Would love to see the deck and model

Quote from @Rene Hosman: The average vacancy rate in Austin, TX is currently hovering around 15%.The best thing to do is to chat with agents in any market to see what real estate investing model fits your vision!

Instead, a furnished rental model might better align with your objectives.

Picture a developer that purchases a piece of land and has sites to build on (or build model homes).

The spreadsheet also allows for changing up the variables (bank account, cash flow, HELOC interest rates, etc...) to model different scenarios. 

Arbitrage was a better model when there was stimulus money and revenge travel going on.

I would recommend chatting with many different contacts to see what fits your vision for real estate investing in Memphis because there are always pros & cons to every investing model and you should know what your options are!

I'm currently modeling a 10 year hold period to be conservative. 

If you're not working with a local agent to help you screen tenants...I would say the best way to get as many eyes on the property is create marketing material - add to local FB groups and host 2 consecutive open house weekends showing a model unit and amenities.If you're close to any University Campuses - I would also suggest to partner with the university for housing opportunities for upperclass students.Good luck with filling those up!

Once you get your systems down, you have a real estate business model that you can take to any market and be still be successful.