Out of state investor purchases rental home in Crosstown area of Midtown Memphis
Posted Monday, May 11th, 2020 by Glenn Greene

The 836 Maury transaction Is one that took place in early 2020. The property is located and the Evergreen Vollintine area North of Sears Crosstown in Midtown Memphis. This is an area that is very swiftly growing in popularity as result of the opening of massive mixed-use building known as the Crosstown Concourse 2 years ago.

We have been working in the area around the Sears Crosstown Building for the last 6 years. We have seen substantial growth in market value in the area south of Jackson Avenue, and we expect the same type of value growth and popularity to spread into areas North of Jackson.

Avenue & South of Vollintine Avenue. The subject property sits right in that area and is in need of full rehab. My investor client is an out of state investor that has purchased many properties through EPM Real Estate over the last few years. Seeing the future market value in that property, it was my suggestion that he purchase it now and invest some funds into turning it into a performing rental property for the next 5 years, so that he can then sell it for a substantial profit within 5 years of his purchase. The purchase price was right at $100,000, rehab cost for rental purposes will be around $30,000. I expect the market value to be around $200,000 within the next 3 to 5 years.

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