We got into real estate the way a lot of investors do. Our first home was a duplex: we lived in one side and rented the other. Today Dustin flips houses and owns and manages rental property in Knox County, and we use the same checklist with investor clients that we use on our own deals.
1. Decide what kind of investor you are
- House hacking: live in one unit of a duplex or small multifamily and rent the rest. It can be one of the easiest ways to start, because you can often finance it as your primary home.
- Long-term rentals: single-family homes or small multifamily rented by the year.
- Fix-and-flip: buy a home that needs work, renovate it, and resell it.
Each one changes what you should buy, how you finance it, and which parts of Knox County make sense.
2. Run the numbers before you fall for the house
For a rental, start with realistic rent for that exact area, then subtract:
- Mortgage principal and interest
- Property taxes (Knox County, plus City of Knoxville taxes if the home is inside city limits)
- Insurance
- Vacancy, usually budgeted as a share of yearly rent
- Repairs and capital expenses like roofs, HVAC, and water heaters
- Property management, even if you plan to self-manage at first
If the property only works when everything goes right, it doesn't work.
3. Look hard at condition
Older homes in established Knoxville neighborhoods can be great rentals, but the expensive surprises are usually structural, roofing, plumbing, electrical, and HVAC. Dustin's background in construction management helps here: we look at a property the way a builder would and get the right inspections before you're committed.
4. Know the rules for the property
- Zoning: whether the property can legally be used the way you plan, especially for duplexes or adding units.
- City vs. county: homes inside Knoxville city limits pay both city and county property taxes and follow city codes.
- HOA rules: some subdivisions and condo buildings limit rentals.
5. Plan your exit
Know before you buy whether you'll hold long term, refinance, or sell. That decision affects which neighborhoods and price points make sense. Our monthly Knox County market update tracks prices, inventory, and how fast homes are selling.
Common questions
Is a duplex a good first investment in Knoxville?
It was for us. Living in one side lets you learn landlording up close, and the rent from the other unit helps cover your mortgage. Financing and rules vary, so talk with a lender before you shop.
Do you help with fix-and-flip properties?
Yes. We help investors find, evaluate, and buy properties that need work, and we help sell them after renovation.
Looking for your first or next rental? Talk to our team, and we'll run the numbers on any property you're considering.