All Forum Posts by: Matt Castle

Not trying to give a wishywashy answer but it depends... 

Is it owner occupied or short term rental? 

How good is location? 

Views?

City water/sewer or private well/septic? 

I've seen everything from $150/sqft to $800/sqft. Maybe higher if it's a smaller STR with a view.

Most that I've listed have gone under contract within a few days. One with multiple offers. The good stuff still goes insanely fast if it's priced competitively. It's all about what you have, where it is, how much income does it make, etc. 

BP's STR focused forums are a great place to start. If you want more detailed info, checkout Avery Carl's book on Short Term Rentals on BP and setup a consult.

 Coolest line I've ever read on BP!!!!!!!

Not trying to be a jerk with this comment, but the short answer is this: 

4 months on the market and no offers, the market is telling you plenty, you just have to be willing to listen. 

I work this market so I know how different it is from 2021 vs 2023, but good properties still go incredibly fast with multiple offers if/when the price is right. 

One of the links I remember reading that I mentioned above: https://www.biggerpockets.com/...

Most of eastern TN is on fire. I think this stat is at least a year old and I can't source it, but Knoxville is the largest city in TN that has an increasing population (please confirm if you find it valuable). Knoxville is def hot market but it's harder to cash flow, but rents are also sky high. Tri-Cities (Kingsport, Bristol, Johnson City) is the up & coming market b/c of lower prices and quality of life upgrades to many larger cities but expect a bit less in services if you're relocating/investing in larger metro markets with greater commercial activity. I think Johnson City has been in the Top 10 of many national polls for best relocation cities. 

If preventative maintenance is important to the owner, I usually suggest hiring a home inspector to do annual / bi-annual / quarterly inspections. That way, you have trained personnel investigating your property on a regular basis. Hire the same people a few times, and you'll be able to track problem spots, potential repairs, etc. 

Or just pay regular visits to your property for DIY inspections.

If you're doing STRs in Knoxville, watch it like a hawk. Watch the town council meetings, setup email alerts for "overnight rentals Knoxville" or whatever you can think up to keep watch on the headlines. One city council vote can change your entire investment model from STR to LTR, which happened in Nashville several years ago. Not trying to scare anyone in any way, just do your due diligence.

LTR market in Knoxville is beyond crazy and it sits next to one of the best STR markets in the US (aka Smoky Mountains). 

Same thing I tell all my STR clients... how much of your life are you willing to exchange for the PM fee?

And be honest about it. Don't BS yourself. PMs make what they make b/c they have a hard job. If you're not willing to put in the effort, don't even consider it. It's not easy answering angry/drunk/entitled phone calls at midnight or someone clogged up a sink b/c they thought you had a garbage disposal when you don't have a garbage disposal. 

If you are willing to put in the work, make mistakes, learn by failing, put in more work, make more mistakes, get stressed out and lose some sleep, build your systems, manage people from afar, then yeah, maybe you're cut out for it. 

If you're like 99% of most people, no one will work harder than you when it comes to your money. Then again, it's not so much about the money, but how much time are you willing to invest in yourself, then be able to go out and execute a solid PM game and maintain an asset that renters will want to rent and rent again next season.