I was more talking about from the owners perspective my comment really had very little to do with the renters perspective except when I said they may overpay on a volatility basis (which I highly doubt most people price out that way anyway) but did not say it was not worth it. 

Hopefully (from a buying perspective) things will cool down in the summer when there's more inventory. 

While I have not always been looking at it from a real estate perspective, I know the region and how to cater my properties to what the consumer is looking for. - We have time on our side.

From a personal perspective, recently been looking into various south east locations as a prospective owner (I live in Atlanta) and Memphis is one of my target cities (along with Nashville and much of Florida Gulf Coast).

The 2nd "lowball" offer will put things into perspective for the seller...or he or she will get pissed and reject both.

The questions above are coming from a perspective of individuals who are not investors yet are on that path.

@James FreeJames I have a different perspective on this. 

FSBO deals very, very rarely work out from a numbers perspective. 

@Donald TorrenceI am a true private lender so I'm going to share with you my perspective, however in no way do I represent all private lenders.  

Hopefully this reply at least has a little perspective on what to think through.