Real Estate Investment Properties for Sale in Gray, TN

Looking for investment property in Gray, TN with high ROI ?

Explore a variety of short-term homes & houses in Gray, TN. Invest wisely with VRBO & Gray, TN Airbnb properties available for purchase. Find your ideal investment property among our curated listings for a rewarding real estate venture.

Investment Property for Sale in Gray, TN

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PROPERTY	DETAILS	SALE PRICE	INVESTMENT PERFORMANCE
124 Highland Hills Drive Gray, TN Discover the perfect balance of neighborhood living and country charm with this spacious t...	3 beds \| 3 baths \| 2,807 sq.ft.	$550,000	Airbnb cash on cash: 0.18% Traditional cash on cash: 3.55% Airbnb Rental Income: $1292 Traditional Rental Income: $2619 Airbnb ROI: 0.18% Traditional ROI: 3.55%
818 Hales Chapel Road Gray, TN This stunning 2019 Craftsman-style home is filled with charm, character, and custom detail...	4 beds \| 3 baths \| 3,635 sq.ft.	$799,000	Airbnb cash on cash: N/A Traditional cash on cash: 2.2% Airbnb Rental Income: $null Traditional Rental Income: $2706 Airbnb ROI: N/A Traditional ROI: 2.2%
363 Wiltshire Drive Gray, TN Outdoor Entertainer's Paradise in Wiltshire Community - Gray, TN. Welcome to this stunning...	3 beds \| 3 baths \| 2,862 sq.ft.	$549,900	Airbnb cash on cash: 0.25% Traditional cash on cash: 4.04% Airbnb Rental Income: $1292 Traditional Rental Income: $2832 Airbnb ROI: 0.25% Traditional ROI: 4.04%
102 Ridgeview Meadows Drive Gray, TN Welcome to this stunning 4 bedroom, 3 bath traditional home. With its thoughtful design, t...	4 beds \| 3 baths \| 2,522 sq.ft.	$520,000	Airbnb cash on cash: N/A Traditional cash on cash: 3.56% Airbnb Rental Income: $null Traditional Rental Income: $2494 Airbnb ROI: N/A Traditional ROI: 3.56%
599 Free Hill Road Gray, TN GORGEOUS 3 BEDROOM, 2 BATH HOME IN HIGHLY DESIRABLE COMMUNITY OF GRAY!! Convenient to John...	4 beds \| 2 baths \| 2,813 sq.ft.	$515,000	Airbnb cash on cash: N/A Traditional cash on cash: 3.49% Airbnb Rental Income: $null Traditional Rental Income: $2424 Airbnb ROI: N/A Traditional ROI: 3.49%
138 Village Lane Gray, TN Move-in ready split foyer in Gray offering space, comfort, and a prime location! Just minu...	4 beds \| 2 baths \| 1,588 sq.ft.	$309,900	Airbnb cash on cash: N/A Traditional cash on cash: 5.35% Airbnb Rental Income: $null Traditional Rental Income: $2032 Airbnb ROI: N/A Traditional ROI: 5.35%
204 Gunners Way Gray, TN Beautiful One-Level Home in Fairhaven Subdivision! Immaculate one-level home featuring an ...	3 beds \| 2 baths \| 1,630 sq.ft.	$389,900	Airbnb cash on cash: 0.79% Traditional cash on cash: 3.61% Airbnb Rental Income: $1292 Traditional Rental Income: $1922 Airbnb ROI: 0.79% Traditional ROI: 3.61%
355 Wiltshire Drive Gray, TN Just in time for hosting! One level living at its finest in a convenient location! Beautif...	4 beds \| 2 baths \| 2,833 sq.ft.	$559,900	Airbnb cash on cash: N/A Traditional cash on cash: 3.31% Airbnb Rental Income: $null Traditional Rental Income: $2528 Airbnb ROI: N/A Traditional ROI: 3.31%
121 Valley Circle Gray, TN Renovated Raised Ranch with Fenced Yard, Brick Construction, One Car Drive Under Garage, E...	3 beds \| 2 baths \| 1,776 sq.ft.	$310,000	Airbnb cash on cash: 1.5% Traditional cash on cash: 5.34% Airbnb Rental Income: $1292 Traditional Rental Income: $2010 Airbnb ROI: 1.5% Traditional ROI: 5.34%
