Renting a SFH in Clarksville TN area

Member since 2019 · 11 posts · 2 votes

I am new here. I am moving unexpectedly and would like to rent my house rather than sell it. I don't know much about the rental market, but I suspect that not many people are looking to rent these days with the interest rates being so low. Does anyone have any experience in this general area?

Some details...

2550sqft, 4bed/3bath, .70 acres in a nice neighborhood. Halfway between Clarksville and Nashville. 4 minutes from I-24. Home was built in 2007.

Just mainly looking to see if people are having luck renting a larger single family home, and if so, what you'd recommend for listing it. My hope is to find another military family (like mine) who wants to get away from Ft Campbell yet still be close to everything, but I don't know how to reach that audience.

Thanks for any help you might provide

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Rylan Kean
Realtor · Clarksville, TN · Member since 2017 · 89 posts · 42 votes
6y
@Jack Barry a lot of info there. Honestly, this is one of the best times to sell unless you are really just committed to renting. Houses are at an all time high and many are going over asking price. There is a huge shortage of inventory in our area. Not to try and talk you out of renting, just showing you the other side.
On the rental side, a good rental company can run comps for you and let you know. I would be happy to do that from the agent side for free and show you what you could potentially sale around or rent around to make an educated decision. If you are trying to rent turnkey, Bradley Jackson with Byers and Harvey is great, private message me and I will send his number (not allowed on here). If you are trying to self manage, I would be happy to assist as well.
Homes in general usually are rarer to rent from, however it depends on the price point and length of the lease you are willing to do.
Look forward to hearing from you.
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Sally FairchildPro Member
Investor · Newport Beach, CA · Member since 2016 · 106 posts · 84 votes
6y
@Jack Barry. Here is my 2 cents as an investor in the Clarksville area, I’d ask you this:
1. Are you ok with renting out your home to folks that won’t take care of it like you did? If yes then the next question...
2. Do you need the money from the sale of your home? If yes then sell If no then the next question,,,
3. Will the rent cover your mortgage plus $200 in cash flow. If yes then...
I would hold the property and rent it forever.
Do remember this, if you sell it now you have some tax shelter under capital gain tax, if you rent it out and sell it later you can only protect yourself, tax wise by a 10-34 exchange, unless you move back into the house and live there for 2 years.
I would lean toward the rent and hold only because your house is in a great market and location and should only go up in value and rent. Also I suspect that large homes with extra bedrooms are going to become very attractive to families.
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Sally FairchildPro Member
Investor · Newport Beach, CA · Member since 2016 · 106 posts · 84 votes
6y
@Sally Fairchild. One more thing, are you landlord material? Personally, I am not, but I am very comfortable dealing with property managers. I’m a sucker for a sob story, I don’t get sob stories from property managers. They treat it like a business and I treat them like a business. Works for me.
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Ron Dayley
Clarksville, TN · Member since 2016 · 238 posts · 96 votes
6y
I am a Realtor in Clarksville and I agree with Sally Fairchild.
I own some larger, newer rental homes in Clarksville and they have all rented out fast and for decent amounts. I can let you know who I use as a Property Manager if you want.

Good luck, either way, you decide to go.
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Jack Barry
OP
Member since 2019 · 11 posts · 2 votes
6y
Originally posted by @Sally Fairchild:
@Jack Barry. Here is my 2 cents as an investor in the Clarksville area, I’d ask you this:
1. Are you ok with renting out your home to folks that won’t take care of it like you did? If yes then the next question...
2. Do you need the money from the sale of your home? If yes then sell If no then the next question,,,
3. Will the rent cover your mortgage plus $200 in cash flow. If yes then...
I would hold the property and rent it forever.
Do remember this, if you sell it now you have some tax shelter under capital gain tax, if you rent it out and sell it later you can only protect yourself, tax wise by a 10-34 exchange, unless you move back into the house and live there for 2 years.
I would lean toward the rent and hold only because your house is in a great market and location and should only go up in value and rent. Also I suspect that large homes with extra bedrooms are going to become very attractive to families.

Thanks Sally! We definitely don't need the money from it and would love to hold on to it long term. We aren't too concerned if it gets beat up a little from renters. The only question now for us is how much we realistically could rent it for. Mortgage is 1620/mo. Going to be looking for comps to see if $1800+ is realistic. I think with all the upgrades we have made, it would be.
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Jack Barry
OP
Member since 2019 · 11 posts · 2 votes
6y
Originally posted by @Ron Dayley:
I am a Realtor in Clarksville and I agree with Sally Fairchild.
I own some larger, newer rental homes in Clarksville and they have all rented out fast and for decent amounts. I can let you know who I use as a Property Manager if you want.

Good luck, either way, you decide to go.
Thanks Ron, sent you a message!

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