Cordova Neighborhood Outlook

[Sherry Z.]

Greeting BP Memphis Community! I'm looking at single family house for long term rental.
 I'd appreciate any insight on 38018 Cordova neighborhood from the locals, in particular the area just a little north of Mullins Stations Rd (near intersect with Appling Rd). 

Any thoughts on the neighborhood, demographics, vacancy rate, or other relevant items you can think of will be great. Thanks in advance!

[Chris Clothier]

Originally posted by @Sherry Z.:

Greeting BP Memphis Community! I'm looking at single family house for long term rental.
 I'd appreciate any insight on 38018 Cordova neighborhood from the locals, in particular the area just a little north of Mullins Stations Rd (near intersect with Appling Rd). 

Any thoughts on the neighborhood, demographics, vacancy rate, or other relevant items you can think of will be great. Thanks in advance!

 Hi Sherry,

It depends on the exact neighborhood, but given the intersection you listed here are some thoughts.

I bought my first house here in 1997.  It was an area within the path of progress.  I sold my property in 2001 for what may still be the highest dollar amount in that particular neighborhood ($134,000).  I think the area is fine for investment and we manage several properties in the area.

However, know going in that the schools servicing this area are good for Memphis.  They may not be great on national standards, but they are newer built for the most-part and are clean, well-kept and get good scores.  The growth of the area was not well-thought-out so you have streets that are single-family ranches that suddenly change into attached homes and suddenly change into attached homes with rear service garages.  There is a lot of retail in this area and there are even new commercial developments going in nearby.

There is a lot of demand to get to this area of town because of those retail services and it is relatively close to Germantown road, Walnut Grove road, Highway 240 and Highway 40.  All are major thoroughfares for getting around Memphis in all directions.  One other positive is the proximity to one of the largest urban parks in the country, Shelby Farms Park.  The part underwent a multimillion dollar renovation and re-opened to huge fanfare late last year.  Kimbal Musk, Elon Musk's brother, opened a restaurant in the park and is opening a second restaurant in the Sears Crosstown development later this year.  I believe Memphis is still the only city in the country with two of his restaurants.

This area will not necessarily appreciate quickly, but should hold value and rise moderately over time.  As for occupancy, given a good property management company and a clean property, you should expect to have low vacancy in this area.

I would however caution you against buying an attached home and in my opinion do not buy in the gated neighborhood just to the east of this intersection.  Single family homes, on traditional lots in this area and you should be good.

best to you -