how easy to rent out your house?? (Knoxville: real estate market, foreclosures) - Tennessee (TN) - City-Data Forum

bdiamond8 · 08-14-2011, 05:54 PM

I am moving to Knoxville and was thinking of buying an old house in North knoxville/4th and Gill. I was loooking at around $100,000 and dont mind small updating. I plan to live there about 3 years and then will either need to sell or rent. I am not trying to make money, but if I rent (instead of buy) for 3 years at about $1000 a month, I would spend 36,000 anyway. Thoughts on being able to sell or rent quickly. I live in Colorado and I know in Boulder near CU, houses rent quickly with little risk. Curious about Knoxville. Also, thoughts on West knoxville?? I like the idea of living close to downtown but am very used to suburban life. Thanks for your help.

viridian_vixen · 08-15-2011, 10:00 AM

4th & Gill is a pretty historic area so that causes houses to be priced pretty high. To get one for right at 100K its going to take a lot more than some minor work. As for renting: not 100% sure. It could be very easy, but with the way the market is saturated with foreclosures and people selling for the rock bottom they can afford it may be difficult although that area would probably be a big help!

Barking Spider · 08-15-2011, 09:48 PM

If you find a house in 4th/Gill for $100K, it will probably need at least that much to fix it up.

creeksitter · 08-17-2011, 04:16 PM

Maybe you are looking on the fringes of 4th & G, like the Grainger ave area?

If you can indeed buy a house for 100K that will rent for 1K (3 br, I presume), it might be a good deal.

Like the others I am a bit suspicious, but deals can be found in these trying times.

The important question to ask here is do you enjoy doing home repairs and improvements or do you consider them a hassle?

bdiamond8 · 08-17-2011, 08:54 PM

I have been looking north of fourth and gill mostly which is I guess where the 100K is coming from. I am not so much worried about the improvements that need to be made. But I was more wandering if I would have trouble renting assuming the real estate market stays as it is now (I assume selling in 3 years will not be easy). Do students rent houses in these areas?

Thanks for all your feedback thus far. Its great to be able to tap into resources like this.

creeksitter · 08-18-2011, 12:55 PM

If you are north of 4th & gill you'll find much better prices but won't attract premium rents. So $1000mo might be a bit high unless it is a 4 BR.

Yes, students will rent further out, but the closer in the better as some like to bike. The rental market is pretty good these days.

sweetiepiesami88 · 08-24-2011, 10:00 AM

I think you would definitely be able to rent out a house to students that far north. I've only lived in Knoxville for about 2 weeks, but I'm a grad student at UT and actually live farther north than 4th & Gill. As far as price for that location, I have absolutely no idea. But if you advertise well enough, I'm sure you'll be able to get students to rent.

mahavisnu · 08-24-2011, 12:08 PM

Quote:

Originally Posted by creeksitter

If you are north of 4th & gill you'll find much better prices but won't attract premium rents. So $1000mo might be a bit high unless it is a 4 BR.

Yes, students will rent further out, but the closer in the better as some like to bike. The rental market is pretty good these days.

I second this. I will say that some of the smaller houses in 4th and Gill/Old North you might be able to get for 100k and not have to spend just as much on fixup, but you also probably won't be able to rent them for 1k/month, either. What area were you thinking about in particular? You might find the balance you're looking for around the fringes of North Hills.

bdiamond8 · 08-24-2011, 01:42 PM

Someone else mentioned 1K for rent...Im not actually looking for that much. My main issue is buying a house that I will not live in after 3 years. I dont care about losing some money since I would obviously lose up to $36000 if I rented an apt instead of buying. i just dont want to get stuck with a mortgage on a house I dont live in if it wont sell or rent. I am open to any suggestions people have for locations to move into.

creeksitter · 08-24-2011, 05:50 PM

Well you'll be "losing" money on interest, taxes & insurance, & maintenance. With today's low interest rates you may come out a little better by owning but not by $36000. Plus you might be stuck being an absentee landlord at the end of 3 years.

If "this old house" is your very favorite TV show and you've really really wanted to fulfill your creative urge to remodel and decorate a house, Knoxville is a market where you can realize that dream - but it's not automatically a better investment.