Where in Memphis (and many other places) I see dozens of properties going for $20,000-$60,000 (or even less but need some work) are rents in the $500-$900/mo range.

Able to work with creative financing; a simple search in the top right bar will bring up dozens of links and info.

Nate, I want to be clear that the names I provided earlier are individuals I have never personally met, never collected any fees from, in any capacity whatsoever and I only know of them because they have done dozens of deals with many of my past clients (these have been very wealthy, successful and extremely diligent investors) and those are the two companies that have consistently been utilized by my clients over the years.

There are at least a dozen cash buyers there that are looking for deals in Orem.  

Do you want a condition assessment on MEP?

You should absolutely contact your local assessor to confirm how they arrive at assessed values.

Clearly I wouldn't do that, but even at $125,000 if still need to get about $1,000 more.Looking at the tax assessment, the latest value was $60,800.1.)

Are we talking a significant amount of increase to the assessed value and annual tax bill? 

You are responsible for any unpaid taxes, or lines, special assessment, etc.  

You have to be very cognizant of "special assessments" which can add literally thousands of dollars a year to your costs.