1139 Tennessee 179 · Covington, TN 38019

$140,000

3 bd · 1.0 ba · 1,284 sqft · SingleFamily public records · 155 Days on market

Built 1957 0.34 ac lot $109/sqft · 12% below area Est $187k · 25% under

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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 +22.7/30.0
• ARV discount +15.0/15.0
• DSCR +7.3/10.0
• 1% rule +4.6/10.0
• Schools +2.8/10.0
• Livability +2.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move In Ready!!! This home features 3 bedrooms, 2 bathrooms, and is ready for its new owners! New Listing Photos coming soon! Call today for your private showing!

Key facts

• 0.34 acre lot
• 2 parking spots
• Built 1957

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $240 ($3k/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 $134k (4.4% below list).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 54/100 on livability (#365 in TN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: health & safety C-, schools F, crime F.
• Tipton County (rural): math 33% / reading 30% proficiency, ranked #37 of 139 in TN (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 105 active listings in the ZIP; 225 units permitted in Tipton County in 2024 (48 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Tipton County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 155 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 24y ago 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 $90k; list at $140k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• 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 $123,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 155 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 1957 — 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. 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. 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.
8. 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.
9. 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: 0.96% ✗
• Cap rate: 8.35%
• Cash-on-cash: 7.36%
• DSCR: 1.33
• GRM: 8.7

CMA / ARV

• ARV (median comp): $186,758
• List price: $140,000
• Delta: -25.04%
• Verdict: UNDERPRICED
• Comps: 6 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -5.1%
• Equity multiple: 0.81×
• Total profit: $-7,455
• Equity at exit: $20,874

10-year hold

• IRR: 4.5%
• Equity multiple: 1.33×
• Total profit: $12,921
• Equity at exit: $12,105

Cash invested: $39,200 (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 38019

• Home prices YoY: -4.8%
• Active inventory: 105
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,338 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$24 /mo · $293/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$281
• Net cashflow: $240

Break-even live

Break-even rent $1,034

Max offer price $140,000

Occupancy floor 77%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $140,000 Active 155 DOM
2. 2026-06-17
   days on market $140,000 Active 154 DOM
3. 2026-06-16
   days on market $140,000 Active 153 DOM
4. 2026-06-15
   days on market $140,000 Active 152 DOM
5. 2026-06-13
   days on market $140,000 Active 150 DOM
6. 2026-06-10
   days on market $140,000 Active 147 DOM
7. 2026-06-09
   days on market $140,000 Active 146 DOM
8. 2026-06-08
   days on market $140,000 Active 145 DOM
9. 2026-06-07
   days on market $140,000 Active 144 DOM
10. 2026-06-05
    days on market $140,000 Active 141 DOM
11. 2026-06-03
    days on market $140,000 Active 140 DOM
12. 2026-06-02
    days on market $140,000 Active 139 DOM
13. 2026-06-01
    days on market $140,000 Active 138 DOM
14. 2026-05-31
    days on market $140,000 Active 137 DOM
15. 2026-01-14
    listed $140,000 Active 162-char remark

    Show marketing remark (162 chars)

    Move In Ready!!! This home features 3 bedrooms, 2 bathrooms, and is ready for its new owners! New Listing Photos coming soon! Call today for your private showing!

16. 2023-06-23
    soldstatus $90,000
17. 2023-06-20
    soldstatus $90,000 Closed 323-char remark

    Show marketing remark (323 chars)

    GREAT INVESTMENT OPPORTUNITY! House and appliances being sold in AS IS condition. Overall, the house doesn't need much repair. Lot size to be 0.58+/- acres total by time of closing (lot behind is being quit claimed to current owners). Hardwood is more than likely underneath all carpet. Call today to schedule your showing!

18. 2023-06-07
    status Pending 323-char remark

    Show marketing remark (323 chars)

    GREAT INVESTMENT OPPORTUNITY! House and appliances being sold in AS IS condition. Overall, the house doesn't need much repair. Lot size to be 0.58+/- acres total by time of closing (lot behind is being quit claimed to current owners). Hardwood is more than likely underneath all carpet. Call today to schedule your showing!

19. 2023-05-08
    listed $125,000 Active 323-char remark

    Show marketing remark (323 chars)

    GREAT INVESTMENT OPPORTUNITY! House and appliances being sold in AS IS condition. Overall, the house doesn't need much repair. Lot size to be 0.58+/- acres total by time of closing (lot behind is being quit claimed to current owners). Hardwood is more than likely underneath all carpet. Call today to schedule your showing!

20. 2002-12-12
    soldstatus $48,000
21. 2002-12-12
    soldstatus $48,000
22. 2002-12-02
    historical
23. 2002-10-10
    listed $54,000

ⓘ 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: $293 · $24/mo
• Projected year-2 tax: $994 · $83/mo
• Expected delta: +$701/yr (+$58/mo · 239.2%)

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥110°F today · 21 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 19% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,059
• − Mortgage interest: −$7,842
• − Property taxes: −$293
• − Insurance: −$700
• − Repairs & maintenance: −$1,285
• − Management: −$1,285
• − Depreciation: −$4,073
• Taxable income: $582
• Est. tax owed @ 24.0%: −$140
• After-tax cash flow: $2,744/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: Tipton County
• NCES district ID: 4704080
• Math proficiency: 33% ▼ -16.00%
• Reading proficiency: 30% ▼ -6.00%
• Median HH income: $52,908
• Composite: 27.75/100
• National rank: #6898
• State rank: #37 of 139 in TN

Livability — Covington

• Score: 54/100
• State rank: #365
• US rank: #23752

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Tipton County · 15,760 people
• City population: 15,760
• Metro: Memphis, TN-MS-AR
• Population (ZIP): 15,760
• Household income: $61,826
• Rent vs Own: 39.1% rent · 60.9% own
• Severe rent burden: 572.0

Population outlook (Tipton County) Hauer SSP2

• Today (2025): 63,087 people
• By 2030: 63,187 · +0.2%
• By 2040: 62,163 · -1.5%
• By 2050: 59,188 · -6.2%
• By 2075: 51,271 · -18.7%
• By 2100: 40,542 · -35.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (60%)
• Race & ethnicity: White 60% Black 37% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Lithuanian 3% Italian 2% Serbian 2%
• Foreign-born: 0%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Tipton

• 2024 margin: Solid R (+52.8) · D 23.1% · R 76.0%
• 2008→2024 swing: -16.4pp toward R · 2008: -36.5pp · 2024: -52.8pp
• All cycles: 2024: R+52.8 2020: R+48.5 2016: R+47.5 2012: R+39.6 2008: R+36.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -13.66%
• Current HPI: 271.2459
• Rent YoY: —
• Metro: Memphis, TN-MS-AR
• 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

+159.3% since first listed

9 events — show timeline

• 2026-01-14 Listed $140,000 CWTAR
• 2023-06-23 Sold (Public Records) $90,000 Public Records
• 2023-06-20 Sold (MLS) $90,000 Memphis Area Association of Realtors(R) MLS
• 2023-06-07 Pending — Memphis Area Association of Realtors(R) MLS
• 2023-05-08 Listed $125,000 Memphis Area Association of Realtors(R) MLS
• 2002-12-12 Sold (Public Records) $48,000 Public Records
• 2002-12-12 Sold (MLS) $48,000 Memphis Area Association of Realtors(R) MLS
• 2002-12-02 Delisted — Memphis Area Association of Realtors(R) MLS
• 2002-10-10 Listed $54,000 Memphis Area Association of Realtors(R) MLS

Property tax history

-0.7%/yr

Latest (2025): $293 · +0.0% YoY. Source: county tax records.