Memphis Tennessee Market Questions

Colorado Springs, CO · Member since 2026 · 9 posts · 7 votes

Is Memphis a good place to move for rental property investing? I am able to move anywhere in the US and am very flexible in location. I'm currently in Colorado Springs where a decent duplex is going for 600-700k and in Memphis I see them going for around 200, seems like my dollars would be a lot more valuable and i would have a lot more leverage in the lower priced market. 3 duplexes for the price of one and fair market rent seems very healthy in the Memphis area when compared to home prices. I also am hoping to eventually live in Tennessee anyways so I wouldnt plan to relocate from there long term. I would love to hear your thoughts on this subject. Thanks!

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Walter JonesBusiness Member

Real Estate Agent · Memphis, TN · Member since 2018 · 101 posts · 101 votes

22h

Josiah, I’m a Memphis agent and investor and own and self-manage 20 doors here, including a fourplex and six duplexes.

I would be a little careful with the idea that three $200K Memphis duplexes automatically beat one $600K duplex somewhere else, though. Memphis can vary dramatically from one neighborhood to another, sometimes within a relatively short distance. A duplex that looks great based on price and projected rent can be a very different investment once you factor in tenant base, maintenance, turnover and management.

There are Memphis duplexes I’d be very comfortable owning and others I wouldn’t buy regardless of what the spreadsheet says.

Overall, I still like small multifamily here. Feel free to reach out if you want to do a deeper dive on Memphis or compare some properties and numbers. And if you make it to town, I’d be happy to grab some BBQ and talk real estate.

[email protected]901-235-3245

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Diana KhanPro Member
Attorney · 10451 Mill Run Cir #755 Owings Mills, MD 21117 · Member since 2024 · 375 posts · 144 votes
1d
Quote from @Josiah Shipp:
Is Memphis a good place to move for rental property investing? I am able to move anywhere in the US and am very flexible in location. I'm currently in Colorado Springs where a decent duplex is going for 600-700k and in Memphis I see them going for around 200, seems like my dollars would be a lot more valuable and i would have a lot more leverage in the lower priced market. 3 duplexes for the price of one and fair market rent seems very healthy in the Memphis area when compared to home prices. I also am hoping to eventually live in Tennessee anyways so I wouldnt plan to relocate from there long term. I would love to hear your thoughts on this subject. Thanks!
@Josiah Shipp, I’ve seen investors make this same comparison when their home market gets too expensive. A $200K duplex can absolutely open up more options than a $600K or $700K property, but I would look at more than how many properties the same money can buy.
I would compare the real monthly numbers after taxes, insurance, repairs, vacancy, property management, and any older systems that may need work. I would also spend time in the exact neighborhoods you are considering because rental demand can change a lot from one area to the next, even within the same city. Since you are already thinking about living in Tennessee long term, that is another big advantage because you would eventually be investing in a market you can actually get to know firsthand.
I’d love to stay connected and hear what you find as you compare Memphis with Colorado Springs. This is exactly the kind of decision where looking beyond the purchase price can really change the answer.
[email protected]240-266-0291
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- Walter JonesBusiness Member
  Real Estate Agent · Memphis, TN · Member since 2018 · 101 posts · 101 votes
  22h
  Josiah, I’m a Memphis agent and investor and own and self-manage 20 doors here, including a fourplex and six duplexes.
  I would be a little careful with the idea that three $200K Memphis duplexes automatically beat one $600K duplex somewhere else, though. Memphis can vary dramatically from one neighborhood to another, sometimes within a relatively short distance. A duplex that looks great based on price and projected rent can be a very different investment once you factor in tenant base, maintenance, turnover and management.
  There are Memphis duplexes I’d be very comfortable owning and others I wouldn’t buy regardless of what the spreadsheet says.
  Overall, I still like small multifamily here. Feel free to reach out if you want to do a deeper dive on Memphis or compare some properties and numbers. And if you make it to town, I’d be happy to grab some BBQ and talk real estate.
  [email protected]901-235-3245
  Walter Jones525 Reviews
  Website View Page
  1 Reply
- Jay HinrichsBusiness Member
  Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
  6h
  nice to get a local with a non bias MY market is the best reply !!!! I think the biggest issue is tenants .. who are your tenants in CO and do they pay who are your tenants in Memphis and do they pay..
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Jordan RayBusiness Member
Real Estate Agent · Memphis, TN · Member since 2023 · 630 posts · 323 votes
13h
Welcome to BiggerPockets! I’m an investor and investor-friendly agent here in Memphis, and if you already want to eventually live in Tennessee, I think Memphis is absolutely worth taking seriously. You’re seeing one of the biggest advantages of this market firsthand—your capital simply goes much further. Instead of putting $600K–$700K into one duplex, you can potentially spread that capital across multiple properties here, diversify your income, and still find deals that meet or exceed the 1% rule while getting appreciation over time when you buy in the right locations. Since you’re actually willing to relocate, I’d also seriously consider house hacking your first Memphis duplex. You could purchase with owner-occupied financing, live in one side, rent the other, learn the market firsthand, and potentially reduce your own housing expense while building equity and getting comfortable operating a Memphis rental. From there, you could start acquiring additional properties through traditional financing or BRRRR. If you pursue value-add deals, we also have local hard money lenders that can finance 100% of the purchase and 100% of the rehab, with many investors getting into deals with around $10,000 out of pocket before refinancing into long-term financing. Before buying, spend time driving Memphis and learning the neighborhoods while practicing analyzing ARVs, rents, rehab costs, and market trends because this is a very neighborhood-driven market. I'd also build a strong team around you—an investor-friendly agent who also owns rentals, a good property manager, reliable general contractor, and the right hard money and DSCR lenders. If your long-term plan is already to live in Tennessee, house hacking a Memphis duplex while building the rest of your portfolio around you could be a really strong way to get started. Feel free to reach out, talk soon!
[email protected]662-642-1458
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James WachobBusiness Member
Real Estate Broker · Memphis, TN · Member since 2015 · 1k+ posts · 887 votes
1h
Hey @Josiah Shipp ! I think your thinking makes sense, especially if you’re already considering Tennessee long term. Memphis definitely has a much lower entry point than markets like Colorado Springs, which can give you more flexibility with your capital and make it possible to build a portfolio without putting everything into one property.
That said, I wouldn’t look at it as simply getting three properties for the price of one. You still want to be selective about the neighborhood, tenant demand, taxes, insurance, repairs, and property management. The numbers can look great on paper, but the specific property and area make a big difference in how the investment performs.
I’m a real estate agent based in Memphis and work with investors who are building rental portfolios, including people relocating from out of state. If you’re seriously considering moving to Tennessee, I’d be happy to connect, show you around the Memphis market, and help you compare different areas and investment opportunities.
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