The parcel is zoned OR20 — permitting up to 20 dwelling units per acre and Non-Owner Occupied Short-Term Rental use. Since 2021, Metro Nashville has banned new NOO STR permits in residential zones, making OR20 a closed-supply category. Every grandfathered unit appreciates against a shrinking pool.
We buy what the listing calls a fixer. We sell a 6-unit, fully zoned, shovel-ready STR development site — or build and sell the townhomes ourselves. The gap between those two readings is the entire deal.
Every comp below is a new-construction, NOO STR-eligible townhome on or immediately adjacent to W Kirkland Ave in 37216 — literally the same street. Hover and click any card to open the listing on Zillow.
We underwrite to closed sales only, not active asks. Three cases below:
Get the building permit approved for 6 NOO STR townhomes, demolish the existing house, complete basic site work, and sell the entitled parcel to a developer on MLS. Land financed at 80% LTV; improvements paid in equity. Target hold: 6 months from purchase to land sale.
All-in project cost: $573,080 · Equity $229,080 + Debt $344,000
| Conservative | Base | Upside | |
|---|---|---|---|
| Gross Sale (entitled parcel) | $900,000 | $970,000 | $1,040,000 |
| Selling Costs (5%) | −$45,000 | −$48,500 | −$52,000 |
| Net Proceeds | $855,000 | $921,500 | $988,000 |
| All-In Project Cost | −$573,080 | −$573,080 | −$573,080 |
| Net Profit | $281,920 | $348,420 | $414,920 |
| Return on Equity | 123% | 152% | 181% |
| Annualized (6 mo) | ~246% | ~304% | ~362% |
Full vertical development. Build, sell all 6 units individually to STR investors on MLS. 18-month hold with construction debt @ 10%.
≈ $450,097 per unit · Total equity deployed: $971,580
| Conservative ($730K) | Base ($750K) | Upside ($789.9K) | |
|---|---|---|---|
| Gross Revenue | $4,380,000 | $4,500,000 | $4,739,400 |
| Selling Costs (6.5%) | −$284,700 | −$292,500 | −$308,061 |
| Total Project Costs | −$2,700,580 | −$2,700,580 | −$2,700,580 |
| Net Profit | $1,394,720 | $1,506,920 | $1,730,759 |
| Profit / Unit | $232,453 | $251,153 | $288,460 |
| Return on Equity | 144% | 155% | 178% |
| Annualized (18 mo) | ~96% | ~103% | ~119% |
| Metric | Scenario 1: Shovel-Ready | Scenario 2: Build & Sell |
|---|---|---|
| Hold Period | 6 months | 18 months |
| Equity Required | $229,080 | $971,580 |
| Cost Basis | $573,080 | $2,700,580 |
| Net Profit (base) | $348,420 | $1,506,920 |
| Return on Equity | 152% | 155% |
| Annualized ROE | ~304% | ~103% |
| Risk | Low | Medium |
| Leverage | 80% LTV land loan @ 10% | 70% LTC @ 10% construction |
Demand is rising into a frozen supply pool. Closed-supply categories (grandfathered STR) appreciate against shrinking inventory while new event-driven demand multiplies the rent base.
Opens 2027. Massive event-driven STR demand within walking + rideshare distance.
8,500+ incoming jobs anchoring the East Bank. Drives both rent and exit pricing.
Top Golf, Station East, full East Bank redevelopment — all within the same submarket.
No new NOO STR permits in residential zones since 2021. OR20 supply is capped and shrinking.
East Nashville new construction median, Q1 2026. Our base ARV of $750K sits ~17% below.
Closing volume up 40% year-over-year in this exact ZIP — velocity confirms absorption.