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In Memphis, what DubbleT said. In the suburbs, you can get into Bartlett for sure for that kind of money, and I'm sure you can find something in Tipton or Desoto County for that. Lakeland and Arlington are also possible (and would probably have the best schools of those listed, but the house would be the smallest). Millington and Fayette County (Oakland, TN area) would also be in that range, but the schools aren't considered as good. Marion, Arkansas is another option, but I know next to nothing about that area and can't really give an assessment.
Schools are generally good (for public schools in the South) in the areas listed above (Tipton Co, Desosto Co, Bartlett, Lakeland, Arlington). I would guess that $140,000 would be the bottom end of the range in Lakeland and Arlington, but there are lots of neighborhoods in Bartlett that you can get into for under $140,000, and if you don't mind a bit older house (1970's vintage), you can probably get into a good neighborhood with good schools for $120,000 or less. Bartlett is older (at least as a "suburb") than Arlington and Lakeland, and closer to some areas of Memphis that are in decline. However, the crime rate is low and the Bartlett Police do a great job keeping the riff raff under control.
If you go with Arlington, Lakeland, or Bartlett, make sure you are in the city limits of those towns or in their annexation reserve. Don't believe the real estate agent or ads...verify with the city hall of that municipality.
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