Those prices are high, I'd keep shopping. 

And if the community is small enough, go old school and ask to put up flyers at local businesses; nail and hair salons, coffee shops, grocery bulletin boards, etc.

I don't see appreciation in this neighborhood.  

Purchased ~15 years ago at $360k, own free and clear, C+/B building in B/B+ neighborhood, currently paying themselves from property about $1200 a month, some capX items updated, clean, good screening criteria, painting and touch ups after each turnover.

ok you have flushed out the difference between these two neighborhoods but what does the math tell you? 

Crimeso with rents basically 700 to 900 these days.. that same renter IF they wanted to be a home owner is going to look at the highest price thing they can and will not buy in most of those areas.Even though you have say a 50k home if they bought it payment would be 250 to 300 they won't do it.. they will buy the 100 to 125k home and spend the 900.. they like anyone else does not want to live in those areas as homeowners. once these neighborhoods go rental that's it the value is only as good as the rent even though we can value SFRs using cap rates.. the reality is that's exactly how they are valued in those areas.

You'd be better off narrowing down by neighborhoods or even streets when evaluating properties in Memphis.

so i found a duplex but its in a bad neighborhood. from the looks of it i wouldn't have to do any work with them which is a plus. should i let the bad neighborhood stop me from making an offer? 

You make your money when you buy, etc.If I were to buy a 3 br 2 bth single family in a desirable neighborhood, no repairs needed, traditional financing with a 30yr fixed rate mortgage, would i be making a bad investment if I purchased the property through a realtor?

You make your money when you buy, etc.If I were to buy a 3 br 2 bth single family in a desirable neighborhood, no repairs needed, traditional financing with a 30yr fixed rate mortgage, would i be making a bad investment if I purchased the property through a realtor?