Evaluating Non-HOA Townhome in Memphis

[Cecil Mason]

Hello my Colleagues,

I'm in contact with a seller as it pertains to an off market deal. Seller is looking to offload an investment property which is a Townhome located in the 38119 area code that is currently renting for $850. Historically, I believe 38119 has proving in certain areas to be great for multifamily investments. However location of the property in question, is located in the Greenlodge Townhomes Phase 3 subdivision. I'm considering adding this one to my current investment portfolio if I can somehow acquire the property at a slight discount. 

Doing my due diligence, there hasn't been much activity as of late in the neighborhood that supports the seller asking price of $65k. Most recently their was a townhome in the area that sold for $42,000, and another one that is currently listed at $74k. So therefor its challenging to kinda gauge a true evaluation of what the property is actually worth. With that, wanted to know if any of my colleagues in the Memphis area, have had experience in this particular neighborhood? Any insight is welcome and would be greatly appreciated. 

Gratitude,

Cecil