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Updated over 7 years ago, 04/10/2017
North Nashville
I drove the streets around Trinity Lane and it could be the next place to gentrify. There are already some new 500k constructions going up on good lots that overlook the city. But that area would still concern me a little bit because most of it seems to be C- properties.
What parts of North Nashville do you want thoughts on and for what purposes? I wouldn't consider Sylvan Heights or Park as North Nash and I think SP is way more mature than SH.
As far as new build developments, there are folks I've met working to build new houses in pockets on 24th ave N all the way over to Rosa Parks (down roads like Buchannon). I live in Germantown and I wouldn't say it is done, just hard to convince older home owners to sell for reasonable prices. There are plenty of homes over here that probably should be knocked down and replaced, but the owners haven't been very responsive to mailers (at least not yet).
There are new builds that are finished and also going up on 10th ave N, right behind the MHDA duplexes that touch Rosa Parks.
Personally, I think North Nashville, particularly areas running up Briley Parkway, would be a good area to invest if you can find reasonable deal prices. Similar to all of Davidson, it's just competitive and finding the good deal is the hard part.
@Mark Pierce are you a wholesaler or working with any wholesalers who are reliable in The North Nashville/Briley pwky/ Madison/ Goodlettesville areas? I'd love to connect with some.
@Ryan Stahr I'm not a wholesaler or at least I don't intend to be. I'm looking for some buy and hold properties, but wouldn't mind if those properties are on the edge of the next market move. I found a couple of rentals in N.Nashville that are listed for sale but I haven't heard back from the sellers yet. Clearly if I can negotiate a good deal but can't make the funds happen myself I'll be looking to pass it on.
I've got a rental in North Nashville, and I'm seeing pretty strong rents, at least in my sector. I'm looking for more in the area, and hopefully within the next couple years the market will continue to support the rent growth
Thanks @Mark Douglas
@Account Closed, Sure I understand that. I don't want to buy a property though that won't support a new build if that area redevelops. At the rate that Nashville is gentrifying I think its likely that North Nashville will get caught up too.
North Nashville is a hot area the 37208 many investors that I know are looking at the zip code in particular. Once you cross the river from 37207 to 37218 there is a noticeable difference and buyers excitement. On trinity lane in the 37207 area code, the area overlooking the city has a great availability to be redeveloped as you mentioned. Back to the topic, if your are buying to hold, as I am looking to do the same, buying by neighborhood within the zip seems to be the focus I noticed others used that works.
I guess what I'm saying is that north is great but depending on zip code you end product could change some for tear down or rental rates.
Exactly what @Jamie Parker said.
- Luka Milicevic
@Aaron Anderson. What does it mean, C- properties? Does that just mean they're not in good shape, not attractive to buyers? Or is it some kind of city/government/real estate designation? I went to the Nashville real estate association meeting to hear Britnie Turner's presentation (http://www.aerialdevelopmentgroup.com/about/), and when asked, she said the next potentially hot area is West Trinity Lane. I drove that area too, and it's a pretty stark contrast between those 500k properties on the hill near the river and the original homes adjacent.
@Cody Holbrook He's referring to the class of the neighborhood. No zoning/official designation. Basic breakdown is something A: Top notch neighborhoods, top schools, mostly home owners. B: Nice normal neighborhoods, everyone feels safe, lower crime. C: May live here in a pinch, wouldn't leave anything out that you don't want walking away. D/F: war zone, I'm not getting out of my truck.
I'll buy any lot in 37208 :)
Whatsup investors! I've been kicking the tires on some lots in east nashville to build on. Is there a lot of that goin on in 37208? Would love to network with any investors / agents / wholesalers who have experience with lots or new homes
@Devan Mcclish Is 37208 really that hot? What is a small lot (~.12 acres) with an old house on it going for these days?
@Bill Larsen Let me know if you would like to connect and talk shop. I'm in the Nashville area.
- Luka Milicevic
@Charles Baugh there are a number of factors that effect the value. If a lot has the space and zoning for 2 houses, it can be real boom for people that had a $40k house 5 years ago. If you have a house / lot, message me and I'll take a look at it.
I bought two tiny houses <800 sq ft in the Osage Fisk North area 1 year ago. I am not seeing huge jumps in appreciation in values or rent but it is definitely heading in the correct direction. I bought believing the proximity to downtown was key. It reminds me of East Nashville when I started investing in 2012. People though I was crazy but now... There are a lot of locals that have lived/rented there for long periods. Both were section 8 rentals when I bought them. I have since changed to regular rentals. I definitely don't have the demand like with the East side, but am seeing improvements. I wanted to buy in North Nashville in 2013 but literally walked into a few crack houses. You could buy a house for 40 to 50k then. Not the case now.
37207, 37208, and 37209 even, are seeing good amounts of development and gentrification. Finding the off-market deals then NEGOTIATING with the sellers is the key to success.
If you use direct mail, I recommend marketing to absentee homeowners unless you are very good with sales negotiations. The home owners that see the change, and decide to leave, know the value of their home or rather they know that it's a seller's market.
You may see a good response with Davidson County's quadriennial property reappraisal about to take place.