22 W Airport Rd · Milan, TN 38358

$1

3 bd · 2.0 ba · 1,777 sqft · SingleFamily · 15 Days on market

Built 1910 21 ac lot

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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 +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks

This online-only auction features a house and 2.101 +/- acre Tract and 18.835 +/- acre Tract that offers an excellent opportunity for investors, renovators, or anyone seeking acreage in a rural setting. The property features a fixer-upper home with plenty of potential for restoration and remodeling to suit your needs. Whether you're looking for a project property or a tract of land with multiple possibilities, this is an opportunity you won't want to miss. Online Only Real Estate Auction ending June 23rd at 7:00 PM! Bid online from anywhere and purchase at your price subject to auction terms and conditions. Survey on file.

Key facts

• Fixer-upper home
• 18.835 acre tract
• 2.101 acre tract

Tags

• 2.101 ACRE TRACT
• 18.835 ACRE TRACT
• FIXER-UPPER HOME
• RURAL SETTING
• PROJECT PROPERTY
• TRACT OF LAND

Property features AI

Finance

• Other: Property sits on approximately 20.94 acres (house on ~2.101 acres plus an additional tract of ~18.835 acres); Road frontage on a county road
• Financial info:
• HOA & community:

Exterior

• Parking: Gravel parking for 1 vehicle
• Security:
• Utilities: Septic tank
• Home design: Single family residence; One and one-half levels; 1 story
• Construction: Vinyl siding; Metal roof
• Exterior features: Front porch; Partial chain-link fencing; Secluded, wooded, pasture/farm-like lot

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: 3 bedrooms on the main level
• Flooring: Carpet; Linoleum; Vinyl
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Ceiling fan cooling available
• Interior features: Ceiling fans; Eat-in kitchen
• Laundry & utility:

🔨 Auction listing. The $1 list price is a nominal opening bid, not a real ask — every metric below is computed on the estimated value $1 (ARV from comps), not the list price.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $1.

Deal economics

• At list price, monthly cash flow is $957 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $1).

Location & tenants

• Location reads 68/100 on livability (#78 in TN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: schools D-, crime F, amenities F.
• Trenton (town): math 24% / reading 24% proficiency, ranked #99 of 139 in TN (top 71%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 81 active listings in the ZIP; 155 units permitted in Gibson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $0 of loan paydown is wiped out by about $0 of value loss. Plan a longer hold.
• Gibson County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $0 cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($0) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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?
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: 121184.00% ✓
• Cap rate: 1148822.32%
• Cash-on-cash: 4102914.38%
• DSCR: 182557.60
• GRM: 0.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 217829.72×
• Total profit: $60,992
• Equity at exit: $0

10-year hold

• IRR: —
• Equity multiple: 470353.65×
• Total profit: $131,699
• Equity at exit: $0

Cash invested: $0 (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 38358

• Home prices YoY: -24.4%
• Active inventory: 81

Monthly cashflow live

• Estimated rent: $1,212 medium
• Mortgage (P&I): −$0
• Tax est. 1.5%: −$0 /mo · $0/yr
• Insurance: −$0
• HOA: −$0
• Vacancy / Maint / Mgmt: −$254
• Net cashflow: $957

Break-even live

Break-even rent —

Max offer price $1

Occupancy floor 16%

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: $0
• Closing costs: $0
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-18
   days on market $1 Active 15 DOM
2. 2026-06-17
   days on market $1 Active 14 DOM
3. 2026-06-16
   days on market $1 Active 13 DOM
4. 2026-06-15
   days on market $1 Active 12 DOM
5. 2026-06-13
   days on market $1 Active 10 DOM
6. 2026-06-12
   days on market $1 Active 9 DOM
7. 2026-06-09
   days on market $1 Active 6 DOM
8. 2026-06-08
   days on market $1 Active 5 DOM
9. 2026-06-08
   days on market $1 Active 4 DOM
10. 2026-06-07
    days on market $1 Active 3 DOM
11. 2026-06-04
    remarks 630-char remark
12. 2026-06-04
    listed $1 Active 1 DOM

ⓘ 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 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥108°F today · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 13% 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: $14,542
• − Mortgage interest: −$0
• − Property taxes: −$0
• − Insurance: −$0
• − Repairs & maintenance: −$1,163
• − Management: −$1,163
• − Depreciation: −$0
• Taxable income: $12,215
• Est. tax owed @ 24.0%: −$2,932
• After-tax cash flow: $8,557/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: Trenton
• NCES district ID: 4704100
• Math proficiency: 24% ▼ -13.00%
• Reading proficiency: 24% ▼ -2.00%
• Median HH income: $33,930
• Composite: 19.7/100
• National rank: #8723
• State rank: #99 of 139 in TN

Livability — Milan

• Score: 68/100
• State rank: #78
• US rank: #9084

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 12,511
• Population (ZIP): 12,511

Population outlook (Gibson County) Hauer SSP2

• Today (2025): 48,793 people
• By 2030: 48,221 · -1.2%
• By 2040: 46,793 · -4.1%
• By 2050: 44,909 · -8.0%
• By 2075: 40,191 · -17.6%
• By 2100: 33,574 · -31.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Black 17% Two or more races 7% Hispanic / Latino 2%
• Common ancestry: Slovak 3% Iranian 2% Romanian 2%
• Foreign-born: 2% · Canada

Political lean MEDSL · Gibson

• 2024 margin: Solid R (+52.0) · D 23.6% · R 75.5%
• 2008→2024 swing: -23.2pp toward R · 2008: -28.8pp · 2024: -52.0pp
• All cycles: 2024: R+52.0 2020: R+47.0 2016: R+43.8 2012: R+32.1 2008: R+28.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -67.28%
• Current HPI: 208.8671
• 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