Why is this still on the market?

Question

I live in Nashville--looking to invest in Knox and Chatt. Spent a few days looking around Knox on redfin and found some interesting properties, trying to get to know the areas and rents vs. home prices.

https://www.redfin.com/TN/Knoxville/1517-Coker-Ave...

Looks like this has been listed for almost 4 months.. $50k/door seams reasonable compared to other units in the area. Rent ready.. and based on P&L it cash flows pretty well, especially if you self manage. Why is this still on the market? Any knoxville natives have any insight? bad part of town? whats the deal?

Carrie Carlton · Answer

I just sold a house over in that area. I lived in it when I was in grad school.  While that house would be gone yesterday in the Nashville market, Knoxville is much less competitive and cheaper. The area is seeing some revitalization from when I lived there in 2008 to 2011. That being said it is WAY overpriced for the area.

Chris Eaker · Answer

I'll echo everyone else and say it's just too expensive, and apparently the owner doesn't want to come down. I like the area. I lived in that area when I first moved to town in 2008, so I am partial to it, but not at this price. Just make an offer and see what happens. Either they will come down or will it be perpetually on the market.

Jason Mcdaniel · Answer

According to my math that's $62,500 a door, right? And it's not a bad area but definitely not the best either. I'd say B-

James Robbins · Answer

Sean, not sure if you have been following this property but it just sold on 5/29 for $250K. It should cash-flow but not a great deal by any means. Best of luck in your search.

Chris Eaker · Answer

@Emily Golec, there is interest in this property (see original post), but the price is too high.

Sean Kelly · Answer

drrr sorry 4 units. So b- area not an amazing deal but still dec cashflow thanks for insight. Anyone else?

Why is this still on the market?

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