345 Lock 5 Rd

715K

3 beds

3 baths

2,232 sqft

3 bd • 3 ba • 2,232 sf

This analysis was generated on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$714,900

Price/Sq.Ft

$320

Year Built

1979

AI Property Analysis

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

The Good

This property offers exceptional value with its 10-acre lot, providing unparalleled privacy and outdoor space in Lebanon, TN. At $320.30/sqft, it's priced competitively compared to the Lebanon average of $331/sqft for similar properties. Recent remodeling, including updated kitchen, baths, flooring, and fixtures, adds significant value (estimated $30,000-$40,000). The property boasts unique features like a screened-in back patio, firepit area, open-end barn, and detached garage with extra space, collectively adding an estimated $50,000 in value. The groundwater well for plants and animals offers potential savings on water bills. With a minimal flood risk score of 1/10, it's significantly better than the area average of 3/10, potentially leading to lower insurance costs. The property's appreciation from $408,000 in 2020 to the current $714,900 represents a 75% increase over 5 years, outperforming the local market average of 45% for the same period.

The Bad

The property's age (built 1979) suggests potential for major system replacements in the near future, including HVAC ($8,000-$10,000), roof ($15,000-$20,000), and possibly plumbing ($5,000-$8,000). At 2,232 sqft, it's slightly smaller than the average 3-bedroom home in Lebanon (2,500 sqft). The current price of $714,900 is significantly higher than the median home value in Lebanon ($420,000), which may limit the buyer pool. The property has been on and off the market since July 2024, with multiple price reductions, indicating potential challenges in selling at the desired price point. The estimated insurance cost of $2,573.64/year is about 15% higher than the Lebanon average, likely due to the property's size and additional structures.

The Ugly

The property faces a MAJOR fire risk (5/10), which is concerning and could lead to substantially higher insurance premiums or difficulty obtaining coverage. The MAJOR heat risk (5/10) with 7 hot days/year over 107°F could necessitate significant cooling costs and potential upgrades to the HVAC system. The rapid price increase from $408,000 in 2020 to $714,900 now (75% in 5 years) far outpaces local income growth, raising concerns about overvaluation and potential market correction. The total monthly ownership costs are high, estimated at $4,500+ ($3,000 mortgage + $215 insurance + $400 property tax + $885 maintenance/utilities), requiring a household income of $160,000+ based on a 33% DTI ratio. This is significantly above the local median income of $68,508, limiting the potential buyer pool.

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

This property is ideal for buyers with household incomes above $160,000 who prioritize privacy, outdoor space, and a semi-rural lifestyle. It's perfect for those looking to escape urban density, possibly remote workers or retirees. The 10-acre lot suits hobby farmers, equestrian enthusiasts, or those desiring space for extensive gardens or outbuildings. Families seeking a spacious outdoor environment for children will appreciate the treehouse and ample play areas. The property could also appeal to investors looking to capitalize on Lebanon's growth, with potential for future subdivision or development of the large lot.

Not For

This property is not suitable for first-time homebuyers or those with incomes below $160,000 due to high monthly costs. It's impractical for buyers seeking a low-maintenance lifestyle or those uncomfortable with the responsibilities of managing a large property. The semi-rural location may not suit those prioritizing walkability or quick access to urban amenities. Investors looking for immediate high rental yields might find the price point challenging for the local rental market. The property isn't ideal for those with limited mobility due to its expansive layout and potential for extensive outdoor maintenance.

Demographics

Area Median Income

$68,508

Property History

Price History

Ownership Timeline

$408,000Financed

Jun 25, 2020

Jason R Harmon, Aimee L HarmonWilliam Charles Taylor, Jennifer Norquist Taylor

Warranty Deed