Hello Folks - I have been presented a few properties in the following marked area and would like your input. The properties are in the 38118 zip code and I have seen mixed f/b in BP. Can you please offer your opinion on whether the marked area is a relatively good working class neighborhood?
No, if you're out of state stay away.
Funny you should show this area tonight. I have been running numbers on four houses in that area today. 2 on Cottonwood and two in the near vicinity. I think it's a pretty good area. Returns on properties seem to a little lower around there lately but several companies are selling homes in that area.
I think it's a good working class neighborhood.
I am sure others will comment Abdul. It was an OK area but is slowly going downhill. With a few exceptions 38118 is in my opinion, not a great place to invest any longer unless you're local.
You need to be really careful not to get pressured to buy something because inventory is low. Stick to good areas. you have the firepower to buy in 38133, 134, 125 etc. so don't buy down into marginal areas.
this is one of the lower end areas for this large zip code of 38118. Hard to say what type of experience you will have Bc it's hit or miss. We have sold homes in this area but I would say this is a C area on average.
Thank you all for your valuable inputs.
Like Dean mentioned, if you have the ability to purchase a nicer home in a better area with higher rent you should look at those opportunities rather then the ones you are asking for advice from a map location in 38118 and 38116. I understand you have a proforma and numbers you are looking for but I can tell you with almost certainty that by taking a little less in cash flow and ROI in a much nicer area will most likely out perform the cheaper ones long term. As long as your not over paying for the home meaning the appraised price should be equal or greater to the sale price. Stop focusing on what you think the provider is making for profit and focus on if the numbers are good, the home is in a good area and you can verify rental comps for the area if the home is not yet rented out. We sold a newer 3/2 home today in SE Memphs for $99,900 with comparable sales in the $110-$120 range and we estimate the rent to be in the $995 range which is inline with what our management company is renting similar ones in the same area for. I dont know if deals like that are what your looking for but the home sold fast.
I know your gonna find something soon, just dont force yourself on a home. Cheaper homes are always easier to make your cash flow and ROI work but that also can mean it has a higher risk in general.
curt - the deal you mentioned sounds good. Please pass them my way if you find something.
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