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1904 Woodbine Ave
Knoxville, TN

1904 Woodbine Ave

$689,900
4 bd • 4 ba • 3,242 sf

This analysis was generated by artificial intelligence on 2/2/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

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AI Property Analysis

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List Price

$689,900

Price/Sq.Ft

$213

Year Built

1920

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

• The property features two separate living quarters, each with its own kitchen and laundry, providing great flexibility for rental income or multi-generational living. This feature can increase the property's rental income potential and appeals to a broader range of buyers. The average rental rate for a four-bedroom in Knoxville is $1,890 per month, and this property has the potential to generate higher rent due to its two separate units. • The property has been recently renovated with new windows, floors, electric, HVAC, plumbing, and cabinets, reducing the potential for immediate maintenance costs and providing a move-in-ready experience for buyers. This is a major selling point as it eliminates the need for costly renovations upon purchase. • The property is located in the heart of downtown Knoxville, offering easy access to shops, dining, and entertainment, making it an attractive location for those seeking an urban lifestyle. It is also uniquely positioned next to a public park, which is a rare feature for a downtown property. • The property has a minimal flood and fire risk (both 1/10), reducing the likelihood of damage from these natural hazards and lowering insurance costs associated with these risks. The property is located in FEMA zone X_UNSHADED, indicating minimal flood risk. • The property has 4 bedrooms and 4 bathrooms, which is above average for the area, and supports the potential for higher rental yields. The property also includes modern amenities such as an island in the kitchen, walk-in closets, an eat-in kitchen, a dishwasher, disposal, microwave, and self-cleaning oven.

The Bad

• The property's price per square foot is $212.80, which is higher than the city average of $180-$200 for similar properties. This indicates the property is priced on the higher end of the market and may require more negotiation to sell. • The public school ratings for the area are very low (all 2/10), which could negatively impact the property's resale value and desirability for families with children. • The property was listed for sale multiple times in 2024 with varying prices, including a sale at $245,000 in April 2024, and a listing at $694,900 in November 2024. This inconsistent pricing history suggests potential issues with the initial valuation or marketability. The property also went pending in November 2024, but did not close, which indicates a potential issue with the price. • The listing history indicates a significant price increase of 183.6% from $245,000 to $694,900 between April and November 2024, which is not a typical market trend and could indicate overpricing. The current price of $689,900 is still high, making it less competitive. • Although the property has been renovated, the age (built in 1920) could still present challenges with maintenance and potential issues related to older construction.

The Ugly

• The extremely volatile pricing history is a major concern, with the property sold for $245,000 in April 2024, then listed for $694,900 in November 2024 and is now listed for $689,900. This significant price fluctuation of 183.6% in less than a year raises questions about the accuracy of the current valuation and potential overpricing. The previous sale in 2021 was $330,000, and $40,000 in 2000, which also shows a large increase over time. • The property's location in a downtown area with a moderate air quality risk (4/10) and a major heat risk (6/10), including 7 hot days per year and a 98th percentile temperature of 103°F, may deter some buyers who are sensitive to these environmental factors. • The property's age (built in 1920) presents potential risks related to older infrastructure, which may require costly future repairs, despite the recent renovations. This is especially relevant when considering the potential for foundation issues, drainage, or accessibility issues, due to the hilly terrain of Knoxville. • The property's estimated insurance cost of $2483.64 per year is relatively high and could add a significant monthly expense for the new owner. This is especially true when considering the property's flood and fire risk is low, which is unusual for insurance costs to be this high in this case. • The nearby schools have very low ratings (2/10), which might make it hard to find a buyer with children. This could depress the property's long-term appreciation potential.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

• Investors seeking a property with immediate rental income potential due to its two separate living quarters and the high demand for rentals near downtown Knoxville. The property's layout is ideal for attracting tenants looking for individual units, potentially maximizing rental yields. • Buyers who desire a home with the option for multi-generational living, with separate living quarters providing privacy and independence for different family members, without sacrificing close proximity. • Homeowners seeking a low-maintenance property after renovations with new windows, flooring, electrical/HVAC/plumbing, and cabinets, reducing the potential for immediate repair costs and providing a move-in-ready experience. • Individuals who value access to local amenities and a vibrant downtown lifestyle, with the property's proximity to shops, dining, and entertainment, combined with the unique benefit of a public park in the backyard. • Buyers looking for a property in a location with a strong rental market, where the average rental rates for a four-bedroom home are around $1,890 per month, with the potential for higher yields given the property's dual-unit configuration.

