There are very few lots more than 7,000 sq ft in this area, and small townhouse like homes will not sell at 2.4m, the only homes selling at that kind of price are single family luxury homes.

You see a boat jetting across the bay and then he walks into a luxury house.   

Knoxville isn't a luxury market. widen the gap and do new construction. find infill plots of land in better locations and have more control. work closely with a builder who Is working with investors. we have flippers who did hundreds of flips then they graduate to new builds and say it's much easier. if you have the balance sheet you'll be fine. budget 20%. new construction commands a 20% premium and is much easier to duplicate Over and over and much less risk. 

I am hoping someone educated can chime in on my specific situation.I am a high income earner, owning a construction business that specializes in wineries and luxury residential.

Plenty of good real estate from mansions, multi-million luxury homes, big second home market for vacationers  to undeveloped lots and everything in between.

The property took $350k to renovate, on what was originally a $210k budget, but we transformed it in to a gorgeous 4,500 sqft, 7 bedroom, 5 bath, luxury Airbnb.

You however have the luxury to take a couple big swings and be able to recover and repeat what worked much quicker. 

It also has a 1700 square foot finished basement, and a brand new 3 car garage, with 1100 square foot luxury apartment above.  

My current purchase (closing in February) is a luxury cabin that will be an STR.  

Do you have to pay a bit of a premium for that luxury?