All Forum Posts by: Luke G.

JT-

Yeah, I know it's not worth 550. I put in an offer yesterday for 417, which is the maximum an FHA loan goes up to. At 417, it would be a 2750 mortgage, 3250 rents. Single families in the same neighborhood with half the square footage are selling for almost 400.

Oh and wanted to mention it sold in 2006 for 290k.

No it's not rented out as a boarding style house. It rents for ~1600 a side.

My primary question would be how much more expensive will maintenance be on a house this old?

Using the 1% rule, I'd value the property at 320k. If I look at sq ft to comps I get 370k (but that's including some of the run down houses in the gentrifying neighborhood, not just historic homes). If I'm just looking for positive cash flows, I'd break even at 480k (without factoring in any expenses, just rents=mortgage). They are asking 550k.

Looking at a off market 100 year old duplex in a gentrifying area of Nashville that the owner approached me about. 3 bdrms a side rent for 550 a room for a total of ~3200/mnth. Obviously this place has a lot of curb appeal, which would help it rent easier.

1.) Trying to access what kind of additional cap ex I should expect with a property that old. Maybe 20% capex?

2.) Really hard to find comps, what's the best way to come up with a value. In the absence of available comps is there any rule of thumb for adding value when comparing a historic home to a newer home. Like add 10% to the value of the comp?

Spangler-

Super rentometer is a super helpful tool! Thank you for sharing. Do you know of any data available to make an educated guess on the kind of vacancy rate I should expect from a 4 bdrm home in West Nashville. The neighborhood is gentrifying with a lot of new construction.

Looking at a place in the west Nashville area. 4 bdrm house with an adjoining apartment. The asking price is way out of market and the home has been sitting for almost 2 months. The long distance sellers are having tenants move out this week and seem like they are becoming more motivated to sell. The home sits on a tiny sixth acre lot (I could mow the lawn with a weed eater). The house was built circa 2002 and is in ok shape for it's age.

1.) what kind of vacancy rates should I expect if I rent a 4 bdrm house? What kind of rents would I be able to get for a 4 bdrm house in that area.

2.) How do I price this oddity of a house? (super tiny lot, adjoining apartment)

3.) Is this a crazy idea, should I go back to my original idea of a duplex with 2 bdrms a side?

Looking to value a tri-plex I am interested in for the purpose of placing an offer. The triplex is in the 12th South area of Nashville, an area heavily gentrifying. Three one bedroom units totaling 1600 square feet on a sixth of an acre. No central air. Kept up for the most part, but not updated at all. The property is very different from other recently sold or rented properties specifically because it has not been updated.

Anyone familiar with the Nashville area/market:

Thoughts on what the units would rent for? Thoughts on the value of the property?

Appreciate the help! Thanks Dan and Devan.

I'm in Nashville and wanting to do direct marketing to find a duplex to live in, the market here is really hot, and am having trouble finding a duplex.

I have found I can use the county auditor website to manually find duplexes (I have to search by street and click on the property to see if it's a duplex). Are there any other resource that you guys know about that I can find a list of duplexes and owner contact information (address, email, phone), so I don't have to spend hours compiling my own list?

So I called the electric company to see how much the last tenants were paying in heat. In January of last year they paid $115 to heat the basement. I'm reading online that basement apartments can cost less to heat because they are below the frost line and additionally the ambient heat from the upstairs unit. My agent contacted the seller agent and was told that the basement unit was plenty warm and cheap to heat. Thoughts?