408 Pine St · Butler, TN 37640

$197,500

3 bd · 2.0 ba · 1,152 sqft · SingleFamily · 88 Days on market

Built 1983 Good condition 0.39 ac lot

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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 +25.0/30.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• Condition / age +3.8/5.0
• Appreciation +3.1/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Schools +2.4/10.0

Listing remarks

Located near beautiful Watauga Lake, this well-maintained property offers scenic mountain views in a desirable neighborhood. Featuring 3 bedrooms and 2 baths, the home includes a spacious kitchen, dining room, and an open living area highlighted by a stunning stone fireplace. Recent upgrades include new flooring and fresh paint throughout, as well as updated kitchen appliances, adding modern comfort and style. A utility room with a separate outside entrance adds convenience, while the front and back decks provide the perfect spaces to relax and enjoy the peaceful surroundings. The property also includes a two-story outbuilding and a detached carport, offering plenty of additional storage or

Key facts

• Fresh paint
• Spacious kitchen
• New flooring

Tags

• MOUNTAIN VIEWS
• SPACIOUS KITCHEN
• OPEN LIVING AREA
• STONE FIREPLACE
• NEW FLOORING
• FRESH PAINT

Property features AI

Finance

• Other: Lot dimensions approximately 85 x 201 (irregular); Zoning: None; Subdivision: Carterview Sub
• HOA & community: Association provides landscaping

Exterior

• Parking: Carport with 2 spaces; Asphalt parking
• Utilities: Public water; Septic tank sewer
• Home design: Manufactured house (double wide); One level; Residential single family
• Construction: Vinyl siding; Metal roof
• Exterior features: Covered patio/porch; Deck; Front porch; Storm doors; Metal roof; Outbuilding, shed(s) and storage; Sloped topography; Property has a view

Interior

• Kitchen: Range; Microwave; Refrigerator
• Flooring: Hardwood flooring; Vinyl flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Heat pump cooling
• Interior features: Laminate counters; Fireplace in the living room; Total of 8 rooms
• Laundry & utility: Washer hookup; Electric dryer hookup; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $198k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $432 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $198k).
• Recommended offer: $186k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 1.7% in Butler — 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: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Johnson County (rural): math 27% / reading 31% proficiency, ranked #69 of 139 in TN (top 50%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Doe Elementary (math 37% / reading 32%, grade F, #319 of 952 statewide, top 37%, 217 students, 0% FRL); Johnson Co Middle School (math 28% / reading 31%, grade F, #107 of 333 statewide, top 33%, 284 students, 0% FRL); Johnson Co High School (math 17% / reading 32%, grade F, #129 of 332 statewide, top 43%, 643 students, 0% FRL) — zoned schools average 0% FRL vs 59% district-wide (59 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 207 active listings in the ZIP; 6 units permitted in Johnson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Johnson County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 88 days — a 6% lower offer ($186k) is reasonable based on typical stale-listing flexibility.
• 2 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

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $185,650 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.15% ✓
• Cap rate: 8.91%
• Cash-on-cash: 9.36%
• DSCR: 1.42
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $627,840
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
460 Piercetown Rd	0.11mi	3/1.0	1,136 (-1%)	12mo	$332,500	$293	78
889 Piercetown Rd	0.57mi	3/2.0	1,100 (-4%)	2mo	$600,000	$545	64

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: -2.1%
• Equity multiple: 0.92×
• Total profit: $-4,485
• Equity at exit: $29,448

10-year hold

• IRR: 7.6%
• Equity multiple: 1.57×
• Total profit: $31,625
• Equity at exit: $17,076

Cash invested: $55,300 (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 37640

• Home prices YoY: -1.0%
• Active inventory: 207
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,274 medium
• Mortgage (P&I): −$1,036
• Tax est. 1.5%: −$247 /mo · $2,962/yr
• Insurance: −$82
• HOA: −$0
• Vacancy / Maint / Mgmt: −$478
• Net cashflow: $432

