If Memphis has been on the radar for a while, is the market saturated or still a good investment?

From what I understand, I would be saturating an area and basically mail to every address in that area at a discounted price through the USPS.  

As the market gets saturated with supply in the coming years makes sure to use realistic projections such as 10% vacancy and flat rents to 2%. 4% rent growth each year and 3% vacancy is a bubble right now and not sustainable historically over the long term with cycles. 

thanks to all my fellow bp'ers that responded you have given me more insite than you know, @Jay Hinrichs @John Skaggs @David T. how good is the stuff youll got down their in atlanta...hahaha in ny the mix might kill ya @Jeff S i will ask the lender and see where it goes thanks @Ryan Harthan @Andy Collins im hearing the area is already saturated with HML's

I don't know if cat pee is worse, but my manf. home had pee-saturated sub floor (so bad some parts later weakened & cracked.First coat of Kilz did wonders, 2nd coat completely sealed it (don't remember if it was oil or water based -- both are fantastic).

Other risks are that they overbuild and saturate the market, since it is a relatively small city.

Many times landlords have ran the properties for years and they are TIRED.Based on all the listings I have had in Multifamily and the stories they tell me I would pay the fee for a great property manager.The benefit to owning a 50 unit or greater is usually you can land a 5% property management fee and the company will have a system in place versus a manager doing 1 house who is "winging it".Saturation rate for the area (competition) for your properties product mix and amenities will be key as well as proximity to jobs,transit,restaurants, medical facilities,etc.I don't worry that the property is vacant.Even in high crime areas it's all relative to price.I would not recommend buying in high crime areas for a novice.I have investor groups who do nothing but this and buy really cheap.Eventually these nodes will be redeveloped and cleaned out if you buy right but you have to know the city plans and intricate workings of the area.Don't listen to a seller telling you when occupied it rented for 600 a unit.Base your numbers off of what the market will be doing after your rehab.If rents were at 600 a unit but based on data have declined 1 percent a month and rents now are at 480 then when rehabbed in another 4 months your lease up might be at 460.Look at the big apartments to see what kind of specials and concessions they are running in the local area to lease up.We could all go on forever with suggestions.You really need to work with someone who has intimate knowledge of the area you want to invest in.When doing vacant or development deals the biggest mistake I see developers and investors make is to do rosy projections that 80% of the time do not go as planned.Plan for the worst but hope for the best.

It will appreciate for a while, the market will become saturated and it will come down, just as it did 5 years ago.

22, just graduated this past May from High Point University and am willing to learn all I can and become saturated with real estate knowledge.

Very high prices, saturated market with lots of inventory, and very little cash flow after HOA fees.