When to move from MTR to LTR?

[Sam Robbins]

Hey guys!

I have a property in the Nashboro village area of Nashville, right by the airport. Looking for a little guidance with next steps. I lived there for a few years, fixed it up and am now renting it out as a mid term rental with Furnished Finder for the past year. I’ve had great luck with tenants - I’ve had it rented for the past 13 months with two different tenants, cash flowing $400/mo and then $700/mo. It’s been great!

Recently I had to search hard for a new tenant, eventually finding one for three months, only cash flowing about $100/mo., and now we’re looking again. I chocked it up to it being the winter, but I can see that this is going to be a stressful cycle and I’m wondering when I should switch over to a long term rental.

It’s a 1200 sqf 3 bed 3 bath end unit townhouse, essentially one half of a duplex. Very quiet dead end street. It’s a nice place in a really quiet, safe area - what do you guys think is reasonable rent? Do you think we could get $2100 in this area or is that crazy? I don’t live in Nashville anymore and am landlording from New England.

Here’s a link to the furnished Finder listing: https://www.furnishedfinder.com/property/566838_1

Thanks!

Sam