Rentals in 37211>Question Details

Michael Dema…, Home Buyer in Mountain Lakes, NJ

I'm buying a three bedroom town home/condo in Nashville for my sister and two of her friends (Estimate 150K). What should I charge in rent?

Asked by Michael Demasi, Mountain Lakes, NJ Fri Mar 15, 2013

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Most of the units you're considering are in 37214. The market rate for a 3br townhome in the neighborhoods you were looking at is probably around $1200 however, that goes down as the age of the unit goes up. The newer units in 37214 should do better than the unit in 37211 that you listed. You can get good rents in Lenox Village in 37211 but unfortunately a lot of the 37211 zipcode has lower rents.

You also want to factor in the HOA dues. They can vary greatly. Another consideration is are you comfortable charging your sister and her friends market rate or would you give them a lower rate? There are apartments in the Hermitage/Donelson area that have much lower rents than the newer townhomes. Business with relatives is tricky business. If it were me, I wouldn't do it unless I would be okay with covering their rent every month as a gift if they couldn't/wouldn't pay.
0 votes Thank Flag Link Fri Mar 15, 2013
Firstly, do you want to charge your sister rent which the others pitch in on, or are you wanting to charge them each separately?

If the unit is in good repair, $1200-$1300 not inclusive of utilities is a very fair price. But for older homes, or those which are a little rough around the edges, that can get drastically cheaper.

A lot of those properties seem to be a bit outside of Nashville proper; you may be able to find town homes in a similar price bracket closer to Nashville, which would likely command a slightly higher rent and have a better resale value- especially in neighborhoods like Hillsboro Village, Green Hills, and West End.

Here are some examples:
In the West End neighborhood, on Vanderbilt's West side:
http://www.nashvillespropertysearch.com/idx/search/45c48cce2…

In the up-and-coming Sylvan Park neighborhood, just south of West End and still just a short drive to downtown:
http://www.nashvillespropertysearch.com/idx/?refine=true&…
0 votes Thank Flag Link Thu Apr 25, 2013
its should be $1000 its a house,
0 votes Thank Flag Link Wed Apr 24, 2013
Hi Michael,
Check the market in the area you plan to buy in. See what rents are. the charge accordingly. Craigslist or the Nashville Tennessean (daily newspaper) should be a good place to start.
Always use a lease, always always demand a deposit. This is a business now, not a friendship. Friends will walk out on you.....deposits help guarantee against walk outs or damage to your property. If they cant come up with a deposit, you dont lease to them. boom.
A deposit should be at least one months rent. If they leave the place in the same condition as you gave it to them you will return the deposit. boom again. If they stiff you on rent or mess up the place, at least you will have some money.
Good luck,
Steve Condurelis
Keller Williams Nashville, co-founder
0 votes Thank Flag Link Fri Mar 15, 2013
0 votes Thank Flag Link Fri Mar 15, 2013
Do you know where you are purchasing at? I work in real estate and property management and can give you a good idea based off the location and size of your property.
0 votes Thank Flag Link Fri Mar 15, 2013
depends on the area & condition.
0 votes Thank Flag Link Fri Mar 15, 2013
This can vary drastically by area, age of the condo, and the community amenities. Have you already decided on a unit or development?
0 votes Thank Flag Link Fri Mar 15, 2013
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