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Old 07-30-2014, 08:11 PM
 
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Hi - I'm considering buying an investment property in 38128, built in 2000. The house seems pretty good, but I'm not getting a good vibe about the neighborhood. All comments would be appreciated.
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Old 07-30-2014, 08:26 PM
 
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Raleigh? Not recommended. Not the absolute worst part of town, but still not desirable. I guess if you got a good tenant it could be ok, but good luck with that.
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Old 07-31-2014, 09:32 AM
 
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If you aren't getting a good vibe about the neighborhood, why are you questioning it? I would imagine Memphis is a hard city to own rental properties in, especially in the less than desireable areas. You'd be dealing with rough people who will trash your house. Even the best tenants tear up homes and cause you money.
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Old 07-31-2014, 11:20 AM
 
Location: Seattle
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Your renters may or may not be good people. There are honest renters who just need a cheaper house than what other parts of town provide. But you have a high likelihood of finding trash and disrespectful people in this neighborhood.

Also, since it's for investment purposes, you should look at resell potential. A friend's parents have had their house on the market in Raleigh for years. At least 4 years.
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Old 08-01-2014, 12:40 AM
 
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I am going to visit in mid-August to check it out.
How about zip 38118?
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Old 08-01-2014, 08:31 AM
 
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I would say 38118 is worse. That's Hickory Hill. (aka Hickory Hood)
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Old 08-01-2014, 11:17 AM
 
Location: Seattle
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Yes, of the two, Raleigh is preferrable in my mind to Hickory Hill. Still not saying much.

It's hard to be a landlord in Memphis. I would only invest in rental housing in Midtown. (Downtown doesn't have much single-family housing stock, per se, outside of perhaps Uptown.)

Other areas (around Grahamwood School, around U of M with some caveats, Sea Isle) are probably decent buy-ins for investment purposes. I assume you're looking at Hickory Hill and Raleigh due to entry prices. Just be careful in Memphis, low price usually means ****ty neighborhood.
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Old 08-01-2014, 11:36 AM
 
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"Downtown doesn't have much single-family housing stock, per se, outside of perhaps Uptown."

While it may not be what the OP is looking for, most of South Bluffs and much of Mud Island is single family homes. We successfully rent out two properties Downtown: excellent tenants and a decent return. We got both places at a good price, fixed them up so they were in better shape than surrounding properties and used a real estate agent whom we trust to find and screen the tenants. One property rented in four hours; the other one never even got listed - the agent had a customer on his books. We may be in the minority, as we would not rent out a property in which we wouldn't live ourselves.
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Old 08-01-2014, 12:34 PM
 
Location: Seattle
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You're right. I don't know why I mentally wrote those areas off. I guess I didn't consider that people would rent out property in those neighborhoods.
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Old 08-01-2014, 12:42 PM
 
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People rent on mud island all the time, which I hadn't thought of until seeing the above reply. While a house on the island is bound to be way more expensive than anything in HH or Raleigh (the smallest of the small homes on the island are around $200k), you can charge much more in rent, have minimal to no yard maintenance, and you're going to likely get a much higher caliber of renter. A lot of law/med students, young professional, people without kids. People who want to be near downtown, but don't want to be IN the action - so likely people who won't party and trash the house.

It depends on what your down payment is, of course. But if you could get mortage of around $800 for a mud island house, you could charge double in rent. I have known MANY people who lived (bought) on the island, and when it came time to move, simply rented their homes out instead of selling. Made more money that way.
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