,500 Active 121 DOM
4. 2026-06-16
   days on market $124,500 Active 120 DOM
5. 2026-06-15
   days on market $124,500 Active 119 DOM
6. 2026-06-14
   days on market $124,500 Active 117 DOM
7. 2026-06-12
   days on market $124,500 Active 116 DOM
8. 2026-06-09
   days on market $124,500 Active 113 DOM
9. 2026-06-08
   days on market $124,500 Active 112 DOM
10. 2026-06-07
    days on market $124,500 Active 111 DOM
11. 2026-06-05
    days on market $124,500 Active 108 DOM
12. 2026-06-03
    days on market $124,500 Active 107 DOM
13. 2026-06-02
    days on market $124,500 Active 106 DOM
14. 2026-06-01
    days on market $124,500 Active 105 DOM
15. 2026-05-31
    days on market $124,500 Active 104 DOM
16. 2026-05-30
    days on market $124,500 Active 103 DOM
17. 2026-04-20
    status Active 356-char remark

    Show marketing remark (356 chars)

    With almost 4 acres of land, this property presents a remarkable investment opportunity in today's market. With a spacious layout and an outbuilding that holds possibility for various uses - this home is a canvas awaiting your personal touch. Properties of this size and potential are a rare find! AS IS, cash or conventional! Schedule your showing today!

18. 2026-04-19
    status Active 355-char remark

    Show marketing remark (355 chars)

    With almost 4 acres of land, this property presents a remarkable investment opportunity in today's market. With a spacious layout and an outbuilding that holds possibility for various uses - this home is a canvas awaiting your personal touch. Properties of this size and potential are a rare find! AS IS, cash or conventional! Schedule your showing today!

19. 2026-04-11
    historical Active Under Contract 356-char remark

    Show marketing remark (355 chars)

    With almost 4 acres of land, this property presents a remarkable investment opportunity in today's market. With a spacious layout and an outbuilding that holds possibility for various uses - this home is a canvas awaiting your personal touch. Properties of this size and potential are a rare find! AS IS, cash or conventional! Schedule your showing today!

20. 2026-04-11
    historical Active Under Contract 355-char remark

    Show marketing remark (355 chars)

    With almost 4 acres of land, this property presents a remarkable investment opportunity in today's market. With a spacious layout and an outbuilding that holds possibility for various uses - this home is a canvas awaiting your personal touch. Properties of this size and potential are a rare find! AS IS, cash or conventional! Schedule your showing today!

21. 2026-04-07
    status Active 355-char remark

    Show marketing remark (356 chars)

    With almost 4 acres of land, this property presents a remarkable investment opportunity in today's market. With a spacious layout and an outbuilding that holds possibility for various uses - this home is a canvas awaiting your personal touch. Properties of this size and potential are a rare find! AS IS, cash or conventional! Schedule your showing today!

22. 2026-04-07
    status Active 356-char remark

    Show marketing remark (356 chars)

    With almost 4 acres of land, this property presents a remarkable investment opportunity in today's market. With a spacious layout and an outbuilding that holds possibility for various uses - this home is a canvas awaiting your personal touch. Properties of this size and potential are a rare find! AS IS, cash or conventional! Schedule your showing today!

23. 2026-03-26
    historical Active Under Contract 356-char remark

    Show marketing remark (355 chars)

    With almost 4 acres of land, this property presents a remarkable investment opportunity in today's market. With a spacious layout and an outbuilding that holds possibility for various uses - this home is a canvas awaiting your personal touch. Properties of this size and potential are a rare find! AS IS, cash or conventional! Schedule your showing today!

24. 2026-03-26
    historical Active Under Contract 355-char remark

    Show marketing remark (355 chars)

    With almost 4 acres of land, this property presents a remarkable investment opportunity in today's market. With a spacious layout and an outbuilding that holds possibility for various uses - this home is a canvas awaiting your personal touch. Properties of this size and potential are a rare find! AS IS, cash or conventional! Schedule your showing today!

25. 2026-03-23
    price $124,500 355-char remark

    Show marketing remark (356 chars)

    With almost 4 acres of land, this property presents a remarkable investment opportunity in today's market. With a spacious layout and an outbuilding that holds possibility for various uses - this home is a canvas awaiting your personal touch. Properties of this size and potential are a rare find! AS IS, cash or conventional! Schedule your showing today!

26. 2026-03-23
    price $124,500 356-char remark

    Show marketing remark (356 chars)

    With almost 4 acres of land, this property presents a remarkable investment opportunity in today's market. With a spacious layout and an outbuilding that holds possibility for various uses - this home is a canvas awaiting your personal touch. Properties of this size and potential are a rare find! AS IS, cash or conventional! Schedule your showing today!

27. 2026-03-12
    status Active 356-char remark

    Show marketing remark (355 chars)

    With almost 4 acres of land, this property presents a remarkable investment opportunity in today's market. With a spacious layout and an outbuilding that holds possibility for various uses - this home is a canvas awaiting your personal touch. Properties of this size and potential are a rare find! AS IS, cash or conventional! Schedule your showing today!

