I agree with Terry for the most part. If you are concerned with public schools than as of right now mumford would be the way to go, not that their school system is far superior......just better as of now.

I will say that depending on your time frame, Fayette will "probably" turn out to be a better investment in the long run, As cities grow they tend to grow east from the city center. Now of course this is not always the case but it does hold some water. I was first turned on to this idea by my collage real estate professor, whom I did not beleive until he showed us maps of 5 or 6 large metro areas and it seemed to be true, Memphis seems to be the same way........ the simplest reason I can give you is the sun, which people may not really think about...BUT if you live to the east of your place of employment, (downtown Memphis for example) than the sun will be at your back both on the way to work and on the way home.

that's just my 2 cents take it or leave it, feel free to give me a call and we can discuss your options at more length
901-490-3542

Munford vs Arlington..Munford tends to have larger lots with a more rural feel. Arlington has smaller lots and higher taxes. Munford does have a movie theater but Arlington is very close to Wolf Chase. Arlington would have more high end homes.

Tipton vs Fayette...Both are still at a basic level for services. Fayette will have more high end properties. Tipton will be more along the 150 to 250k level. Tipton schools are better thought of.

Hope this helps