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Archived 8 months ago

$425,000

2 bd 1½ ba 1134 sqft

Nashville, TN 37212

Residential Condo Occupied

Current Rent **

$2,520

Projected Rent **

$2,520

Estimated Cap Rate *

Pro Only

Estimated Cash on Cash ROI *

Pro Only

Posted By:

Jordan Blustin
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Easy rental next to Vanderbilt Medical Center

Cash flows from day 1! Owner financing at 5.5% interest only for three years.

This renovated condo is located walking distance from the Vanderbilt hospital and all of the shops and restaurants in Hillsboro Village. I've rented this unit for 15 years, and my tenants are almost always doctors, med students, hospital residents, nurses or grad students at Vandy. Excellent tenants. I average 4 days of vacancy during turnovers and tenants typically stay three years.

Currently rented for $2550. Lease in place for 14 months. HOA is $385. Landlord insurance policy $515 a year. Property taxes would be lower for the next owner (I have 4 condos in the same building so they tax me at a commercial rate, but a single owner would pay approximately $3500). It is an investor friendly HOA with the majority of the 25 units owned as investments. The current lease is up at the end of May although the tenants may want to stay on. They have been in place for three years.

I would consider selling a second condo in the same building as a pair. Owner financing available. It could be interest only or amortized. Please do not contact tenants.

Location:

Nashville, TN 37212

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* The cap rate and cash on cash return calculations found on BiggerPockets Listings are estimated and designed to be used for informational and educational purposes only, and when used alone, do not constitute investment advice. They assume 3 months worth of expenses and estimate taxes and insurance. BiggerPockets recommends that you seek the advice of a real estate professional before making any type of investment. The results presented may not reflect the actual return of your own investments. BiggerPockets is not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by these tools. Furthermore, BiggerPockets is not responsible for any human or mechanical errors or omissions.

** Current rent and projected rent are provided by the lister.

† Rental comps are pulled by looking at property characteristics (beds, baths, structure type), date the rent listing was captured, and proximity to the searched location.

‡ Confidence levels range from low to very high. Confidence is determined by the number of recent and relevant comparable properties for any given search. A very high confidence level indicates a high number of recent and similar rental listings.