I am from CA and looking to invest in Nashville, budget is 300-400, what cities/zipcodes should I look for and why, I am mainly looking to balance my mortgage and get appreciation.
Based on internet and few post on biggerpockets, the cities which have been repeatedly mentioned are
Old Hickory
Mt. Juliet
Hermitage
La Vergne
Smyrna
Murfreesbro
Should I add any more cities in my list. I am yet to see the quality of the property I would get in above cities in my budget
Old Hickory is exploding with growth. It's doing very well as a market overall. It's getting a lot of growth from the expansion of the urban core and the surrounding suburbs of Nashville. It's very much a strong and up and coming market.
Mt. Juliet is doing very well at the moment as the Wilson county schools are rock solid. Affordability is a big factor in Mt. Juliet as well and a lot of people from Franklin are now moving there to build their dream homes on large plots of land. I40E into downtown though is a terrible drive which is why I personally don't love the location. It's very much a self sustaining area and you don't really need to leave for anything.
Hermitage has been a long time favorite of mine. It's a bit further out, but the affordability factor is solid in that area and more and more people are moving out there.
I would take Murfreesboro off your list. It's too hot. It's a blood bath out there right now and you can't buy a house in that area unless you are offering all cash and waving contingencies.
La vergne and Smyrna are both very strong markets as well. They are getting overflow from Mboro as the prices there keep rising. They have tons of distribution jobs in those locations and they keep getting more and more companies moving down there!
I would add to your search:
Dickson, Bellevue, Antioch, Madison.
I spoke to another California investor the other day looking for rentals here. I basically told him you can't go wrong in the Middle TN market at this point.
Old Hickory is exploding with growth. It's doing very well as a market overall. It's getting a lot of growth from the expansion of the urban core and the surrounding suburbs of Nashville. It's very much a strong and up and coming market.
Mt. Juliet is doing very well at the moment as the Wilson county schools are rock solid. Affordability is a big factor in Mt. Juliet as well and a lot of people from Franklin are now moving there to build their dream homes on large plots of land. I40E into downtown though is a terrible drive which is why I personally don't love the location. It's very much a self sustaining area and you don't really need to leave for anything.
Hermitage has been a long time favorite of mine. It's a bit further out, but the affordability factor is solid in that area and more and more people are moving out there.
I would take Murfreesboro off your list. It's too hot. It's a blood bath out there right now and you can't buy a house in that area unless you are offering all cash and waving contingencies.
La vergne and Smyrna are both very strong markets as well. They are getting overflow from Mboro as the prices there keep rising. They have tons of distribution jobs in those locations and they keep getting more and more companies moving down there!
I would add to your search:
Dickson, Bellevue, Antioch, Madison.
I spoke to another California investor the other day looking for rentals here. I basically told him you can't go wrong in the Middle TN market at this point.
@Luka Milicevic Your response was super helpful! Would you say this information is still relevant, any new developments on these areas? My husband will be working in Franklin and we are moving between September and November of this year to that area.
@Luka Milicevic I have definitely noticed that it’s also very expensive! We are looking between up to an hour within the distance of Franklin instead but we are still finding very little in our price range