As Brian said, the closest place is the Music Row area which is close to downtown Nashville. There are several studios, record labels, cafes, restaurants, and boutiques. The area is also ungoing a lot of renovations with new places to eat, shop, and just hang out in.
There are several places to live in the music row area depending on what you are looking for. There are several condo/townhomes, renovated historic homes, and rentals in the area.
In regards to existing homes (no new construction) they are averaging around $188.00 P/SQFT with an average of about 2,600 square feet.
When looking at Townhomes, there a lot of new developments and existing properties. The new developments, such as Bristol on Broadway, The xisting townhomes and condos are averaging about $220 P/SQFT with an average of around 750 SQFT. The majority of those are 1 bedroom, 1 bath units built in the mid to late 1900's. The newer developments such as The Bristol West End, 1101 Eighteenth, Adelicia, and the Enclave, as well as a few others. They were built in the early 2000's to the present. They range from 1-3 bedrooms, and 1 1/2 baths. The majority are 1 & 2 bedrooms though. They average around $290 P/SQFT with an average of around 865 square feet.
When looking at the rental market, there are several places. Many of the older homes in the Music Row area are for rent, apartment buildings, and new and old townhomes/condos. The rents range from the low 1,000's on up to around 3,000 for the newer developments and larger proeprties.
This area is great for nite-life, dining, and general entertainment. There are two college campuses nearby, Vanderbilt University and Belmont University. Vanderbilt is a lot larger than Belmont and both campuses are near Music Row.
If you're looking for open mic nites, there are a lot of those. However, they are somewhat spread out throughout the Nashville area. Here are a few:
23RD PSALM CAFÃ‰: 2203 Buena Vista Pk., (615) 259-2323 (about 6-7 miles from Music Row)
Open Mic hosted by Ben Houston: Saturday, 7 pm, Sign-up at 6:30 pm.
BAILEY'S PUB & GRILLE: 408 Broadway, (615) 254-5452 (about 2 miles from Music Row)
Writer's Night Open Mic hosted by Mary Sue Englund: Tuesday, 9 pm - 1 am.
BLUEBIRD CAFE: 4104 Hillsboro Road, (615) 383-1461 (about 3-4 miles from Music Row)
Open Mic hosted by Barbara Cloyd: Monday, 6 - 9 pm, Sign-up at 5:30 pm.
THE DOUGLAS CORNER CAFÃ‰: 2106-A 8th Ave. S., (615) 298-1688 (about 1-2 miles from Music Row)
Open Mic Writer's Night hosted by Rick Campbell: Tuesday, 8 pm. Call (615) 292-2530 on Tuesday between 2 - 6 pm to sign-up.
Hope this info helps!