Specialist · Dallas TX and Nashville TN and LR, AR · Member since 2017 · 7 posts · 1 vote
I have noticed there have been new development plans released to the public for the MLK bridge/Clarksville HWY bridge. And the development that has been stretching over from the east nashville(nearI-65) off of dickerson pk coming up on the hills of fern ave. Which is pretty much trapping that Haynes Manor are in the middle.
Now most of those are 1950/60s brick homes that typically had 3/1. Which leaves you having to either add another bathroom or consider tearing down to put two units on the one lot. However, the market for the Tall-and-Skinny's has not yet reached that area.
Are there any investors that are tearing down currently in that area? Could it be taken over for PUDs/Tall-and-Skinnys?
I am about to build 3 HPRs over in Bordeaux and list for under 300k. It is definitely up and coming in my opinion. I think people will buy there when they see that there is much available for anything lower than mid 300s anywhere else that close to town. Also most of the lots back there are R10, so there is plenty of space for parking and yards.
I am about to build 3 HPRs over in Bordeaux and list for under 300k. It is definitely up and coming in my opinion. I think people will buy there when they see that there is much available for anything lower than mid 300s anywhere else that close to town. Also most of the lots back there are R10, so there is plenty of space for parking and yards.
@Roberto That makes a great bit of sense, since I have noticed most of them R10 and R11. Did you happen to buy the lots already flat or tear downs? I only ask that because unlike North Nashville, many of these homes in Bordeaux/Haynes manor are still habitable. So purchase may run around 100k-150k. That leaves small profit margin if only able to pull 300k on each
@Roberto Gutierrez I'm glad to hear more development is going on in that area. Anything under 300k in this town will surely get some interest.
Personally, I'm a little weary of area. I have friends who bought there about a year ago and just sold their home because they were tired of break-ins. Their cars had been broken into twice, their home had been broken into once while they were gone, and their alarm system was triggered once while they were sleeping when an intruder broke down their front door.
I had another friend renting in the area who recently moved out for similar issues, but I don't know what specifically.
Keep in mind, these aren't my experiences, just passing on what I've heard from others.
The North Nashville area had a ton of development as investors started to discover how "cheap" the lots were and how convenient it was to downtown.
I always thought that it was going to expand across the river. I personally didn't want to venture across the river until developers started really building out there.
My only issue is that I don't like how little commercial is out there currently. Then again East Nashville residential market blew up way before any big box retail was out there.
@Dusty Wilson you mentioned crime. You have to understand that's how any area is before it's developed. The nations area was plagued with crime before it was made into a completely new neighborhood. There is still a lot of crime out there in my opinion. Could you believe that 10 years ago 12 south was apparently the place to go to get drugs. When I was in college in 2008 I visited Germantown because there was a church I wanted to check out. As you know Germantown is probably the hottest area in all of Nashville. At the time, 10 years ago, I was extremely fearful being in that area as it looked pretty awful. So every area kind of starts out like that and develops over time.
@Luka Milicevic Yeah for sure, it's a process. Definitely wasn't trying to talk anyone out of the area, just wanted to paint a picture of the current state.
I am glad to be seeing more development in that area, hope that continues.
@Virgil Donaldson I've sold a couple of flips over there this month and last month. In my experience the closer you get to Brick Church pike the better maintained the homes get. Mostly 1950/60s brick homes, but in some cases mid 1980 - early 2000 homes. One thing I think the area has going for it is mature trees on most of the lots. It keeps the area from feeling too much like a new development.
@Roberto That makes a great bit of sense, since I have noticed most of them R10 and R11. Did you happen to buy the lots already flat or tear downs? I only ask that because unlike North Nashville, many of these homes in Bordeaux/Haynes manor are still habitable. So purchase may run around 100k-150k. That leaves small profit margin if only able to pull 300k on each
The ones we've bought were already vacant lots, but the person who owned them prior had scraped the existing house. If the house is decent enough to salvage and it's on an R10 you could always HPR it, rehab the existing house, and build one new home.