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Updated about 4 years ago on . Most recent reply
Qs: Ready to buy first rental in Nashville, TN area
I am ready to buy my first rental property in greater Nashville area and surrounding suburbs. I am looking for single family home (3 bed/ 2 bath) or town homes/ condo with low HOA fees. The prices have appreciated a lot in all communities and I am now targeting B/C markets like Spring Hill, Murfreesboro, and Antioch. I have a few questions if someone familiar with the area can help me out:
1. Cash flow is pretty much a wash everywhere I have looked. Should I go for equity/ growth at this time?
2. Looking at the data, inbound has somewhat stabilized and not what it used to be a few years ago. Job market is still good. Should I explore north and east Nashville - Hendersonville, Gallatin, Hermitage, Mt. Juliet?
3. I am also gravitated towards newer construction to keep maintenance low and predictable. Most builders do have a cap of 5-20% with no short term rentals. I have asked but builders (their reps) do not share much in terms of how much a unit they sold had rented for. Should I look for short term rentals as well? [Definitely a cash flow play]
4. Does it make sense to expand to vacation/ short term rentals near smoky mountains? Anyone has any contact or someone I can get in touch with?
Any help or direction is appreciated. I am willing to do more research but hate to end with negative cash flow.
Thank you, Jesse
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@Jaspreet Taneja
Take a look at Clarksville! I’m OOS and shortly will be on the way to TN for a job transfer. The area is near Fort Campbell, so theirs definitely a demand for renters! Housing is very affordable and rent is solid.