Break-even live

Break-even rent $1,728

Max offer price $197,500

Occupancy floor 76%

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: $49,375
• Closing costs: $5,925
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $197,500 Active 88 DOM
2. 2026-06-18
   days on market $197,500 Active 87 DOM
3. 2026-06-17
   days on market $197,500 Active 86 DOM
4. 2026-06-16
   days on market $197,500 Active 85 DOM
5. 2026-06-15
   days on market $197,500 Active 84 DOM
6. 2026-06-14
   statusdays on market $197,500 Active 82 DOM
7. 2026-06-13
   days on market $197,500 Active Under Contract 81 DOM
8. 2026-06-10
   days on market $197,500 Active Under Contract 79 DOM
9. 2026-06-09
   days on market $197,500 Active Under Contract 78 DOM
10. 2026-06-08
    statusdays on market $197,500 Active Under Contract 77 DOM
11. 2026-06-07
    days on market $197,500 Active 76 DOM
12. 2026-06-02
    days on market $197,500 Active 71 DOM
13. 2026-06-01
    days on market $197,500 Active 70 DOM
14. 2026-05-31
    days on market $197,500 Active 69 DOM
15. 2026-05-30
    days on market $197,500 Active 68 DOM
16. 2026-05-12
    status Active
17. 2026-05-05
    historical Active Under Contract
18. 2026-03-23
    listed $197,500 Active

ⓘ 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 5/10 Major
• 🌡 Heat 3/10 Moderate 8 d/yr ≥95°F today · 22 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,287
• − Mortgage interest: −$11,063
• − Property taxes: −$2,962
• − Insurance: −$988
• − Repairs & maintenance: −$2,183
• − Management: −$2,183
• − Depreciation: −$5,745
• Taxable income: $2,163
• Est. tax owed @ 24.0%: −$519
• After-tax cash flow: $4,659/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 · 13 photos

Good 75/100 Cosmetic rehab

This well-maintained home offers a good condition with recent updates, making it a solid investment opportunity.

Value-add opportunities

• Resale update kitchen appliances — modern appliances enhance appeal
• Resale update bathroom fixtures — updated fixtures improve functionality
• Both landscape front yard — enhances curb appeal and adds value
• Both paint exterior — fresh paint improves curb appeal and enhances value

Renovation cost estimate screening

Value-add ROI direction

• Resale update kitchen appliances — modern appliances enhance appeal ↑
• Resale update bathroom fixtures — updated fixtures improve functionality ↑
• Both landscape front yard — enhances curb appeal and adds value ↑
• Both paint exterior — fresh paint improves curb appeal and enhances value ↑

ⓘ 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: Johnson County
• NCES district ID: 4702160
• Math proficiency: 27% ▼ -11.00%
• Reading proficiency: 31% ▬ 0.00%
• Median HH income: $31,298
• Composite: 23.58/100
• National rank: #7852
• State rank: #69 of 139 in TN

Livability — Butler

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Butler, TN
• Population (ZIP): 3,343

Population outlook (Johnson County) Hauer SSP2

• Today (2025): 16,842 people
• By 2030: 16,158 · -4.1%
• By 2040: 14,682 · -12.8%
• By 2050: 13,306 · -21.0%
• By 2075: 11,087 · -34.2%
• By 2100: 9,360 · -44.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 3%
• Common ancestry: Serbian 5% Lithuanian 2% Italian 2%
• Foreign-born: 1%

Political lean MEDSL · Johnson

• 2024 margin: Solid R (+69.3) · D 15.0% · R 84.3%
• 2008→2024 swing: -27.1pp toward R · 2008: -42.2pp · 2024: -69.3pp
• All cycles: 2024: R+69.3 2020: R+66.9 2016: R+67.3 2012: R+50.5 2008: R+42.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -3.70%
• Current HPI: 376.3439
• 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

3 events — show timeline

• 2026-05-12 Relisted — TVRMLS
• 2026-05-05 Contingent — TVRMLS
• 2026-03-23 Listed $197,500 TVRMLS