1123 Keeview Drive Gray, TN Welcome to this beautifully maintained 4-bedroom, 3-bathroom brick home, located in one of...	4 beds \| 3 baths \| 4,750 sq.ft.	$839,800	Airbnb cash on cash: N/A Traditional cash on cash: 2.07% Airbnb Rental Income: $null Traditional Rental Income: $2799 Airbnb ROI: N/A Traditional ROI: 2.07%
168 Gunners Way Gray, TN Welcome to Your Dream Home! This charming 1440 sq. ft. residence offers 2 spacious bedroom...	2 beds \| 2 baths \| 1,440 sq.ft.	$345,000	Airbnb cash on cash: -0.17% Traditional cash on cash: 4.11% Airbnb Rental Income: $805 Traditional Rental Income: $1867 Airbnb ROI: -0.17% Traditional ROI: 4.11%
16 Chaucer Court Gray, TN Escape to a private paradise in this stunning 5-bedroom, 3-full-bathroom retreat! The mast...	5 beds \| 3 baths \| 3,780 sq.ft.	$640,000	Airbnb cash on cash: N/A Traditional cash on cash: 3.42% Airbnb Rental Income: $null Traditional Rental Income: $2893 Airbnb ROI: N/A Traditional ROI: 3.42%
262 Harps Lane Gray, TN Subject to 48 hour Buyers First Right of Refusal. Low-maintenance living, stylish comfort,...	2 beds \| 2 baths \| 1,717 sq.ft.	$380,000	Airbnb cash on cash: -0.79% Traditional cash on cash: 4.28% Airbnb Rental Income: $805 Traditional Rental Income: $2288 Airbnb ROI: -0.79% Traditional ROI: 4.28%
137 Austin Ridge Court Gray, TN Seller's are Ready to Sell!!!! Stunning 3-Bedroom Home with Bonus Room & Oversized Garages...	3 beds \| N/A baths \| 2,655 sq.ft.	$535,000	Airbnb cash on cash: 0.22% Traditional cash on cash: 4.04% Airbnb Rental Income: $1292 Traditional Rental Income: $2795 Airbnb ROI: 0.22% Traditional ROI: 4.04%
132 Hankal Road Gray, TN Charming raised ranch nestled on 5.24 acres of picturesque land in the highly desired Boon...	3 beds \| 2 baths \| 2,544 sq.ft.	$510,000	Airbnb cash on cash: 0.29% Traditional cash on cash: 2.92% Airbnb Rental Income: $1292 Traditional Rental Income: $2142 Airbnb ROI: 0.29% Traditional ROI: 2.92%
194 Sunset Meadows Court Gray, TN Tucked away at the end of a quiet cul-de-sac in the highly sought-after Sunset Ridge neigh...	4 beds \| 3 baths \| 3,348 sq.ft.	$664,000	Airbnb cash on cash: N/A Traditional cash on cash: 2.46% Airbnb Rental Income: $null Traditional Rental Income: $2500 Airbnb ROI: N/A Traditional ROI: 2.46%
245 Highland Hills Drive Gray, TN If you've been searching for space, privacy, & peaceful views without giving up the perks ...	5 beds \| 2 baths \| 3,031 sq.ft.	$510,000	Airbnb cash on cash: N/A Traditional cash on cash: 4.21% Airbnb Rental Income: $null Traditional Rental Income: $2763 Airbnb ROI: N/A Traditional ROI: 4.21%
153 H R King Road unit: 1 #1 Gray, TN Back on market- no fault of seller! Lakefront Living in a Private Cove! Welcome to your la...	2 beds \| 2 baths \| 1,442 sq.ft.	$489,000	Airbnb cash on cash: -0.33% Traditional cash on cash: 3.27% Airbnb Rental Income: $805 Traditional Rental Income: $2129 Airbnb ROI: -0.33% Traditional ROI: 3.27%
129 Redman Lane Gray, TN Dreamy Lake Front Home with additional 2 bedroom guest house! As you come into the newly r...	4 beds \| N/A baths \| 1,905 sq.ft.	$699,000	Airbnb cash on cash: N/A Traditional cash on cash: 2.92% Airbnb Rental Income: $null Traditional Rental Income: $2769 Airbnb ROI: N/A Traditional ROI: 2.92%
