When looking at an older condo building, the first thing to check is the year it was built. This is especially true in areas like Clarksville, where new condos have been on the rise in recent years. The year a building was constructed can significantly affect management fees, insurance costs, and the potential for future special assessments. Simply put, the year built is not just a number; it serves as a preview of the costs you may incur down the line.

In the Clarksville condo market, one-bedroom units are trading around $189,900, while two-bedroom units are around $217,000 (according to Houzz data from 2026). Compared to the median price of single-family homes in the same area, which ranges from $315,000 to $336,000, condos offer a relatively affordable entry point. However, just because the prices are lower doesn't mean the management fees will be low as well.

Monthly management fees for condos in Tennessee are typically reported to be between $150 and $500 (according to FirstService Residential). While the national average monthly management fee is around $170, Tennessee is not particularly high in this regard. However, it is worth noting that older buildings tend to have management fees that trend toward the higher end of that range.

The reason for checking the year built is directly related to the reserve fund. After the Surfside condo collapse in Florida in 2021, the state enacted SB 4-D, which mandates that condo buildings with three or more stories undergo structural inspections at the 30-year mark (or 25 years for coastal properties) and that management associations fully fund their reserve accounts. Tennessee does not yet have such stringent regulations, but the responsibility for how diligently management has conducted structural inspections and reserve funding falls on the buyer when it comes to older buildings.

In order, there are three main things to check before signing a contract. First, review the management association's financial statements and budget for the past 2-3 years. Second, look at the results of the reserve study and the funding ratio. Third, check the minutes of management meetings for any history of lawsuits or disputes. Especially, whether there are any planned special assessments can change right up until closing, so be sure to verify this one last time.

In recent years, rising reinsurance costs and litigation risks have led to an increase in condo insurance premiums nationwide (according to the Insurance Information Institute iii.org). The best way to find out if the increase in insurance costs has already been reflected in the management fees or if it will soon be billed as a special assessment is to ask the management association directly.

It's also important to check the availability of financing. Fannie Mae and Freddie Mac classify condos as non-warrantable if the percentage of delinquent units exceeds 15% or if the rental unit ratio is excessively high, or if the reserve fund is less than 10% of the budget. Such buildings may only qualify for higher-interest loans rather than conventional loans, which can impact your investment return calculations.

Clarksville falls within the Montgomery County school district, and many new condo developments are located in relatively high-rated areas (according to GreatSchools ratings). However, school district boundaries change frequently, so if you're considering condos based on the school district, be sure to verify the assigned school for that address before signing a contract. Even if a development is known for having a good school district, failing to consider the status of the reserve fund and management fees can lead to unexpected costs, whether for personal residence or investment.

Families relocating from other states may assume that the absence of state income tax in Tennessee means overall living costs will be low. However, when you add up condo management fees, property taxes, and insurance premiums, the actual burden can vary by region. Instead of applying the tax structure from your previous residence, it's safer to calculate and compare the Montgomery County property tax rate and condo management fees separately.

Clarksville is known for its steady rental demand due to its proximity to Fort Campbell military base. However, if you're considering rental investment, you should also check for any rental cap restrictions or minimum rental period clauses in the management association's rules. This is purely for informational purposes, and actual investment decisions should be made after consulting with real estate professionals and accountants.