Home Buying in Nashville>Question Details

Sally Adams, Home Buyer in Nashville, TN

AREA AROUND MICHIGAN AVE., KENTUCKY AVE, TENNESEE AVE, ETC. ?????

Asked by Sally Adams, Nashville, TN Mon Apr 6, 2009

I am looking at houses in the Michigan Ave, Tennessee Ave, KY Ave. etc. area. I want to buy a house to live in for 3-4 years and then rent. What is the safety of the area and re-sale value of houses in the area? Will Vandy students live or rent in that area?

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Investing in smart rental property anywhere in the Nashville area is a great idea. I own nine (throughout Davidson Co.) personally, and keeping tenants (students or otherwise) has been quite simple. In 2008, the average sale price was $113,016 (45 in sample). In 2007, the average was $102,262 (66 in sample). In 2006, the average was $97,895 (72 in sample). Year to date in 2009, the average sale price has been $108,800 (with 8 in the sample). As far as safety, you can check the crime statistics for the entire metro Nashville area at http://pdmap2.police.nashville.org/
0 votes Thank Flag Link Thu Apr 9, 2009
Sally,
The area is great for investing! As you may know, there are brand new homes and many renovated homes. I know that in the area it can be hit and miss on the streets. For the most part it is a fairly safe community though.
When it comes to holding value, there has been a slight hit in the last year or so but that seems to be holding on. I believe the area is strong and values hold well.
I have clients all the time looking to rent in the area. Some are families and others are students and post college. In fact, I have a client that is looking to buy right now in the area.
I hope this helps!
Stephen Strickhausen
If you would like to search for some homes online for sale then please feel free to search my MLS within my website!
http://www.Sstrickhausen.com
0 votes Thank Flag Link Mon Apr 6, 2009
As agents we have to be careful about steering clients toward/away from certain neighborhoods - our Code of Ethics doesn't allow it. Personally, I like to character of the "State" streets. I believe students would be interested in the area if the price was right.

As for safety, check out this link (you'll have to turn off your pop-up blocker):
http://pdmap2.police.nashville.org/
0 votes Thank Flag Link Mon Apr 6, 2009
Currently resale is not fantastic in that area...however, if you wanted to look at properties to invest in a little closer to Sylvan Park (which is on the west side of town as well), Belmont/Hillsboro Blvd, Green Hills, 12 south, Charlotte Pike, etc, these may have more of the characteristics you are looking for.
0 votes Thank Flag Link Mon Apr 6, 2009
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