218 Lake Meadow Drive Gray, TN THIS IS MORE THAN A HOME - IT'S A LIFESTYLE! Welcome to this beautiful lakefront home offe...	4 beds \| 5 baths \| 5,670 sq.ft.	$1,325,808	Airbnb cash on cash: N/A Traditional cash on cash: 2.86% Airbnb Rental Income: $null Traditional Rental Income: $5281 Airbnb ROI: N/A Traditional ROI: 2.86%
170 Village Lane Gray, TN Nestled on a peaceful cul-de-sac, this classic brick ranch home in Gray offers timeless cu...	3 beds \| N/A baths \| 2,045 sq.ft.	$345,000	Airbnb cash on cash: 1.14% Traditional cash on cash: 5.5% Airbnb Rental Income: $1292 Traditional Rental Income: $2300 Airbnb ROI: 1.14% Traditional ROI: 5.5%
133 Dry Kiln Court Gray, TN The stunning open floor plan offers one living with1650 finished sq ft, 3 bedrooms, 2 bath...	3 beds \| 2 baths \| 1,650 sq.ft.	$479,000	Airbnb cash on cash: 0.08% Traditional cash on cash: 2.58% Airbnb Rental Income: $1292 Traditional Rental Income: $2009 Airbnb ROI: 0.08% Traditional ROI: 2.58%
667 Rockingham Road Gray, TN Lakefront Living in Gray, TN Discover the perfect blend of comfort, space, and waterfront ...	4 beds \| 4 baths \| 3,483 sq.ft.	$1,090,000	Airbnb cash on cash: N/A Traditional cash on cash: 2.6% Airbnb Rental Income: $null Traditional Rental Income: $3903 Airbnb ROI: N/A Traditional ROI: 2.6%
14 Province Drive unit: 14 #14 Gray, TN Rare Opportunity at Kensington Place Condos in the sought-after Kensington Place community...	2 beds \| 2 baths \| 1,152 sq.ft.	$225,000	Airbnb cash on cash: -0.59% Traditional cash on cash: 7.68% Airbnb Rental Income: $805 Traditional Rental Income: $2244 Airbnb ROI: -0.59% Traditional ROI: 7.68%
533 Oak Grove Road Gray, TN Charming Brick Ranch - Fully Remodeled & Move-In Ready Fantastic opportunity for first-tim...	3 beds \| 2 baths \| 1,040 sq.ft.	$269,900	Airbnb cash on cash: 1.84% Traditional cash on cash: 4.1% Airbnb Rental Income: $1292 Traditional Rental Income: $1462 Airbnb ROI: 1.84% Traditional ROI: 4.1%
130 Hillview Court Gray, TN If you're looking for character, large rooms, and a home in a quiet cul-de-sac in a desira...	3 beds \| 2 baths \| 2,908 sq.ft.	$529,900	Airbnb cash on cash: 0.26% Traditional cash on cash: 2.53% Airbnb Rental Income: $1292 Traditional Rental Income: $2011 Airbnb ROI: 0.26% Traditional ROI: 2.53%
12 Province Drive unit: 12 #12 Gray, TN Welcome to this charming 2-bedroom, 2-bathroom condo located in Gray, TN! Located in a con...	2 beds \| 2 baths \| 1,152 sq.ft.	$237,000	Airbnb cash on cash: 0.46% Traditional cash on cash: 5.15% Airbnb Rental Income: $805 Traditional Rental Income: $1533 Airbnb ROI: 0.46% Traditional ROI: 5.15%
205 Bridgewater Court Gray, TN Welcome to 205 Bridgewater Court - a true rare find in the highly sought-after Bridgewater...	2 beds \| 2 baths \| 1,778 sq.ft.	$399,999	Airbnb cash on cash: -0.38% Traditional cash on cash: 4.16% Airbnb Rental Income: $805 Traditional Rental Income: $2185 Airbnb ROI: -0.38% Traditional ROI: 4.16%
130 Dove Lane unit: 130 #130 Gray, TN Price Reduced and a motivated seller ! Welcome home to this gorgeous townhouse in the Brid...	3 beds \| N/A baths \| 1,976 sq.ft.	$334,500	Airbnb cash on cash: 1.08% Traditional cash on cash: 5.26% Airbnb Rental Income: $1292 Traditional Rental Income: $2200 Airbnb ROI: 1.08% Traditional ROI: 5.26%
171 Flourville Rd Gray, TN Welcome to 171 Flourville Rd - A Must-See in North Johnson City's Boones Creek Area! This ...	4 beds \| 2 baths \| 2,537 sq.ft.	$599,900	Airbnb cash on cash: N/A Traditional cash on cash: 3.31% Airbnb Rental Income: $null Traditional Rental Income: $2662 Airbnb ROI: N/A Traditional ROI: 3.31%
