140 Phipps Dr · Rutledge, TN 37888

$119,900

3 bd · 1.0 ba · 1,024 sqft · SingleFamily public records · 65 Days on market

Built 1972 0.76 ac lot $117/sqft · 55% below area

---

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 +17.8/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +5.6/10.0
• 1% rule +3.5/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0

Listing remarks MLS

This is an Investor special or a first time home that is budget friendly! Rare opportunity! Discover the charm and character of this traditional-style home nestled in the peaceful countryside of Washburn, TN. This investor special offers incredible potential with 3 bedrooms, 1 bathroom, and a layout full of opportunity. The home features a metal roof, appealing exterior siding, and appealing painted foundation block that enhances its classic look. Inside, you'll find LVP flooring, standard rooms, and year-round mountain views that add to the property's appeal. The home is being sold AS-IS, and the seller is in the process of removing items left behind by previous tenants. A storage shed on the property provides additional space for tools, equipment, or hobby use. Whether you're looking to renovate, flip, or create a cozy country retreat, this property offers a solid foundation in a beautiful rural setting. Bring your vision and make this home shine again.

Key facts

• Metal roof
• Storage shed
• 0.76 acre lot

Tags

• METAL ROOF
• STORAGE SHED
• YEAR ROUND MOUNTAIN VIEWS
• PAINTED FOUNDATION BLOCK

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $98 ($1k/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 $102k (15.0% below list).
• Recommended offer: $102k (15.0% below list) — sets the bar for 1% rule.
• Cap rate 7.3% vs local median 1.9% in Rutledge — 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 59/100 on livability (#281 in TN) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime B; Watch: schools F, amenities F, commute F.
• Grainger County (rural): math 15% / reading 23% proficiency, ranked #123 of 139 in TN (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 13 active listings in the ZIP; 74 units permitted in Grainger County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($829 loan paydown + $12k appreciation (10.0% local appreciation)).
• Grainger County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, 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 65 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $58k; list at $120k implies a 105% gain — meaningful room to come down on a strong offer.

Recommended offer $101,972 (15.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
2. Built in 1972 — 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: 0.85% ✗
• Cap rate: 7.28%
• Cash-on-cash: 3.52%
• DSCR: 1.16
• GRM: 9.8

CMA / ARV

• ARV (median comp): $266,523
• List price: $119,900
• Delta: -55.01%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 26.8%
• Equity multiple: 3.13×
• Total profit: $71,511
• Equity at exit: $108,015

10-year hold

• IRR: 23.4%
• Equity multiple: 7.12×
• Total profit: $205,540
• Equity at exit: $232,939

Cash invested: $33,572 (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 37888

• Home prices YoY: 4.7%
• Active inventory: 13
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,020 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$28 /mo · $341/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$214
• Net cashflow: $98

Break-even live

Break-even rent $895

Max offer price $119,900

Occupancy floor 85%

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-19
   days on market $119,900 Active 65 DOM
2. 2026-06-18
   days on market $119,900 Active 64 DOM
3. 2026-06-17
   days on market $119,900 Active 63 DOM
4. 2026-06-16
   days on market $119,900 Active 62 DOM
5. 2026-06-15
   days on market $119,900 Active 61 DOM
6. 2026-06-14
   days on market $119,900 Active 59 DOM
7. 2026-06-12
   days on market $119,900 Active 58 DOM
8. 2026-06-09
   days on market $119,900 Active 55 DOM
9. 2026-06-08
   days on market $119,900 Active 54 DOM
10. 2026-06-07
    days on market $119,900 Active 53 DOM
11. 2026-06-05
    pricedays on market $119,900 Active 50 DOM
12. 2026-06-03
    days on market $129,900 Active 49 DOM
13. 2026-06-02
    days on market $129,900 Active 48 DOM
14. 2026-06-01
    days on market $129,900 Active 47 DOM
15. 2026-05-31
    days on market $129,900 Active 46 DOM
16. 2026-05-30
    days on market $129,900 Active 45 DOM
17. 2026-04-15
    listed $129,900 Active 972-char remark

    Show marketing remark (972 chars)

