5004 Illinois Ave, Nashville, TN 37209, Nashville, 37209 - 2 bed, 1 bath
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5004 Illinois Ave
Nashville, TN 37209
ACTIVE
CONDITION: FAIR
2Beds
1Baths
1,100Sq Ft
5,227Lot Size
Property Price
LIST PRICE$400,000
EST. MARKET VALUE
$402,026
SUMMARY
This property represents a Strong Value Opportunity, listed at $400,000—positioned well below the $402,027 Fair Market Value by 0.5%. This valuation gap offers $2,027 in Instant Equity. With a Condition Rating of 4, the home is currently generating $1,700 in monthly rental income. Located in the highly walkable Nations neighborhood, this Single Family Residence is an ideal acquisition for Buy-and-Hold Investors or first-time buyers seeking a property with immediate income potential and long-term appreciation.
Estimated Market Value
$402,026
Based on Realkey algorithm analyzing recent comparable sales in Nashville.
Comparable Sales Map
Comparables within 1 miles sold in recently
Map unavailable.
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 5004 Illinois Ave Subject | $400,000* List Price | 2 | 1 | 1,100 | $365 | - |
A 710 Delray Dr Active | $299,900 List Price | 2 | 1 | 660 | $454 | 0.4 mi |
* Subject property listed price vs sold prices of comps.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Fair
TeardownExcellent
Property is moderate renovation needed.
Originally built in 1935 with a renovation that appears to be 15-25 years old based on the oak cabinetry and finishes. While the home is functional and currently rented, the interior style is dated and the age of the structure suggests a need for minor repairs and modernization of systems.
PROSSTRENGTHS & OPPORTUNITIES
- Prime Walkable Location
Situated in the highly sought-after 'The Nations' neighborhood, this property offers exceptional walkability to the vibrant dining and shopping scene on 51st Avenue.
- Competitive Entry Price
Priced at $400,000, this home represents a rare entry-level opportunity in a high-demand area where similar properties are increasingly difficult to find.
- Immediate Income Potential
The property is currently generating $1,700 per month in rental income, making it an attractive turn-key option for investors or buyers seeking a future primary residence.
CONSRISKS & DEFICIENCIES
- MLS Listing Discrepancy
Living area discrepancy between mls listing and other public or private record. mls listing living area = 1100, other record living area = 1034.
- Non-Conforming Bedroom
The home is officially classified as a one-bedroom because the secondary room lacks a closet, which may limit its appeal to families and impact certain financing options.
- Low School Ratings
The property is zoned for middle and high schools with low performance ratings, which could be a drawback for education-focused buyers and impact long-term resale value.
About 5004 Illinois Ave
A house in the Nations for this price is so hard to find. This location is perfect for walking to ALL of the best restaurants and shopping on 51st Ave. The house is listed as a one bedroom but there is a small room with out a closet off the hall to the bedroom that is perfect for a nursery or office! The house is currently rented through 9/30 for $1700 per month. The back yard is fenced in and there is parking off the alley in rear and a detached shed. All applicances are included, washer and dryer as well. Pics are from when the house was for rent.
Property Details
Public Facts
- Property Type
- Single Family Residence
- Year Built
- 1935
- Lot Size
- 5,227 Sq. Ft.
Interior
- Total Bedrooms
- 2
- Total Bathrooms
- 1 (1 Full, 0 Half)
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Nashville Unified Schools
Cockrill Elementary School
Grades PK-4 • 0.2 mi
4/10
Sylvan Park Paideia Design Center
Grades PK-4 • 1.0 mi
7/10
Park Avenue Elementary Enhanced Option
Grades PK-4 • 1.1 mi
5/10
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 2.0 | 3.0 |
| Baths | 1.0 | 3.0 |
| Square foot | 1,100 | 2,093.129 |
| Lot Size | 5,227 | 10,890 |
| Price | $400.0K | $568.3K |
| Price per sq ft | $364 | $307 |
| Built year | 1935 | 1971 |
| HOA | $0 | $137 |
| Days on market | 7 | 69 |
Pricing History
Listed for Sale
Sep 2, 2026
$400,000
Initial Listing