A three-bedroom home in Memphis, Tennessee, recently changed hands for an unexpectedly affordable price, selling for just $55,501 after originally being offered for $55,000. With more than 1,100 square feet of living space, a renovated bathroom, and a fenced backyard, this property demonstrates how some homes can still sell for considerably less than the national housing market’s typical prices.
Located at 1397 Gill Avenue in Memphis, the single-story residence was originally constructed in 1964. The property offers approximately 1,124 square feet of interior space, featuring three bedrooms, one full bathroom, and a practical layout designed for everyday living.
A Surprisingly Affordable Sale
The property first appeared on the market in July 2025 with an asking price of $55,000. It was listed again at the same amount in August before going under contract later that month.
On September 11, 2025, the home officially sold for $55,501, just $501 above its asking price.
Based on its reported square footage, the final transaction represented approximately $49 per square foot, making the sale particularly interesting for buyers who follow affordable housing opportunities.
Three Bedrooms and Comfortable Interior Spaces
Inside, the residence features three bedrooms with dimensions suitable for different household needs.
The primary bedroom measures approximately 10 by 12 feet, while the second bedroom offers similar dimensions. The third bedroom measures around 10 by 10 feet and could potentially serve as a guest room, home office, or additional sleeping space.
One of the home’s notable improvements is its updated full bathroom.
The living room and dining area share a connected arrangement, providing a convenient space for relaxing, entertaining, and enjoying everyday meals.
The living room measures approximately 13 by 15 feet, while the dining area offers around 12 by 13 feet.
The kitchen includes pantry storage, and a dedicated laundry closet provides additional convenience without taking up an entire room.
Central heating powered by natural gas and central air conditioning help maintain comfortable indoor temperatures throughout the changing seasons.
Fenced Backyard and Outdoor Space
Beyond the interior, the property occupies approximately 0.17 acres, equivalent to roughly 7,405 square feet of land.
The mostly level lot includes mature trees and a chain-link fence surrounding the backyard.
This outdoor area offers space for gardening, relaxing, or enjoying time outside.
A front porch adds another place to sit and unwind, while the driveway and parking area provide convenient vehicle access, including one covered parking space.
The residence features a traditional architectural design with brick veneer exterior finishes, a composition-shingle roof, and a slab foundation.
Public water service is available, and the property does not have a listed homeowners association.
What Buyers Should Know About the HUD Sale
Another important aspect of this transaction is that the home was owned by the U.S. Department of Housing and Urban Development, commonly known as HUD.
The residence was marketed as a HUD-owned property and offered in as-is condition.
Its listing identified the home as an Insured Escrow property, indicating that certain repairs might have been necessary while potentially allowing eligibility for FHA financing under applicable requirements.
Buyers were responsible for arranging inspections after an accepted offer, making property evaluation an important consideration.
The listing also highlighted the home’s location approximately five minutes from downtown Memphis, offering relatively convenient access to the city’s central area.
An Affordable Memphis Property That Found a Buyer
Although the home is no longer available following its September 2025 sale, its final selling price remains noteworthy.
With three bedrooms, an updated bathroom, more than 1,100 square feet of living space, and a fenced backyard, the residence offered several practical features at a relatively modest purchase price.
For those interested in affordable homes, historic sale records, and HUD-owned real estate opportunities, this Memphis transaction provides an example of a property that sold for just over $55,000.
Listed on Zillow