    This is an Investor special or a first time home that is budget friendly! Rare opportunity! Discover the charm and character of this traditional-style home nestled in the peaceful countryside of Washburn, TN. This investor special offers incredible potential with 3 bedrooms, 1 bathroom, and a layout full of opportunity. The home features a metal roof, appealing exterior siding, and appealing painted foundation block that enhances its classic look. Inside, you'll find LVP flooring, standard rooms, and year-round mountain views that add to the property's appeal. The home is being sold AS-IS, and the seller is in the process of removing items left behind by previous tenants. A storage shed on the property provides additional space for tools, equipment, or hobby use. Whether you're looking to renovate, flip, or create a cozy country retreat, this property offers a solid foundation in a beautiful rural setting. Bring your vision and make this home shine again.

18. 2020-12-22
    soldstatus $58,500
19. 2018-02-12
    soldstatus $39,000 214-char remark

    Show marketing remark (214 chars)

    This cozy 3br rancher has a lot to offer. Features 2 covered porches, handicap accessible, country setting, mountain view & tons more. Would make a great investment property. TLC needed but has great potential.

20. 2018-02-12
    soldstatus $39,000

    Show marketing remark (214 chars)

    This cozy 3br rancher has a lot to offer. Features 2 covered porches, handicap accessible, country setting, mountain view & tons more. Would make a great investment property. TLC needed but has great potential.

21. 2018-01-04
    listed $45,900 214-char remark

    Show marketing remark (214 chars)

    This cozy 3br rancher has a lot to offer. Features 2 covered porches, handicap accessible, country setting, mountain view & tons more. Would make a great investment property. TLC needed but has great potential.

22. 2018-01-04
    listed $45,900

    Show marketing remark (214 chars)

    This cozy 3br rancher has a lot to offer. Features 2 covered porches, handicap accessible, country setting, mountain view & tons more. Would make a great investment property. TLC needed but has great potential.

ⓘ 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: $341 · $28/mo
• Projected year-2 tax: $851 · $71/mo
• Expected delta: +$510/yr (+$43/mo · 149.6%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥101°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,237
• − Mortgage interest: −$6,716
• − Property taxes: −$341
• − Insurance: −$600
• − Repairs & maintenance: −$979
• − Management: −$979
• − Depreciation: −$3,488
• Taxable loss: −$866
• Est. tax savings @ 24.0%: +$208
• After-tax cash flow: $1,389/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: Grainger County
• NCES district ID: 4701440
• Math proficiency: 15% ▼ -18.00%
• Reading proficiency: 23% ▼ -6.00%
• Median HH income: $35,163
• Composite: 15.64/100
• National rank: #9289
• State rank: #123 of 139 in TN

Livability — Rutledge

• Score: 59/100
• State rank: #281
• US rank: #19814

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 3,385

Population outlook (Grainger County) Hauer SSP2

• Today (2025): 23,117 people
• By 2030: 23,037 · -0.3%
• By 2040: 22,435 · -3.0%
• By 2050: 21,236 · -8.1%
• By 2075: 17,595 · -23.9%
• By 2100: 13,157 · -43.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 8% Two or more races 2%
• Hispanic origin (detail): Mexican 5% Cuban 2%
• Common ancestry: Iranian 3% Slovak 3% Portuguese 1%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · Grainger

• 2024 margin: Solid R (+73.7) · D 12.9% · R 86.5%
• 2008→2024 swing: -30.6pp toward R · 2008: -43.1pp · 2024: -73.7pp
• All cycles: 2024: R+73.7 2020: R+70.0 2016: R+68.4 2012: R+52.4 2008: R+43.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 20.54%
• Current HPI: 456.4064
• 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

+183.0% since first listed

6 events — show timeline

• 2026-04-15 Listed $129,900 Knoxville MLS
• 2020-12-22 Sold (Public Records) $58,500 Public Records
• 2018-02-12 Sold (MLS) $39,000 LAAR
• 2018-02-12 Sold (MLS) $39,000 Knoxville MLS
• 2018-01-04 Listed $45,900 LAAR
• 2018-01-04 Listed $45,900 Knoxville MLS

Property tax history

-1.4%/yr

Latest (2025): $341 · +0.0% YoY. Source: county tax records.