Memphis MFH for $20K? What am I missing?

[Martino Romeo]

Hello all - New here but thought I would start by seeing if anyone is familiar with the Memphis TN market? I have many well performing properties in NYC and Florida, but this would be my first delve into the TN market. I see many homes for sales sub-$30k with tenants in place that "seem" to be cash flow + day 1 with under 2 year paybacks. Am I missing something? Any tips or lessons learned in this market would be helpful. Thanks in advance.