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Old 01-31-2008, 05:42 PM
 
3 posts, read 10,856 times
Reputation: 10

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I am an investor interested in buying in Chattanooga. The home I picked is located in a new subdivision called "Southernwood Village" in Hamilton. I have not visited this area yet. I have only seen it from pictures. This brand new home is still under construction and should be completed by the beginning of February 2008. This 1360 sq/ft+ 3BD+ 2BA+ one car garage home is selling for 150k. Does anyone know the approximate value for the area? How much rent can a landlord fetch for this home in this area. Any input would be helpful.

My concern is that I think the home is overpriced now in this current market. Before I make a full commitment, I want to make a good educated decision to buy this home.

Thanks for your input!

Investor
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Old 01-31-2008, 05:47 PM
 
Location: california
5 posts, read 22,020 times
Reputation: 12
Why don't you call local property managers in the area to get there view on what properties in the area rent for.
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Old 01-31-2008, 06:48 PM
 
3 posts, read 10,856 times
Reputation: 10
Default Home in Hamilton, Chatanooga

Quote:
Originally Posted by h202sand View Post
Why don't you call local property managers in the area to get there view on what properties in the area rent for.
I was already told by one property manager the going rate. I just want to know the home prices for this area. I only put a deposit on the home and I am not sure the home value. I need this information first to satisfy my desire to buy this home before I rent it out.

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Old 02-01-2008, 06:16 AM
 
Location: South of DAYTON
1,253 posts, read 4,874,120 times
Reputation: 627
Default More HomeWork

Rick: I personally do not have hard #'s on the rental experience.
.However recent new const purchase and friends deal ,I think you need more homework or share more details. Is this a place where you yourself will live 1 or two years from now. You seem to be over the $100/s.f. ratio. , and
only a ONE car garage, maybe the #'s could be better.
. I do not know location of this sub, maybe very close to downtown. Size of lot / view/ water access has future increase value. We have plenty of land here in Hamilton / Rhea. These bank owned property can be had under $100K
if ONLY a rental is intended. Even double wide modular , no garage for rental.?? .Some dowtown condos are $250K +, so wide range per neighborhood. Recent tv show mentioned close to $200K buyers expect Three car garage.? Lots of boating here in Hamilton, can a person park/ store a boat at this property?? A decision why I did not go to Cleveland.
Again a real bargain is at or below $100/sq ft.
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Old 02-01-2008, 06:50 AM
 
Location: Chattanooga TN
2,349 posts, read 10,652,762 times
Reputation: 1250
We're looking at East Brainerd here... check rentals in that area. I will say that it's a booming and rapidly growing area with good schools. Check realty listings in that area and compare.

Last edited by jkmewright; 02-01-2008 at 08:16 AM..
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Old 02-01-2008, 07:29 AM
 
Location: Wilmington,NC & Washington Twp,OH
115 posts, read 596,179 times
Reputation: 30
Rick.... You have put a deposit on a home you have not seen, in an area you have not seen and don't know the home values. I say, WHOAAAAAAAAAAAAA

Do a lot more research and see any property before you even consider putting any money down. If you are going to be an absentee owner, who will manage the property for you and what will that cost?
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Old 02-01-2008, 09:54 AM
 
Location: Chattanooga, TN
390 posts, read 1,701,229 times
Reputation: 114
When we were looking for a home to rent in the area, DH looked all over town and the rents for a 3/2 varied widely depending on age, neighborhood, and amenities. We found the cheaper side to be around $800 and then it went on up from there. We were only considering places with a garage and yard. We live in Hixson and have a 3/2, around 1600sf with a 2-car garage and 2/3 acre. It was built in 1960 and has not been updated, other than the necessary appliances. So we have the lovely wood paneling on one wall and the whole 60's look. Anyway, by being willing to move into a less updated house, we were able to keep closer to the lower end. If you are talking newer construction with amenities, I found this ad in the times free press today:

E. BRAINERD/TYNER- Brand new home! convenient to mall & I75, open floor plan, 3 BR, 2.5 bath, 2 car garage, $1280 mo., lease purchase
http://homes2.timesfreepress.com/Ren...id=21-26452454

The most expensive rental in E. Brainerd today in the TFP, was for $1800 and that was a 4/3 executive home.

Hope that helps.
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Old 02-01-2008, 10:49 AM
 
Location: Signal Mountain, Tennessee
849 posts, read 2,954,348 times
Reputation: 364
Split - That is a gorgeous shot of your home!
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Old 02-01-2008, 03:08 PM
 
Location: South of DAYTON
1,253 posts, read 4,874,120 times
Reputation: 627
Cool Extra ridge lots.

GRIZZLY: THANKS for the vote of confidence. You and three brothers / girlfriends can join us on the ridge, still untouched. Lower Cape framed in.
DID you receive the Sale Creek waterfront pictures.??
Cool today lower 40's ,Moved a few Dogwood trees.
Sat 60 degree temps, bright Sunshine. Will do a lot of trail ridin over the weekend.
. Any recent pics of your neck of the woods.
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Old 02-01-2008, 03:17 PM
 
Location: Signal Mountain, Tennessee
849 posts, read 2,954,348 times
Reputation: 364
Split - Hopefully this comes through, but if not, go to Tennessee forum and look up the thread called "Logging and Land Clearing". I believe it is now on paged 2.

Quote:
Originally Posted by Grizzlybear34 View Post
You know, until you posted that, I never put that together! At least there were no surprises waiting for me!

Quote:
Originally Posted by Grizzlybear34 View Post
TNT - Very cool, I must admit. Here are some shots. I apologize, I am no LauraC who is a wiz with the camera. Clearly some of these shots are operator error. And of course, the sun comes out, after my batteries go dead...


Just a nice shot...


Where the train would be is right along the rim of Lake Nickajack - no train in view now...


Bad picture, of Chickamauga Dam at the far left...


Very cool, sideways growing tree. Maybe just cool to me...


Stone ledge, cave in view at the bottom...


Another bluff shot...


Bored yet? We don't get icicles in Florida so this was a highlight!


First house being built in the development.

All in all, I learned a lot and had a nice time just viewing the area in the winter, and also got a chance to meet up with Riverview from the Chatt sub-forum. Unfortunately, time didn't permit me time to meet up with Split, which is high on my list.
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