Choosing rental properties in Memphis, TN
Dear Bigger Pockets Community,
I am new to Bigger Pockets and real estate investing in general. I live outside of the US but interested in the US market as it meets a lot of the criteria I am looking for - easy access, good cashflow etc. After a lot of research I have narrowed in on single family homes in the Memphis, TN market and have been talking to Turnkey providers and loan providers.
I understand there is nothing like visiting the city in person (and may still do that, if for no other reason than Memphis looks like a great city!) but does anyone have any advice on the following?
- With a turnkey investment company in Memphis, what yields (rent/property value) should I realistically expect in the current market. I understand property values have gone up a lot in recent years but is it still possible to get close to the 1% rent/property value ideal?
- Are there any merits of 3 bedroom properties vs. 2 bedroom properties in Memphis? I am looking for long term stable cashflow. Is there any difference in rental demand between the two?
- Similar question regarding bathrooms. Does the number of bathrooms impact rental demand?
- I have seen some properties advertised with large trees in the yard. My instincts would tell me that trees could be a headache for a maintenance or potential issues. Is it better to avoid properties with trees?
- I am using all the usual sites for property research - Google Maps, Trulia, Zillow, Shelby County Assessor, Census data and rentometer.com. Are there any other useful resources I should be using for Memphis?
Loads of questions. That's probably enough to get started. Appreciate any advice you can give!
Noel