However, be cautious—newer “B” properties are sometimes built in “C” neighborhoods, so careful due diligence is required.Monroe: As mentioned earlier, Monroe strikes a balance, making it a versatile option for investors.Trends to WatchTransit-Oriented Development: Areas near light rail expansions are seeing significant value increases.Suburban Growth: The suburbs around Charlotte, including areas like Concord, Huntersville, and Monroe, are experiencing steady growth as people seek more affordable housing outside the city center.When investing in Charlotte, aligning your neighborhood choice with your goals is essential.

She works part time because it's a good balance of her interests, and protection for the family.

Perhaps we "buy" the house from them for the $328K balance to satisfy the lender and don't need a large down payment and then have a separate contract with them to pay $x per month until we've paid the full $172K amount.

The market conditions are in your favor, and Memphis is a city that offers solid investment opportunities with a great balance of affordability, demand, and growth potential.

Trying to balance proper due diligence against my desire to just acquire a bunch of mediocre units!  

Many likely have coverage for their mortgage balance or from many years ago.

Would the 9-year balloon concern you, knowing you'd need to refinance or pay off the balance at potentially higher market rates in the future?

It's smart investing to have a balanced portfolio.Now that being said, is this property a good rental? 

Keep in mind that when wanting to do this with a mortgage banks first want to see substance and at least one yearly balance statement.

AND there aren't many note buyers who will buy notes with large balances in the range you mention.