209 Glen Oaks Drive Gray, TN Welcome to this beautifully maintained 4/5-bedroom, 4-bath Cape Cod home situated on a gen...	5 beds \| 4 baths \| 3,601 sq.ft.	$662,400	Airbnb cash on cash: N/A Traditional cash on cash: 4.4% Airbnb Rental Income: $null Traditional Rental Income: $3631 Airbnb ROI: N/A Traditional ROI: 4.4%
1128 Keeview Drive Gray, TN TAKE A LOOK AT This stunning custom-built home sits on 1.17 acres, which includes an addit...	3 beds \| 2 baths \| 2,476 sq.ft.	$819,000	Airbnb cash on cash: -0.32% Traditional cash on cash: 0.73% Airbnb Rental Income: $1292 Traditional Rental Income: $1687 Airbnb ROI: -0.32% Traditional ROI: 0.73%
101 Village Lane Gray, TN Welcome to 101 Village Ln - a cozy and well-kept home on 0.57 acre in a great Gray locatio...	3 beds \| 2 baths \| 2,082 sq.ft.	$237,000	Airbnb cash on cash: 2.17% Traditional cash on cash: 8.01% Airbnb Rental Income: $1292 Traditional Rental Income: $2197 Airbnb ROI: 2.17% Traditional ROI: 8.01%
2204 Oak St Gray, TN Be ready to fall in love with ''Whole Lotta Love''- Stunning new 3 bedroom, 2 bath home th...	3 beds \| 2 baths \| 1,266 sq.ft.	$284,000	Airbnb cash on cash: 1.26% Traditional cash on cash: 4.59% Airbnb Rental Income: $1292 Traditional Rental Income: $1779 Airbnb ROI: 1.26% Traditional ROI: 4.59%
1691 Prospects Way Gray, TN ~ Buyers Decide - What Do You Want for Your Money? - Welcome to Daniel's Ridge, a newly es...	4 beds \| 3 baths \| 2,625 sq.ft.	$784,400	Airbnb cash on cash: N/A Traditional cash on cash: 2.09% Airbnb Rental Income: $null Traditional Rental Income: $2573 Airbnb ROI: N/A Traditional ROI: 2.09%
405 Old Grist Mill Boulevard unit: 405 #405 Gray, TN Enjoy easy living in this 3 bedroom townhouse in Gray. Located on a quiet dead-end street ...	3 beds \| N/A baths \| 1,934 sq.ft.	$279,900	Airbnb cash on cash: 1.58% Traditional cash on cash: 6.3% Airbnb Rental Income: $1292 Traditional Rental Income: $2134 Airbnb ROI: 1.58% Traditional ROI: 6.3%
575 Boring Chapel Rd unit: 30 #30 Gray, TN Welcome to Gabriel Crossing, one of Gray's most sought-after lake-living communities! This...	4 beds \| N/A baths \| 2,170 sq.ft.	$409,900	Airbnb cash on cash: N/A Traditional cash on cash: 4.54% Airbnb Rental Income: $null Traditional Rental Income: $2383 Airbnb ROI: N/A Traditional ROI: 4.54%
384 Boring Chapel Road Gray, TN Welcome to your private retreat near Boone Lake! Situated on 4 beautiful acres, this u...	3 beds \| 4 baths \| 3,120 sq.ft.	$685,000	Airbnb cash on cash: -0.04% Traditional cash on cash: 3.05% Airbnb Rental Income: $1292 Traditional Rental Income: $2860 Airbnb ROI: -0.04% Traditional ROI: 3.05%
111 Quiet Stroll Lane Gray, TN Brand New Construction on a Corner Lot! This stunning 3-bedroom, 3-bath home offers qualit...	3 beds \| 3 baths \| 3,077 sq.ft.	$515,000	Airbnb cash on cash: 0.62% Traditional cash on cash: 4.05% Airbnb Rental Income: $1292 Traditional Rental Income: $2542 Airbnb ROI: 0.62% Traditional ROI: 4.05%
217 Lake Meadow Drive Gray, TN Beautifully renovated home in the desirable Lake Meadows community of Johnson City. Situat...	3 beds \| 2 baths \| 2,620 sq.ft.	$869,500	Airbnb cash on cash: -0.34% Traditional cash on cash: 1.8% Airbnb Rental Income: $1292 Traditional Rental Income: $2623 Airbnb ROI: -0.34% Traditional ROI: 1.8%

