Should I do this in Cordova, TN

[Sean Rogers]

My mother in law bought a house in 2006 for 170k that maybe is worth 140k today. She wants to give the house to my wife and I. She owes about 122k and I could refinance the loan and move the note down to $900 a month or so.

Does anyone invest in Cordova, TN and know what kind of tenants and rent you can expect?

I have two houses about 15 miles away but they are in Germantown, TN and attract the best tenants in the area.

Cordova scares me but I think I can make some money

[Alex Craig]

My thoughts, just like any area in Memphis, you can either be a "me too" like a lot of the dinosaurs in the business and sit on vacancies for a long time, or you can make it an great looking house and reduce your vacancy and maintenance by making your home the most desriable place in the area to live. "A" class properties that are "me too's" turn into "B"  class properties. I am just about to buy a Cordova home and I will put in granite and mosaic backlash in the kitchen. My rehab will cost me about 5k more, but I will have the best looking rental in the area and my vacancy periods will be shorter.