Nice areas for real estate investment (Clarksville, Murfreesboro: apartment, rentals, condo)

[veg-gal]

Hello, we're moving to the Cool Springs area very soon and I'm curious about rental property in the area (Nashville, Thompson Station, Spring Hill and surrounding areas). I like to try to stick to the 1% rule, i.e. monthly rents at about 1% of the purchase price. Is that achievable in the above cities / surrounding areas? Any suggestions of other cities we should be looking at? Any areas to stay away from?

Thank you.

[septimus]

I'm not sure you'll find that here. There is a house on my street that rents for $2300/mo (for a 1100 sq ft) but the same house next door just sold for $675k (davidson). I was tempted to rent out my old house but again, rents would have been around $4k/mo for an $800k house (franklin)

[GWoodle]

Originally Posted by veg-gal

Hello, we're moving to the Cool Springs area very soon and I'm curious about rental property in the area (Nashville, Thompson Station, Spring Hill and surrounding areas). I like to try to stick to the 1% rule, i.e. monthly rents at about 1% of the purchase price. Is that achievable in the above cities / surrounding areas? Any suggestions of other cities we should be looking at? Any areas to stay away from?

Thank you.

I'm not sure if rental property as an investment would work here. Cool Springs is a heavy commercial area with a lot of corporate office & retail. You take the risk of competing with private developers. For housing if for apartment/condo or single family house the developers buy out acres of land to develop many buildings at a time. With so much construction going on to build more mixed use development to combine office with retail with apartment/condo then add in a hotel.

[veg-gal]

Originally Posted by GWoodle

I'm not sure if rental property as an investment would work here. Cool Springs is a heavy commercial area with a lot of corporate office & retail. You take the risk of competing with private developers. For housing if for apartment/condo or single family house the developers buy out acres of land to develop many buildings at a time. With so much construction going on to build more mixed use development to combine office with retail with apartment/condo then add in a hotel.

Thanks for the info. I'm not really looking at Cool Springs for rentals. It's a great area, but way out of our price range for rentals. I'm looking for more in Spring Hill / Thompsons Station, and any other areas all the way up to Nashville and surrounding areas. I guess we'll just have to take our time and keep looking. Thanks again

[BirdieBelle]

The time to invest would have been 5-8 years ago. Now it's gotten to the point that you will be competing with national rental companies in those areas.

[veg-gal]

Originally Posted by BirdieBelle

The time to invest would have been 5-8 years ago. Now it's gotten to the point that you will be competing with national rental companies in those areas.

That's disappointing, but understandable. I'll just have to wait for things to cycle again. Some people say that a recession is coming "soon." I'm not hoping for a recession, but it seems like they happen every 10 years or so.

[AshleyinTN]

Check out Clarksville if you’re ok looking this far. The rental market (and buying) is very strong and more affordable then many areas in Nashville.

[Shakeesha]

Murfreesboro is also a nice area and rental hotbed.