Acquiring a 2,316-square-foot traditional two-story home built in 1900 on a 0.33-acre corner lot in Waverly, Tennessee for an asking price of $54,700 ($24 per square foot) represents an entry-level price point for experienced real estate investors, rehabbers, and house flippers.
Following five price reductions since its initial May 2026 listing at $79,700, this property is offered at a deep discount, reflecting its condition as an “as-is” project requiring full rehabilitation. The home features three bedrooms upstairs with hardwood flooring, while the main level is completely gutted to a “blank canvas.”
Crucially, the seller will not turn on utilities, there is no current HVAC system, and the home will not qualify for government-backed financing (FHA/VA). Furthermore, investors must perform thorough due diligence regarding local flood history, as Waverly experienced a catastrophic flash flood in August 2021.
Below is an expert analysis covering property specifications, rehabilitation capital demands, financial metrics, price history context, and a buyer verdict.
Property Specifications at a Glance
| Property Attribute | Property Specification | Investment Context & Highlights |
| Listing Price | $54,700 ($24 / Sq. Ft.) | Deep-discount price point reflecting full rehab needs |
| Location & Subdivision | 101 Slayden Ave, Waverly, TN 37185 | Henry Addition Subdivision (Humphreys County) |
| Interior Footprint | 2,316 Sq. Ft. Livable Area | 3 Bedrooms (All Upstairs) / 2 Full Bathrooms |
| Lot Size & Setting | 0.33 Acres (Corner Lot Location) | Level residential lot with street parking |
| Year Built & Style | Built in 1900 (Traditional 2-Story Vinyl) | Historic framing; fireplace feature; open main floor |
| Current Condition | Needs Full Rehabilitation (“As-Is”) | Main level gutted to blank canvas; upstairs hardwoods |
| Climate Control & Systems | No Heating or Cooling | Requires brand new central HVAC system & ductwork |
| Financing Restrictions | Cash or Hard Money / Renovation Loan Only | Will NOT pass FHA, VA, or conventional appraisal |
| Annual Tax Burden | $386 / Year (~$32 / Month) | Microscopic property tax overhead in Humphreys County |
Price History & Historical Transaction Context
Analyzing the sales history for 101 Slayden Ave reveals significant pricing swings and previous investor involvement:
- 2017 – 2020 Cycle: The home sold in December 2017 for $110,000 ($47/sq. ft.) and was subsequently resold in July 2020 for $124,900 ($54/sq. ft.) as a fully habitable, traditional home.
- August 2021 Catastrophic Flood Event: In August 2021, Waverly suffered a historic flash flood that heavily impacted Trace Creek and surrounding low-lying residential sectors.
- 2024 Sales & Rehab Attempt: On August 13, 2024, the property transferred via public record for $80,000. It was subsequently listed late in 2024 for $179,000 before being removed from the market in early 2026.
- Current 2026 Price Drop Trajectory: Relisted on May 1, 2026 for $79,700, the property underwent five consecutive price drops over 90+ days down to its current asking price of $54,700.
Estimated Renovation Capital Requirements
Bringing a 2,316-square-foot 1900-built shell back to turn-key condition requires a comprehensive scope of work. Because the lower level is gutted down to the studs, investors must budget for a full structural, mechanical, and finish overhaul:
Line-Item Rehab Budget Proforma
- HVAC & Climate Control: $12,000 – $16,000 (Installing a new split-system heat pump, compressor, and full ductwork throughout 2,316 sq. ft.).
- Electrical Service & Wiring: $8,000 – $12,000 (New 200A service panel, rewiring main level, new fixtures and switches).
- Plumbing & Bathrooms: $10,000 – $15,000 (New PEX/PVC drops, re-fitting 2 full bathrooms).
- Main Level Drywall, Insulation & Flooring: $15,000 – $22,000 (Insulating, hanging/taping drywall on the main level, installing LVP or subfloor).
- Kitchen Rebuild: $10,000 – $15,000 (Cabinets, butcher block or granite counters, sink, appliances).
- Upstairs Restoration & Exterior: $8,000 – $12,000 (Refinishing upstairs hardwoods, vinyl siding repairs, window checks).
- Estimated Total Rehab Budget:$63,000 – $92,000
Financial Analysis & ARV Proforma
To evaluate 101 Slayden Ave, we must look at the total all-in investment basis relative to After Repair Value (ARV) and rental yields in Waverly.
All-In Investment Basis vs. Market Valuation
| Financial Parameter | Estimated Amount | Calculation Basis & Notes |
| Purchase Price | $54,700 | Cash acquisition price |
| Estimated Closing & Title Fees | ~$2,500 | Escrow, closing costs, title insurance |
| Estimated Rehab Capital | ~$75,000 | Full mechanical, main-level & system overhaul |
| Total All-In Basis | ~$132,200 | Total capital deployed ($57/sq. ft.) |
| Fully Renovated ARV Range | $165,000 – $185,000 | Based on updated 2,000+ sq. ft. comps in Waverly |
| Estimated Rent Zestimate® | $1,653 / Month | Post-rehab market rent for 3-bed / 2-bath 2,300 sq. ft. home |
| Potential Instant Equity Margin | ~$32,800 – $52,800 | Value captured upon completing rehab & stabilization |
Pros vs. Cons Analysis
The Pros (Why You Should Invest)
- Low Acquisition Price ($24/Sq. Ft.): Acquiring 2,316 sq. ft. of residential shell for $54,700 offers a solid entry price.
- Main Level Blank Canvas: Having the downstairs already gutted saves thousands in demolition and haul-away expenses.
- Upstairs Hardwood Flooring: Preserved original hardwood floors upstairs add historical character and reduce flooring replacement costs.
- Strong Post-Rehab Cash Flow: Estimated post-rehab rent of ~$1,650/month generates a high gross yield on a ~$132k all-in basis.
- Microscopic Holding Overhead: Annual property taxes sit at an affordable $386 per year (~$32/month).
The Cons (Key Risks to Factor In)
- No Utilities On & No HVAC: Seller will not turn on water or power for inspections; requires complete HVAC system installation.
- Requires Cash or Hard Money: Non-functional condition excludes traditional mortgage financing.
- Flood History Due Diligence: Waverly’s 2021 flash flood history requires verifying elevation, FEMA flood zone status, and flood insurance requirements.
Final Investment Verdict & Strategy
The Verdict: RECOMMENDED WITH CAUTION — An attractive project for experienced rehabbers, cash flippers, or BRRRR investors who can manage a $75k+ gut renovation and verify flood zone status.
101 Slayden Ave offers significant square footage (2,316 sq. ft.) for under $55,000. While the project demands a complete mechanical and interior rebuild, the resulting equity margin ($30k+) and cash flow potential ($1,650/mo) make it a viable project at this price level.
Suggested Action Steps:
- Perform a Structural Inspection: Walk the foundation, joists, and roof framing with a licensed contractor (bring flashlights and generators since utilities are off).
- Verify Flood Zone & Elevation: Search FEMA flood map panels to confirm whether 101 Slayden Ave sits inside a Special Flood Hazard Area (Zone A/AE) requiring mandatory flood insurance.
- Submit a Clean Cash Offer: Given the 90+ cumulative days on market and five consecutive price drops, submit a firm cash offer at $45,000 to $49,000 with a 5-day inspection contingency.
Listed on Zillow