Hi, I'm looking to purchase a turnkey property on Olds Avenue in Memphis, behind the old Raleigh mall. I'm looking to understand the good and bad of the area and whether or not it'd be a good long term investment. Anyone know what's going on with that Raleigh mall?
The Raleigh mall has been demolished. Feel free to PM me for any advice
It really depends on where behind the Raleigh mall. Memphis is street by street. I literally just sold an amazing property about 2 blocks from the former mall (it ha recently been demolished) in the $80k range that will rent for $1,000/Mo
Loads of potential in this particular area.
Olds Ave is a nice street I would pretty much own anything East of Austin Pea Hwy. Depending on price that is a very solid area to be in. Yes they have demolished the mall but have already begun work to put in a brand new community Center! Will have walking trails, library and a police station!!!
The street number is 4735 and it's being sold to me at $114,900. For everyone, what are your thoughts on that price? It's a 5 bedroom, 2 bath.
Hey @Russell Pitts to be honest that price is on the high side, that is full retail value. I personally feel like investors should always have an equity position on the date of purchase, but you are buying turnkey so I get that getting that equity is hard to come by. As long as you hold for the long term you will be fine! If you go to sell in a few years because we do not see those crazy appreciation swings you might have a little trouble off loading, but Memphis is a buy and hold long term type of town!!
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