Not For

• Buyers seeking a property in a highly-rated school district. All three nearby schools have a 2/10 rating, making this property less suitable for families prioritizing education quality. • Individuals concerned about potential noise or traffic from a downtown location, as the property is situated in a vibrant area with easy access to shops, dining, and entertainment which may increase noise and traffic. • Buyers who prefer a large yard with significant privacy, as the property has a public park in the backyard, potentially reducing the sense of privacy and having limited yard space compared to more suburban homes. • Those looking for a property with a low upfront cost, as the price of $689,900 is considerably higher than the previous sale price of $245,000 in April 2024, despite the renovations. • Buyers uncomfortable with the potential for seasonal allergies, given Knoxville’s lush vegetation and proximity to the Smoky Mountains.
Demographics
Area Median Income

$44,079

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Risk Assessment

Climate Risks

heatMAJOR

7 extreme heat days per year

98th percentile: 103°F

airMODERATE

4 bad air quality days per year

windMINOR

Insurance: Recommended

floodMINIMAL

FEMA Zone: X_UNSHADED

Insurance: Optional

fireMINIMAL

Insurance: Optional

Risk Analysis

• High initial investment: the property's price of $689,900 is a significant increase from its previous sale price in April 2024 ($245,000) after the renovations, raising concerns about whether the current price is justified by the improvements and market value. The 183.6% price increase between November 8th, 2024 and April 24th, 2024, is a major concern. • School district concerns: the nearby schools all have a rating of 2/10, which could negatively affect property value and make it less appealing to families with children. • Potential for high property taxes: while Knox County property taxes are reasonable, the newly renovated status and increased property value could lead to higher tax assessments, increasing the overall cost of ownership. • Downtown location risks: downtown areas can experience higher crime rates and noise levels compared to suburban areas, which could affect the desirability and safety of the property. The moderate air quality risk (4/10) and heat risk (6/10) may also be a concern for some buyers. • Historic home considerations: while renovated, the property is a 1920 build and may have underlying issues common to older homes that were not addressed during renovations. This could lead to unexpected maintenance expenses down the line. The property's location in a radon zone also requires testing and potentially mitigation. • Market volatility risks: the property's recent listing history shows significant price fluctuations, indicating potential market instability or inaccurate pricing, which could affect future resale value. The days on market is currently 38, which is above the average days on market in Knoxville. The property had a pending sale in November 2024 at the price of $694,900, but it was not successful, which indicates a potential issue with the current listing price.
Insurance
Annual Cost

$2,484

$207 per month

Financials

Monthly Costs

Price History

Property Taxes

$1,278
2023 Tax Assessment
1.3%from previous year
Assessed Value$82,250
Tax Rate1.55%

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$244,967

-64.5% below list price

Median Price

$30,000

Based on 3 recent sales

Price per Sq.Ft

$257

Comparable Properties

717 Deery St, Knoxville, TN 37917
Price: $675,000
Sq.Ft: 2,626
Beds/Baths: 3/3
$/Sq.Ft:
$25720.8%
Sale Date: 8/17/2024
2350 Parkview Ave, Knoxville, TN 37917
Price: $30,000
Sq.Ft:
Beds/Baths: /
$/Sq.Ft: N/A
Sale Date: 1/10/2025
0 Cityview Ave, Knoxville, TN 37915
Price: $29,900
Sq.Ft:
Beds/Baths: /
$/Sq.Ft: N/A
Sale Date: 8/28/2024

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