28. 2026-03-12
    status Active 355-char remark

    Show marketing remark (355 chars)

    With almost 4 acres of land, this property presents a remarkable investment opportunity in today's market. With a spacious layout and an outbuilding that holds possibility for various uses - this home is a canvas awaiting your personal touch. Properties of this size and potential are a rare find! AS IS, cash or conventional! Schedule your showing today!

29. 2026-02-23
    historical Active Under Contract 356-char remark

    Show marketing remark (355 chars)

    With almost 4 acres of land, this property presents a remarkable investment opportunity in today's market. With a spacious layout and an outbuilding that holds possibility for various uses - this home is a canvas awaiting your personal touch. Properties of this size and potential are a rare find! AS IS, cash or conventional! Schedule your showing today!

30. 2026-02-23
    historical Active Under Contract 355-char remark

    Show marketing remark (355 chars)

    With almost 4 acres of land, this property presents a remarkable investment opportunity in today's market. With a spacious layout and an outbuilding that holds possibility for various uses - this home is a canvas awaiting your personal touch. Properties of this size and potential are a rare find! AS IS, cash or conventional! Schedule your showing today!

31. 2026-02-16
    listed $124,900 Active 355-char remark

    Show marketing remark (356 chars)

    With almost 4 acres of land, this property presents a remarkable investment opportunity in today's market. With a spacious layout and an outbuilding that holds possibility for various uses - this home is a canvas awaiting your personal touch. Properties of this size and potential are a rare find! AS IS, cash or conventional! Schedule your showing today!

32. 2026-02-16
    listed $124,900 Active 356-char remark

    Show marketing remark (356 chars)

    With almost 4 acres of land, this property presents a remarkable investment opportunity in today's market. With a spacious layout and an outbuilding that holds possibility for various uses - this home is a canvas awaiting your personal touch. Properties of this size and potential are a rare find! AS IS, cash or conventional! Schedule your showing today!

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

Tax reassessment forecast TN · Resets to sale price

• Current annual tax: $539 · $45/mo
• Projected year-2 tax: $884 · $74/mo
• Expected delta: +$345/yr (+$29/mo · 64.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥101°F today · 20 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: $13,930
• − Mortgage interest: −$6,974
• − Property taxes: −$539
• − Insurance: −$622
• − Repairs & maintenance: −$1,114
• − Management: −$1,114
• − Depreciation: −$3,622
• Taxable loss: −$56
• Est. tax savings @ 24.0%: +$14
• After-tax cash flow: $2,022/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: Van Buren County
• NCES district ID: 4704320
• Math proficiency: 28% ▼ -12.00%
• Reading proficiency: 21% ▼ -9.00%
• Median HH income: $35,459
• Composite: 20.29/100
• National rank: #8617
• State rank: #96 of 139 in TN

Livability — Spencer

• Score: 67/100
• State rank: #99
• US rank: #10391

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spencer, TN
• Population (ZIP): 4,550

Population outlook (Van Buren County) Hauer SSP2

• Today (2025): 5,883 people
• By 2030: 5,925 · +0.7%
• By 2040: 5,877 · -0.1%
• By 2050: 5,706 · -3.0%
• By 2075: 5,162 · -12.3%
• By 2100: 4,450 · -24.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 5%
• Common ancestry: Serbian 4% Slovak 2% Italian 1%
• Foreign-born: 0%
• Languages at home: 93% English-only · German/W. Germanic 7%

Political lean MEDSL · Van Buren

• 2024 margin: Solid R (+67.2) · D 16.1% · R 83.2%
• 2008→2024 swing: -46.8pp toward R · 2008: -20.4pp · 2024: -67.2pp
• All cycles: 2024: R+67.2 2020: R+61.6 2016: R+53.0 2012: R+22.1 2008: R+20.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.77%
• Current HPI: 382.7379
• 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

-0.3% since first listed

16 events — show timeline

• 2026-04-20 Relisted — UCMLS
• 2026-04-19 Relisted — REALTRACS as Distributed by MLS Grid
• 2026-04-11 Contingent — UCMLS
• 2026-04-11 Contingent — REALTRACS as Distributed by MLS Grid
• 2026-04-07 Relisted — REALTRACS as Distributed by MLS Grid
• 2026-04-07 Relisted — UCMLS
• 2026-03-26 Contingent — UCMLS
• 2026-03-26 Contingent — REALTRACS as Distributed by MLS Grid
• 2026-03-23 Price Changed $124,500 REALTRACS as Distributed by MLS Grid
• 2026-03-23 Price Changed $124,500 UCMLS
• 2026-03-12 Relisted — UCMLS
• 2026-03-12 Relisted — REALTRACS as Distributed by MLS Grid
• 2026-02-23 Contingent — UCMLS
• 2026-02-23 Contingent — REALTRACS as Distributed by MLS Grid
• 2026-02-16 Listed $124,900 REALTRACS as Distributed by MLS Grid
• 2026-02-16 Listed $124,900 UCMLS

Property tax history

+5.3%/yr

Latest (2025): $539 · +0.0% YoY. Source: county tax records.