Real Estate investment in Gray, TN

There are 58 properties for sale in the city of Gray . The median list price in Gray is $494,450 and the average price per square foot is $207. In December 2025, the average monthly cash on cash return in Gray is 4.00%. The average monthly rental income in Gray is $2,288.

Gray, TN Real Estate Investing: FAQs for Buyers, Sellers and Investors

There are 58 investment properties available for sale in Gray.

In 2025, the best neighborhood to buy investment property is Gray.

The ROI for Short-Term is higher than the Long-Term in Gray with average rental income of $1,292.

Your search for investment property begins and ends here

Investment Property for Sale in Gray, TN

124 Highland Hills Drive

Gray, TN

3 beds | 3 baths | 2,807 sq.ft.

$550,000

Airbnb cash on cash: 0.18%

Traditional cash on cash: 3.55%

Airbnb Rental Income: $1292

Traditional Rental Income: $2619

Airbnb ROI: 0.18%

Traditional ROI: 3.55%

818 Hales Chapel Road

Gray, TN

4 beds | 3 baths | 3,635 sq.ft.

$799,000

Airbnb cash on cash: N/A

Traditional cash on cash: 2.2%

Airbnb Rental Income: $null

Traditional Rental Income: $2706

Airbnb ROI: N/A

Traditional ROI: 2.2%

363 Wiltshire Drive

Gray, TN

3 beds | 3 baths | 2,862 sq.ft.

$549,900

Airbnb cash on cash: 0.25%

Traditional cash on cash: 4.04%

Airbnb Rental Income: $1292

Traditional Rental Income: $2832

Airbnb ROI: 0.25%

Traditional ROI: 4.04%

102 Ridgeview Meadows Drive

Gray, TN

4 beds | 3 baths | 2,522 sq.ft.

$520,000

Airbnb cash on cash: N/A

Traditional cash on cash: 3.56%

Airbnb Rental Income: $null

Traditional Rental Income: $2494

Airbnb ROI: N/A

Traditional ROI: 3.56%

599 Free Hill Road

Gray, TN

4 beds | 2 baths | 2,813 sq.ft.

$515,000

Airbnb cash on cash: N/A

Traditional cash on cash: 3.49%

Airbnb Rental Income: $null

Traditional Rental Income: $2424

Airbnb ROI: N/A

Traditional ROI: 3.49%

138 Village Lane

Gray, TN

4 beds | 2 baths | 1,588 sq.ft.

$309,900

Airbnb cash on cash: N/A

Traditional cash on cash: 5.35%

Airbnb Rental Income: $null

Traditional Rental Income: $2032

Airbnb ROI: N/A

Traditional ROI: 5.35%

204 Gunners Way

Gray, TN

3 beds | 2 baths | 1,630 sq.ft.

$389,900

Airbnb cash on cash: 0.79%

Traditional cash on cash: 3.61%

Airbnb Rental Income: $1292

Traditional Rental Income: $1922

Airbnb ROI: 0.79%

Traditional ROI: 3.61%

355 Wiltshire Drive

Gray, TN

4 beds | 2 baths | 2,833 sq.ft.

$559,900

Airbnb cash on cash: N/A

Traditional cash on cash: 3.31%

Airbnb Rental Income: $null

Traditional Rental Income: $2528

Airbnb ROI: N/A