Mortgage rates and PMLs are 8-12% plus points right now so the deal has to be a low enough entry. 

So making it my primary is a low bar.   

That's a very low amount given it's a commercial property.

Eventhough prices has gone back 5% in some areas , the rent market here is limited and migration continues from northern marketsI am investor in the area and live here, my properties have similar profile and are holding well.

@Rafael Ramos All your goals contradict each other:(1) Cashflow: buy Class C & D properties2) Appreciation: buy Class A & B properties3) Low Crime: buy Class A & B properties4) Why would you want your investments to lose money to lower your taxes?

@Stephen FlemingFrom my experience working with over 400 investors, your strategy of leveraging a low mortgage rate, tapping into home equity, and diversifying with a short-term rental (STR) in Northern Michigan is well thought out.

We'll certainly want to keep the property tax basis as low as possible if we hold it.

Really interested in investing in this market and would accept a relatively low return (or even a break even scenario because i believe in continued appreciation potential here). 

They were fine with my score (about 740), but have issue with the percentage of personal credit I am utilizing, so that discussion also petered out.Apparently, I have a lending profile right now, that is not attractive to mainstream lending programs.Any advice?

Memphis has a relatively low cost of living, and that’s reflected in the property prices.