Today everything I need is within about a 2 to 3 mile radius ( 5 to 10 minutes).We went to the mall first time in 6 months to get the wife's jewelry cleaned and serviced from Helzberg. 

If you can somehow differentiate your property from neighboring homes with updates, kitchens, BR, faux wood garage doors, landscaping etc.

It is not uncommon by the way for investors to walk away. 5 years ago is the 2007 vintage when most markets were at the peak.The investor has a high interest investor loan and a high sales price.Probably was just breaking even hoping for the market to turn.Now that the tenant left a bunch of damage the investor is jumping ship and not pouring anymore money into a bad investment.At the owners age enjoying the last years of their quality of life is more important than an overvalued debt to a bank.

The bad news is there is a ton of things with the vintage that can get very expensive to fix and take away your cash flow for years.

Some people would say these areas in Memphis are good/great areas to live and own Real Estate Investment properties... 38117, 38118, 38115, 38133, 38134.. take a look what's going on in those zip codes. http://www.commercialappeal.com/news/2014/mar/06/one-person-reported-shot-oak-court-mall/ or http://www.commercialappeal.com/news/2014/jan/27/jewelry-story-oak-court-mall-robbed-suspect-appreh/ or @Andy Luck here the article I think you were talking about http://www.myfoxmemphis.com/story/23614652/man-shot-while-renovating-home#axzz2xAuxYA6R or http://www.commercialappeal.com/news/2014/jan/18/wolfchase-shoppers-take-cover-shots-reported/ My point is Crime and Bad People are everywhere, not just any specific locations..

But these are the same vintage houses that get similar rents as East Central.  

Not any MF apartments, but selective growth markets with solid relative value add opportunities to makeover of vintage 1980s properties, bring in more efficient property management team, essentially re-positioning the asset to make it more attractive to existing and prospective renters.  

Some tenants who like those are jewelry stores, photo store type place, postal type places, restaurants/bars with a prohibition type theme.You need to compare the rent bank is paying with current market rents to see if rent is at,above, or below current market.

So keep firm on your maximum.I never did like auctions for the aforementioned reason and that sometimes you are bidding against people who do not have the means to buy it, so in my opinion, are just placing more faux bids. 

Nightlife and Culture: Between the vintage shops, Cuban cigar stores, and nightclubs, it's both trendy and cultural.Potential for Growth: As more young professionals and businesses enter the area, there's potential for real estate appreciation.Seminole Heights:Hipster Heaven: This area is all about vintage vibes.