Investor special in extremely desirable 38117! This well-maintained 3-bedroom, 1-bathroom home offers incredible potential as a rental or a fix-and-flip project. Tenant currently in place through October 31, 2026, paying $1,141 a month (MHA). Situated in one of the area's most sought-after neighborhoods, this property combines steady rental demand with endless upside for future appreciation. Don't miss this rare opportunity to add a solid, income-generating asset to your portfolio! Please do not disturb tenant. No wholesalers, contract assignment or creative offers.
Single-familyProperty Type
1964Year Built
8,276 sq ftLot Size
Listed by Sherry Roberts• Advantage Property Management
Colonial Willow, located between East Parkway South and Southern Avenue, is a residential and historic Memphis neighborhood with curving streets and mature tree canopy. Around the Southern Ave & East Parkway S junction, the scene shifts to a steady rhythm of campus foot traffic, coffee counters, and small eateries. Brick cottages and mid-century ranch homes sit behind deep lawns, giving the blocks a calm, lived-in feel. The University of Memphis frames the area with lectures, performances, and game-day energy. Dixon Gallery & Gardens adds a quiet cultural counterpoint with art-filled rooms and landscaped paths. Daily routines often orbit Park Avenue’s local storefronts and the neighborhood’s pocket parks.
Provided by Walk Score and Local Logic
Market insights
4480 Garnett Rd · $120,000
DAYS ON MARKET
6 days
The average home goes pending in 37 days.
SALE-TO-LIST
96.9%
Most homes are selling 3% below list price.
LIST PRICE
$120,000
Median sale price in this area is $279,084. (133% higher than this home)
PRICE DROP
0 price drops
23% of homes in this area have had a price drop in the past month.
Property details
Interior
Exterior
Finance
Kitchen
Bathroom
Bedroom
Living
Dining
Interior features
Seven total rooms
Single-story home
Part carpet flooring
Bedrooms
Three bedrooms, all on the main level
Bathrooms
One full bathroom
Flooring
Part carpet
Heating & cooling
Central heating
Central cooling
Exterior features
Wrought iron security doors
Brick veneer exterior
Some trees
Level lot
Home design
Detached single-family home
Traditional style
Existing property built in 1964
Parking
Driveway/pad
Security
Wrought iron security doors
Construction
Brick veneer construction
Built in 1964
Electricity and solar
View estimated energy costs and solar savings for this home
Memphis Area Association of Realtors(R) MLS #10229047
Aug 24, 2026
Listed
$120,000
Public Records
May 3, 2018
Sold
$69,900
Public Records
Mar 19, 2018
Sold
$160,000
Public Records
Jan 8, 2010
Sold
$254,333
Public Records
Nov 29, 1995
Sold
$65,682
Public Records
Mar 29, 1995
Sold
$71,613
Public Records
Aug 31, 1989
Sold
$62,000
Year
Property tax
Land + Additions
Assessment*
2025
$1,883 (−12.4%)
$8,000 + $27,725
$35,725
2024
$2,150 (+8.1%)
$8,000 + $27,725
$35,725
2023
$1,989
$4,425 + $28,225
$32,650
2022
$1,989 (−1.2%)
$4,425 + $28,225
$32,650
2021
$2,012 (+67.0%)
$4,425 + $28,225
$32,650
2020
$1,205
$4,425 + $28,225
$32,650
2019
$1,205
$4,425 + $12,200
$16,625
2018
$1,205 (+76.3%)
$4,425 + $12,200
$16,625
2017
$683 (−11.4%)
$4,425 + $12,200
$16,625
2016
$771
$4,425 + $12,200
$16,625
2014
$771
$5,650 + $12,000
$17,650
Public record
Public record
Zoning
Permits
Beds
3
Baths
1
Stories
1
Lot width
60 ft.
Lot depth
140 ft.
Lot size
8,400 Sq. Ft.
Year renovated
—
Finished Sq. Ft.
1,186
Unfinished Sq. Ft.
—
Total Sq. Ft.
1,186
Year built
1952
Style
Single Family Residential
County
Shelby County
APN
066027 00032
Parking Spaces
—
Basement
—
Accessible
—
HOA Dues
—
Garage
—
Features
—
Last updated by owner on Jul 14, 2026.
R-6
Residential Single Family-6 District
The single-family residential districts are intended to accommodate one single-family detached principal dwelling unit per lot. These districts should be applied in areas where the land-use pattern is predominately single-family residential or where such a land use pattern is desired in the future. Five single-family residential districts are established-R-6 which are differentiated primarily on the basis of minimum lot area and setback requirements. New R-6 districts are generally located in an infill or redevelopment location where similar lot sizes are part of the original fabric of development. Additionally, R-6 districts should have a shared street network with and are generally located at least 500 to 1,000 ft from a CMU-1, CMU-2, CMU-3, or CBD district.
Permitted uses
Include but are not limited to:
Religious facility
Housing-Senior
Infrastructure
Educational / school
Fire house
Police station
Recreation
Park & open space
Oct 7, 2020 • Final
Residential electrical
Repair damage caused by a storm.
Electrical
Permit history is from public records and may be incomplete or inaccurate. Redfin and its agents make no representations about the property condition or permit status. Buyers should independently verify all information.
Climate risks
1/10 Flood Factor
Minimal risk of a flood reaching the building in the next 30 years
1/10 Fire Factor
Unlikely to be in a wildfire in next 30 years
6/10 Heat Factor
7 days above 109° expected this year, 21 days in 30 years
4/10 Wind Factor
18% chance of strong winds in next 30 years
3/10 Air Factor
2 unhealthy days expected this year, 3 days in 30 years
Provided by First Street
Historical weather
Memphis, TN • 38117
Average low and high temperatures (°F)
47
30
57
38
72
50
78
58
79
63
88
72
93
77
90
71
86
68
78
57
66
49
54
40
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Sun exposure
81/ 100
Very good sunlight
Sunscore
There appears to be minimal shading by surrounding buildings, terrain, and vegetation.
8.4 hrs
4.7 hrs
JuneDecember
Provided by Shadowmap
Redfin Estimate for 4480 Garnett Rd
$117,771
$2,229 under list price of $120K
Nearby comparable homes
The Redfin Estimate uses 6 recent nearby sales, priced between $100K to $190K.