Is Memphis being over-promoted?

[Amy A.]

First off, I admit that I know very little about Memphis and the purpose of the post isn't to trash Memphis.  I read on many posts and hear on the podcasts that Memphis is the greatest place for cash flow.  However, I've been "shopping" on Loopnet for a while and see hundreds of very cheap units listed there.  Many properties have high vacancy rates and need extensive renovation.  If Memphis is such a great area to invest in, why aren't investors snatching up these units and renovating them like they have in other parts of the country?