“Location, location, location” definitely applies when it comes to buying good Middle Tennessee rental property investments. There are a lot of ways you can go wrong with the location. When selecting a marketable Middle Tennessee rental property, Real Property Management Rental Solutions, based in Murfreesboro, TN, advises looking at a few key aspects of the area to determine whether the property is a worthwhile investment.
Get to Know the Locals
If you’re not familiar with the area yourself, find people who are. Born and raised in Rutherford County, RPM Rental Solutions’ owner Hugh Jones will evaluate the quality of surrounding neighborhoods, check for number of vacancies, and has a pretty good idea of the demographics of future tenants to assist you before moving forward with a Middle Tennessee rental property purchase. We can also look up crime statistics and any other available information on registered offenders and crime history in the area that could help avoid making a poor purchase decision.
Think Like a Renter
After meeting with people from the neighborhood, you should have a better idea about the demographic of your future tenants and what some of their goals might be. The experts at RPM Rental Solutions know that the popular school zones in Middle Tennessee, quick access to 840 or I-24, close to the top shopping areas and job opportunities like close to Nissan or Amazon, are important to potential tenants. And with Rutherford County quickly becoming one of the largest counties in the state, it’s becoming increasingly important to avoid the highly congested areas where traffic is getting unbearable. Location near Middle Tennessee State University can be a big plus for faculty and athletic coaches who are often in the market for renting; or you may want to consider whether you want college students as renters. Doing a little research on education and employment options in the area will not only help you know if the location is a worthy investment, it will also help you in future marketing if you choose to purchase the property. Real Property Management Rental Solutions knows stable companies and quality schools will ensure the area does not lose its property value over time.
Go in with Your Eyes Wide Open
In the end, a property is never an investment if it does not turn the necessary profits. You’ll want to know your long-term tax costs to better evaluate your somewhat predictable cost-profit ratios. Each city can also have individual limitations on building permits or future development permits, so make sure you do your research.
Just remember one of the most important aspects of a rental property: Location, location, location.
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