What is Midtown Memphis like for investment property?

Asked by moonshadow_50, Arlington, VA Tue Jun 18, 2013

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This question was asked from this property: http://www.trulia.com/property/3084307794--Rosswood-Memphis-…

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3
Alex Craig, Agent, Memphis, TN
Wed Jun 19, 2013
It is a very good area, young people who care about their credit. Be careful what you call midtown; there are very fine dividing lines between midtown and the hood. To put cash flow into perspective, I have one home that I bought for $90,000 and it rents for $1,100, taxes are around $2,300 a year. Just bought a Triplex that near U of M (not technically midtown) and will be "all in" around $110,000 that will rent for $1,700, but taxes are over $4,000 a year. I am expecting a higher vacancy rate on that one as I will mostly get one year leases.
0 votes
Michael Bell…, , Cordova, TN
Wed Jun 19, 2013
Mid-town offers a wide variety of opportunities. Depending on your strategy and goals, you can get into anything from a small SFR to Duplex's, to good size Multi-Family.
It's a good area for entertainment, restaurants, etc., with good access to downtown Memphis and the Eastern suburbs as well. It's worth considering, based on your financial position, strategy and over all goals.
If you might like more information, feel free to contact me and we can discuss more specifically what your plans and goals may be.

Best Regards,

Michael
0 votes
Joe Spake, Agent, Memphis, TN
Wed Jun 19, 2013
Due to close proximity to Downtown, the colleges and universities, and the ambiance of Midtown, I have found that demand for rentals is high. Midtown prices are not as distressed as other parts of Memphis, so getting your required cash flow may be a bit tougher in Midtown.
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