In rural Henry County, Tennessee, a nearly century old farmhouse on 5.5 acres recently changed hands for a price that shows just how much value is still available for buyers willing to take on a restoration project. The property at 5480 Macedonia Rd in Henry, Tennessee, listed on April 29, 2025 at $139,900, went under contract within days, and closed on June 6, 2025 for $130,000, about 7.1 percent below the original asking price. That works out to roughly $65 per square foot, a price point most buyers will not find anywhere near a major metro area.
An Early 1900s Farmhouse With Real Character
Built in 1930, the home offers 2,008 square feet with three bedrooms and two full bathrooms. The listing described it as a charming early 1900s style home, with wood flooring, front and rear porches, and ceiling fans throughout that give it the classic feel of a Tennessee farmhouse. A metal roof and vinyl siding cover the exterior, the home sits on a crawl space foundation, and a gravel carport provides covered parking. Well water and a septic system serve the home, and a washer and dryer were included in the sale.
The listing was upfront about the work still needed. The upstairs of the home has no HVAC system, meaning heating and cooling upgrades would be one of the first projects for a new owner. The upstairs bathroom had already been gutted and was, in the listing’s words, waiting for a personal touch, essentially a blank slate ready for the next owner’s finishes.
The Land
The property sits on approximately 5.5 acres, noted in the listing as subject to survey, with a small barn, partial wire fencing, and space for a garden. Horses are permitted on the property, which is a meaningful detail for buyers in this part of Tennessee, where small acreage properties with barns and horse access are in steady demand among rural and semi-rural buyers.
Financing Realities For A Property Like This
A home built in 1930 with an unfinished upstairs and a gutted bathroom sits right in the category where conventional financing gets more complicated. Lenders and appraisers generally want to see functioning heating and cooling throughout a home and no missing fixtures before approving a standard 30 year conventional loan. A property like this one typically moves through the market via one of a few paths: a cash buyer who plans to fund renovations directly, an FHA 203k loan that rolls the purchase price and repair costs into a single loan once the finished home meets FHA minimum property standards, or a conventional HomeStyle renovation loan for buyers with stronger credit profiles. USDA financing is also worth considering for rural Tennessee properties like this one, since Henry County frequently falls within USDA eligible areas, though the missing upstairs HVAC and incomplete bathroom would likely need to be addressed as part of the loan’s repair requirements before or at closing.
Insurance Considerations
For a rural farmhouse of this age, insurers typically ask about the age and condition of the roof, the electrical system, and the heating setup before issuing a standard homeowners policy. The metal roof here is a point in the property’s favor, since insurers often view metal roofing favorably for durability and wind resistance. A barn or outbuilding on the property may also need to be scheduled separately on a policy, and any buyer planning to keep horses should confirm what liability coverage applies to livestock and fencing on the land.
Due Diligence Checklist For A Property Like This
Buyers evaluating a similar farmhouse should have a licensed contractor provide a firm estimate for extending HVAC to the upstairs level and finishing the gutted bathroom before finalizing a renovation budget. A full septic inspection and well water quality test are essential given the home’s age and rural water source. A survey should be completed to confirm the exact acreage and boundary lines, since the listing itself flagged the 5.5 acres as unsurveyed. The barn and any fencing should be inspected for structural soundness, particularly if horses or other livestock are part of the plan. Finally, buyers should confirm the condition of the crawl space foundation, a common area of concern in homes of this era in humid climates.
Local Market Context
Henry County sits in Northwest Tennessee near Kentucky Lake, an area that continues to draw buyers looking for affordable rural acreage, small hobby farms, and horse properties within a reasonable drive of larger towns. Homes like this one, sold well below the price of a comparable turnkey property, illustrate the kind of value still available to buyers willing to finish the work themselves. The quick move from listing to pending in a matter of days suggests strong demand for well priced acreage in this part of Tennessee, even for a property needing meaningful updates.
