108 Bates St · South Fulton, TN 38257

$25,000

2 bd · 1.0 ba · 1,352 sqft · SingleFamily public records · 49 Days on market

Built 1950 0.62 ac lot $18/sqft · 75% below area

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.5/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +1.8/10.0

Listing remarks

Property has nice 75' x 360 lot. House needs immediate attention. Fixer-Upper. Cash or conventional only.

Key facts

• 0.62 acre lot
• Garage
• Built 1950

Property features AI

Exterior

• Parking: Attached garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Single story
• Construction: Wood siding construction
• Exterior features: Lot approximately 360 x 75

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Has heating (see remarks); Has cooling (other)
• Interior features: Crawl space basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $25k.

Deal economics

• At list price, monthly cash flow is $687 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $25k).
• Recommended offer: $24k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 69/100 on livability (#73 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: crime D, amenities D, schools D-.
• Obion County (rural): math 40% / reading 37% proficiency, ranked #17 of 139 in TN (top 12%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 15 active listings in the ZIP; 21 units permitted in Obion County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $173 of loan paydown is wiped out by about $750 of value loss. Plan a longer hold.
• Obion County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($24k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1950 — 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 $24,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. Crime grade is D 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?
6. 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?
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: 4.38% ✓
• Cap rate: 39.29%
• Cash-on-cash: 117.84%
• DSCR: 6.24
• GRM: 1.9

CMA / ARV

• ARV (median comp): $64,000
• List price: $25,000
• Delta: -60.94%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
109 West Street St	0.20mi	2/1.0	1,300 (-4%)	6mo	$94,500	$73	80
507 W State Line Rd	0.19mi	3/1.0 (+1)	1,404 (+4%)	15mo	$39,900	$28	67
703 Tennessee St	0.14mi	2/1.5	1,459 (+8%)	15mo	$25,000	$17	66
104 Park Ave	0.39mi	3/2.0 (+1)	1,456 (+8%)	6mo	$184,000	$126	55
656 US Highway 45	0.71mi	3/1.5 (+1)	1,457 (+8%)	21mo	$88,500	$61	30
636 US Hwy. 45	0.71mi	3/2.5 (+1)	1,447 (+7%)	23mo	$70,595	$49	25
1129 Magnolia Dr	0.69mi	3/2.0 (+1)	1,515 (+12%)	22mo	$156,000	$103	21

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

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 6.68×
• Total profit: $39,750
• Equity at exit: $3,728

10-year hold

• IRR: —
• Equity multiple: 14.01×
• Total profit: $91,070
• Equity at exit: $2,162

Cash invested: $7,000 (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 38257

• Home prices YoY: -3.0%
• Active inventory: 15
• Price-to-rent: 1.9×

Monthly cashflow live

• Estimated rent: $1,096 medium
• Mortgage (P&I): −$131
• Tax from tax record: −$37 /mo · $439/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $687

Break-even live

Break-even rent $225

Max offer price $25,000

Occupancy floor 32%

Sensitivity live

Price	-10% $702	-5% $694	+0% $687	+5% $680	+10% $673
Rent	-10% $601	-5% $644	+0% $687	+5% $731	+10% $774
Rate	-1.0pp $700	-0.5pp $694	base $687	+0.5pp $681	+1.0pp $674

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: $6,250
• Closing costs: $750
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $25,000 Active 49 DOM
2. 2026-06-18
   days on market $25,000 Active 48 DOM
3. 2026-06-17
   days on market $25,000 Active 47 DOM
4. 2026-06-16
   days on market $25,000 Active 46 DOM
5. 2026-06-15
   days on market $25,000 Active 45 DOM
6. 2026-06-14
   days on market $25,000 Active 43 DOM
7. 2026-06-12
   days on market $25,000 Active 42 DOM
8. 2026-06-09
   days on market $25,000 Active 39 DOM
9. 2026-06-08
   days on market $25,000 Active 38 DOM
10. 2026-06-07
    days on market $25,000 Active 37 DOM
11. 2026-06-07
    days on market $25,000 Active 36 DOM
12. 2026-06-04
    days on market $25,000 Active 33 DOM
13. 2026-06-02
    days on market $25,000 Active 32 DOM
14. 2026-06-01
    days on market $25,000 Active 31 DOM
15. 2026-05-31
    days on market $25,000 Active 30 DOM
16. 2026-05-31
    days on market $25,000 Active 29 DOM
17. 2026-05-01
    listed $25,000 Active 105-char remark

ⓘ 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: $439 · $37/mo
• Projected year-2 tax: $439 · $37/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥107°F today · 21 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 8% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,147
• − Mortgage interest: −$1,400
• − Property taxes: −$439
• − Insurance: −$125
• − Repairs & maintenance: −$1,052
• − Management: −$1,052
• − Depreciation: −$727
• Taxable income: $8,352
• Est. tax owed @ 24.0%: −$2,004
• After-tax cash flow: $6,245/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: Obion County
• NCES district ID: 4703270
• Math proficiency: 40% ▲ 2.00%
• Reading proficiency: 37% ▼ -2.00%
• Median HH income: $41,678
• Composite: 32.48/100
• National rank: #5710
• State rank: #17 of 139 in TN

Livability — South Fulton

• Score: 69/100
• State rank: #73
• US rank: #8870

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: South Fulton, TN
• Population (ZIP): 4,205

Population outlook (Obion County) Hauer SSP2

• Today (2025): 28,434 people
• By 2030: 27,100 · -4.7%
• By 2040: 24,381 · -14.3%
• By 2050: 22,043 · -22.5%
• By 2075: 18,236 · -35.9%
• By 2100: 16,435 · -42.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Black 9% Two or more races 6% Hispanic / Latino 5%
• Common ancestry: Slovak 2% Serbian 1% Lithuanian 1%
• Foreign-born: 0%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Obion

• 2024 margin: Solid R (+64.9) · D 17.2% · R 82.1%
• 2008→2024 swing: -30.8pp toward R · 2008: -34.1pp · 2024: -64.9pp
• All cycles: 2024: R+64.9 2020: R+60.6 2016: R+58.1 2012: R+44.7 2008: R+34.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -6.44%
• Current HPI: 210.9462
• 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

1 event — show timeline

• 2026-05-01 Listed $25,000 RRAR as distributed by MLS GRID

Property tax history

+4.3%/yr

Latest (2025): $439 · +0.0% YoY. Source: county tax records.