- Solid Tenant, 1 year lease.

When you deny an applicant, you need to have solid footing to do so.

Personally, I think Westville is in the best position for appreciation, while rents are already solid and climbing. 

1,769 miles. managing everything on my own too. i think living far away is actually a blessing. it forces you to have rock solid systems in place!

That was the main reason I wanted to reach out to the good folks like you here willing to offer some advice.I've actually been a landlord before, and although it has its headaches, I'm still convinced that it's a great way to ensure a solid retirement.Thanks much

Having a solid foundation is key, adding significant value to every deal allows you to grow,  I would say with your $50K go out and do a rehab and make $30K on a flip so you can add $20K to your $50K  ($10K set aside for taxes) do it a few times so you have a great launching pad and rehab experience for the rentals. dont buy turn key rentals, always buy below value, and push the equity with a rehab, and right now in the market cycle, only buy great deals, marginal deals will burn you when this market changes.

The apartments are outdated with wood paneling walls, old appliances, old fixtures, and outdated carpet. 

Memphis has been a really solid area (some say even recession-proof), but you're in striking distance of a Alabama and other great opportunities...and short-term rentals in Nashville are doing well for some people I know. 

Look for carpenter bee holes in wood and termite damage.

Geoff,Your numbers look good, just a couple of items which can go south and it’s best to be prepared; are your construction numbers solid - do you have written bids from contractors?