Newbie- first property decision Nashville, TN

[Stephanie Gledhill]

I found a new 4bed/4bath 2300 sq ft in Nashville. The property will pay for itself so the cash flow I’m okay with.

It is $430K and will rent for $3,000. I’m stuck on wether it is good long term. I would hold for 10 years. The home has an attached garage, community pool and gym. The only LAND is beneath the house and common space. HPR property. Beautiful. Restaurants close by but bad school.

I’m afraid of the resale value bc it doesn’t have a yard. Advice please 🙏

[Dan Beaulieu]

If you are after cash flow and not appreciation, there is no reason to buy property in Nashville right now. Nashville would be a pure speculative appreciation play. Cash flow markets in TN with less appreciation are going to be Chattanooga and Knoxville. Those are also growing fast with new development and have strong potential for appreciation, and you can still get much better cash flow than Nashville.