Don't do it. I invested out of state in Memphis and it's been a nightmare. Contact me if you want to hear the truth, and not some marketing hype from agents just looking to sell you.
I have other investors I can put you in contact with from out of state. I know one from CA who is now stuck with 6 houses he can't keep paying tenants in!
Please email me at dustie@FTRMemphis.com and I would be happy to discuss all the details. I am very experienced working with out of state investors as you can see from my references on Trulia :-) Thanks and look forward to talking with you!
Fast Track Realty
Neighborhood is fine
Hard to predict in the future what this house would sell for. Right now, retail comps suggest a value of $85 to $89. I think the house is overpriced right now, especially in foreclosure. The house I rent for $995, I bought for $64,000 just a year ago. Hard to predict the value in a year or 2. Hedge funds have saturated Cordova buying many owner occupant homes that were never meant to be rentals thus creating a very heavy rental market in the Cordova area. Cordova is not going to be the best buy, hold and sell. Go to Bartlett, Lakeland or Arlington for that. Keep in mind when sell the house, you will need to budget 6% Realtor fees, closing cost and other buyer requested contingencies.
There is a HOA in this neighborhood, don't forget about that.
Cell: (901) 230-1694