Investor · Dallas, TX · Member since 2011 · 21 posts · 2 votes
Hello all i am considering purchasing a townhouse on Chesterwood Drive in Memphis for $18k that needs about $5k in rehab. I was wondering for those of you that know Memphis really well if you would consider this particular section a war zone to completely avoid or if there is some potential there. Any opinion would be great!
Don't waste your money... The HOA is in really BAD shape due to the fact only 13 homeowners are paying the $64.00 HOA fee each month!! Which is insane out of 80 plus condo's over there? The city is suing the home owners and HOA for not keeping the property in good condition. I have one unit over there on Chesterwood Ct I lowered the rent down to $450 a month because I don't know how long it will be before the city comes in and shuts down the entire complex. Only 1 person who lives over there is actually a home owner and she states the tenants that are living there are part of the reason of all the furniture dumping and trash dumping over there. I hope this helps.
i put in the address in spotcrime and it shows 7 assaults, vandalism and burglary all within a couple minutes walk since May 10. Only one of the assaults was on Chesterwood, the others were across the street. Hmmmm.
Don't waste your money... The HOA is in really BAD shape due to the fact only 13 homeowners are paying the $64.00 HOA fee each month!! Which is insane out of 80 plus condo's over there? The city is suing the home owners and HOA for not keeping the property in good condition. I have one unit over there on Chesterwood Ct I lowered the rent down to $450 a month because I don't know how long it will be before the city comes in and shuts down the entire complex. Only 1 person who lives over there is actually a home owner and she states the tenants that are living there are part of the reason of all the furniture dumping and trash dumping over there. I hope this helps.
The Woodlawn Terrace area is not as bad if you are looking to purchase a 3 Bed 2 bath in that area due to they are easier to rent out and less time for vacancy which curves the attempt of vandalism.. Also you MUST have a strong property management team for this area and any property in the 38127 zip code.. A lot of property managers don't want the problems/hard work in these type of lower income areas, this property will only perform as good as the property manager you hire.. but DO NOT purchase anything under 3 bedroom and 2 bath in this area. hope this helps..
@Austin good , the rule of thumb we use is min $800 rentable property with 3 Bed and 1 or 2 Bath . If the rent is lesser than that, it most like to be a tough area for some reason.