The tax assessor says that the house is only worth $151,000. I will give that much but not $215,000

Tax assessment are rarely if ever the current market value. If they are it's usually an accident. Assessor's lag the market because they are going by their most recent data. Also in the counties I've worked in they only totally reassess properties every 4-5 years. All that to say I doubt 151 thou is the market value of this particular house. I'm hoping a TN pro gets a word in here cause maybe one can purchase average property there for below tax value.