I'm an investor from Oregon looking to purchase a couple buy and holds in Knoxville. I have a few SFRs here in Portland but want to expand out of my local market. I'm planning a trip out in the next couple months to learn about the area and pinpoint some target neighborhoods. I'm trying to primarily focus on close in areas not far from downtown. Does anyone have any suggestions of neighborhoods to focus my search in or any other areas that I should be paying attention to?
I'm using craigslist to research rents in the area and it looks like close in SFRs can rent in the range from $800 up to $1500 / month. Can anyone with local knowledge let me know if my estimates are off base.
Knoxville seems to be a cool little town with lots of potential. It seems like the town is starting to develop and I noticed quite a few breweries and amenities going in. Plus the location is great with a lot of outdoor activities. I'm excited to come check it out.
PS - if anyone has any good recommendations for fly fishing in the area I'd trade some beers for your local knowledge ;)
Hey @Daniel Huynh
My knowledge is much better of the area just south of Knoxville in Blount and Sevier County but I know plenty of people in Knoxville as I am pretty active in the local REIA. I saw no one else responded though so figured I'd jump in.
I can tell you that your rents are pretty spot on, you pretty much can't find any SFR's for under $800. There are places renting for below that, especially in East Knox (the not as good part of town) but even there as longer term tenants who are paying well under move out newer tenants can be brought in much higher.
The job growth is great and unemployment is low. Anyone in the Knoxville area that claims they can't find a job it's because they either aren't looking or can't stay clean enough to get hired.
I wish I could give you more real data on specific neighborhoods around Knoxville right off but anything I tell you is stuff you can find on google.
I'd be happy to meet up when you're in town to share what I do know but again don't want to pretend I could be your best source.
Reach out when you get closer to coming out, I will at the very least get you referred over to someone if I can't be as helpful as you need.
Best of luck
Hey @Derek Tellier ,
Thanks for the response and the confirmation on the rents. It's always nice to hear from someone with local knowledge since I can only gather so much from just researching online. I'll definitely be reaching out in the near future when I figure out concrete dates for my visit.
Thanks again for the reply and hope to talk soon,
Hi Daniel , i agree it looks like you are spot on on the rent's. I'm not a investor yet im still trying to learn all i can . I work in several different parts of Knoxville daily usually and from what i can tell about the downtown area is nothing stays vacant long.
Now for the fishing just pick what direction you want to go lol. Knoxville is surrounded by lakes and rivers and if you really want to see some beautiful rivers go to Gatlinburg and Townsend while you are here. I know a lot fly fishing is good up there. I hope you have a safe trip.
Let me know if you have any questions about certain addresses . If im working in the area i don't mind a bit to run by and snap a few pictures of the place and the surrounding residence.
I'm an investor in the Knoxville area. In the last 6 months or so, things have become even crazier. It's been a hot market here, like everywhere I think, but it's really turned up lately. There are deals to be had, but they are a little more challenging to come by. I look everyday. I drive for dollars. I ask everyone if they know of anything. Feel free to shoot me a message. I'd be happy to tell you about the areas you are looking in.
In regards to your question, I think $800 for rent is low. I'm pulling $600 for a one bedroom apartment and around $1200 for a 3 bedroom/1 bath SFR. We have a higher end house that rents for $2200. The money is there if you can make the deal(s) work.
@Daniel Huynh I relocated to Knoxville this year for some of the reasons you mentioned... lots of solid economy things happening and lots of room to grow. New construction, both residential and commercial, are happening in many areas of the city and periphery, but also lots of older inventory that can be rehab2rent or flip.
Occasionally, we find some low hanging fruit, but with the economy buzzing along, any "good deal" has like-minded investors interested as well. Competition is good but you just have to stay positive and keep submitting the offers.
The Smokies are usually a good fishing spot for all types... active fly-fishing to slow motion party pontoons.
Daniel, I am a fix and flipper and wholesale some properties. I can put you on my list if you wish. I mail my list when I get one I’m looking to wholesale. My strategy is to buy as many of them as I can. I found listing them opens the door for investors like you that live out of state. I tend to get more listing them. I can send you what I get before I list if you want. Of course most what I get needs some work. I get quite few good neighborhood deals. That’s what I prefer to fix up. Let me know if you want to talk.
Rocky Top Home Buyer
I appreciate all the great responses and info that everyone has been willing to share with me. I had another question regarding the growth of the city and what's the driving force behind it? Is it an influx of new people and whats the main draw - employment, entertainment, outdoors, quality of life? Thanks again for everyone's willingness to help me learn more about the area.