Hey BP !
I've been house hacking a duplex on and off since 2016 and I'm ready to sell.
** Property Info **
1,404sqft (702sqft/ea)
2b/1ba units
About 30k in rehab
New roof (2023), new water heaters, new HVACs, updated plumbing, new flooring, drywall, gutters, etc (most of the rehab was in 2016)
Water & electric are separately metered
Asking 350k but I'm flexible. There's only one other MFR under 400k in Nashville (a few are listed at 399k)
The same tenant has rented the back unit since 2017
Her rent is $850, I haven't raised it because she's literally the perfect tenant. She is planning to move out in December, so there will be an immediate boost in income. Rents are roughly $1,100 for a 2bd/1ba in this area
I like to keep rents lower for less turnover but if you want to push rents, you could do $1,250/mo per unit. There is very little turnover in this area, people tend to stay for a long time. Newest tenants in the duplex to the left have been there going on 3 years. Neighbors on the other side of me have been there since before I moved in, so at least 7 years.
Out of full transparency, a couple things on my wish list I didn't get to:
- Replacing the vinyl siding. Just a cosmetic upgrade I wanted to do. No damage other than minor chipping.
- Replacing windows. I replaced one window in the front unit where I'm staying, didn't get to the others. None of the windows are broken or cracked, they're just old and not energy efficient.
I wouldn't call it turnkey, only because I didn't renovate absolutely everything (as mentioned above), but in terms of buying it and getting it rented out, there's nothing that needs to be done to get someone in there immediately.
** Neighborhood Info**
I can say from living here that this is a safe area. There was a group home across the street for years and it had LOTS of problems, (police always over there, owner neglecting the property, etc) but the home got shut down and sold last year. It was renovated and a family just moved in about a month ago. That was the only issue with this area, aside from the NIGHTMARE tenants I had to evict when I first bought the duplex haha
It has never taken more than 2-3 weeks to find & screen a new tenant. (I moved to Clarksville for another house hack in 2017/2018 then I moved back). Always got at least 5 solid applicants to choose from within a couple weeks, so very little downtime during turnover.
It's a stable property in a safe area that would be good for a hands-off investor or a house hacker trying to get established, save up, etc.
I honestly haven't looked at the city development plans in awhile so you probably know more than me, but they're currently widening Clarksville Pike, and there is some commercial development happening that I'm sure will only increase over the next few years.
I found out about REI through BiggerPockets in 2016 and you guys have helped a ton, so I just wanted to throw the opportunity out there if anyone is interested.
It's on the MLS but I will give priority to BP members.
I am considering myself a motivated seller! I moved to Nashville to start a band and I had fun doing that but it's time for a change. I'm itching to do some traveling and move to Europe to start a new chapter in my life :)
Property listing: https://redf.in/aybXn8
Please feel free to ask me any questions and share with anyone who might be interested.
Thanks for reading and have a great day !
