Potential quad in memphis?
I'm looking at a quad in 38106 (East of 69, on Bellevue).. Seems like an amazing deal.. It's a mom and pop run property right now. All 1/1s, fully occupied. currently grossing $2200 per month. Is this a good area?? Owners will be putting on a new roof before closing as well. I'm in the due diligence period, currently waiting on rent rolls, P+L, contracts on utilities/tv, etc..
Any input on this general area? I hear it's not the best for OOS investors but I also hear memphis is a street by street city for investing..
@Nick Monge - your description could put you in a wide range of neighborhoods. I've driven up and down Bellevue to various places and there are some spots I would describe as OK and some I'd describe as terrible. If you check out street view for a few blocks in all directions that should give you an idea of what the property and tenant mix are like.
I don't know a lot about rents outside of the higher-end parts of town, but $2200/mo is probably maxed out, if not a little on the high side. You might check the leases for concessions such as no/low deposit or first month rent incentives.
@Michael Seeker, I'm not sure if this will help but it's right across the street from O'Reilly Auto Parts, T-Mobile & Family Dollar. Across from Saxon. I agree $2200 seems very high. Still waiting on all the docs to come through for review.
Hey Nick, A little info on that part of town. That is deep into south Memphis just north of McLemore and Jesse Turner Park. I am a Memphis fire fighter and I have worked this neighborhood for more then 5 years It is not an area i would buy a property. This is one of the toughest hoods in the country and I imagine that It will bring you repair after repair and ALOT of turnover. It is near Stax museum but other then that not many outsiders travelling to this part of town. This is my opinion as a rental property investor and someone who spends plenty of time in the area. msg me if there is anything else i can help with
@Nick Monge As an out of state investor, this is an area that I stay away from personally. It’s a rough area.
Originally posted by @John Ferraro:Hey Nick, A little info on that part of town. That is deep into south Memphis just north of McLemore and Jesse Turner Park. I am a Memphis fire fighter and I have worked this neighborhood for more then 5 years It is not an area i would buy a property. This is one of the toughest hoods in the country and I imagine that It will bring you repair after repair and ALOT of turnover. It is near Stax museum but other then that not many outsiders travelling to this part of town. This is my opinion as a rental property investor and someone who spends plenty of time in the area. msg me if there is anything else i can help with
I agree with John on this one. Almost that entire zip code is a no buy zone for me and I have bought over 100 properties in Memphis TN before.
I would steer clear of it. You should look for something in 38104.
Memphis neighborhoods change streetwise. Dont get swayed by the numbers on a spreadsheet. Listen to sane advice above. $550 per door is tempting but you can rent a whole house in c class neighborhoods in memphis for same amount
Hey everyone, thank you all for your input. I decided to pull my offer.. Thank you so much!