Flipping houses in Memphis: Midtown flips, rental exits and Shelby County neighborhood data
Memphis has about 611,000 residents and a median home value near $210,000 in recent Census estimates, one of the lowest among large U.S. cities. Low entry prices and strong rental demand make flipping houses in Memphis attractive, but results depend heavily on choosing the right neighborhood.
Only about 45% of Memphis homes are owner-occupied, so many renovated homes sell to investors or become rentals rather than owner-occupied flips. This guide uses Census figures and local search data to compare ZIP codes, explains the risks of vacant homes and walks through flip math for both resale and rental exits.
Memphis and Shelby County in numbers
Memphis has about 611,000 residents, a median home value near $210,000 and a median household income around $53,000 in recent Census estimates, with about 45% of homes owner-occupied and vacancy near 14%.
Shelby County has about 919,000 residents, a median value near $249,000 and owner-occupancy near 54%. About 71% of county homes are single-unit houses.
FedEx, the medical district, logistics and distribution make Memphis a major jobs center for the Mid-South.
Large national and local investors own many single-family rentals, so investor buyers are a real exit for well-renovated homes.
Flips aimed at owner-occupants do best in Midtown, East Memphis and the suburbs, where buyer demand and resale prices are higher.
Midtown neighborhoods such as Cooper-Young and Central Gardens have restaurants, parks and historic homes that draw owner-occupant buyers.
- Leave renovations vacant and unsecured
- Use city-wide averages
- Ignore the rental exit
- Secure vacant homes
- Use same-street comparables
- Run both resale and rental numbers
Tennessee resources
Listed and sold 25 properties and personally bought and sold four fix-and-flip properties, all generated from probate leads.
Carolynn Castillo
Realtor & Broker · eXp Realty
Memphis ZIP codes for flips
Recent Census estimates show where owner-occupant demand and resale prices are strongest.
Germantown 38138 and East Memphis 38117
Medians near $312,000 to $430,000 and owner-occupancy near 76% to 80%, with strong owner-occupant demand.
Midtown and Cooper-Young 38104 and 38112
Medians near $252,000 to $317,000, with historic homes and buyers who value character.
Cordova 38016 and 38018 and southeast Memphis 38125
Medians near $251,000 to $294,000, with 1990s and 2000s homes and cosmetic flips.
University area 38111 and Bartlett and Raleigh area 38134
Medians near $190,000 to $207,000, with mid-century homes and a mix of owners and renters.
Berclair 38122, Raleigh 38128 and Hickory Hill 38115 and 38141
Medians near $123,000 to $158,000, with many rentals and investor buyers.
Frayser 38127, Whitehaven 38116, Westwood 38109 and Oakhaven 38118
Medians near $80,000 to $139,000 and vacancy up to 19%, where rental exits are more common than resale flips.
ZIP medians are recent Census estimates. Price every flip from renovated comparables nearby.
Shannon Thompson
Investor · Joe Homebuyer of Atlanta
Watch Shannon Thompson share their experience using ForeclosuresDaily.com.
Vacant homes, code enforcement and taxes in Memphis
A few local factors shape Memphis flip projects.
Vacant home security
Vacant homes under renovation can face theft of appliances, HVAC equipment and copper. Securing the property and moving quickly protect your budget.
- Security
- Speed
Plan security from day one.
Code enforcement and blight
The city enforces property codes, and blighted or vacant properties can draw citations and liens. Check for open code cases before you buy.
- Code cases
- Liens
Open violations can add cost and delay.
Delinquent taxes and land bank
The Shelby County trustee collects property taxes, and long-delinquent properties can go to tax sale. A county land bank also works to return vacant properties to use.
- Trustee
- Tax sale
- Land bank
Check tax status and any redemption period.
Rental exits
With strong rental demand and lower prices, many Memphis investors renovate homes to rent rather than resell. A solid rental plan gives you a backup if resale prices disappoint.
Run both resale and rental numbers before you buy.
Questions before buying a Memphis flip
- 1Who will buy the finished home, an owner or an investor?
- 2Are there open code cases or liens?
- 3Are property taxes current?
- 4How will you secure the home during work?
- 5What would the home rent for?
- 6What do renovated homes nearby sell for?
Andrew Litchfield
Webinar host
Andrew Litchfield hosted a ForeclosuresDaily.com monthly webinar for real estate investors.
Running the numbers on a Memphis flip
Start with renovated sales on nearby streets, then subtract purchase price, renovation, holding and selling costs. Compare the flip result with a rental plan.
Profit = ARV − Purchase + rehab + holding + selling
Include insurance, security and Tennessee recordation taxes.
Confirm comparables, code status and contractor bids before closing.
Neighborhood beats house
A great renovation on a weak street can sell for less than a modest one on a strong street, so choose location first.
Investor buyers want numbers
If you plan to sell to an investor, show rent estimates, repairs completed and expected expenses.
Older homes need systems work
Many Memphis homes need roofs, HVAC, electrical and plumbing updates, so budget for them.
Price for the street
Over-improving beyond what nearby renovated homes sell for rarely pays off, so match finishes to the neighborhood.
Finish fast to cut risk
Every week a vacant home sits under renovation adds holding cost and security risk, so line up crews and materials before you close.
Check insurance early
Vacant and renovation properties need the right insurance, which can cost more than a standard policy.
Anthony Coletti
Real estate investor
Watch Anthony Coletti share their experience using ForeclosuresDaily.com.
What Memphis-area buyers and investors search for
Search data shows heavy use of county records. The Shelby County register of deeds draws about 3,600 searches a month and the property search about 1,900.
Tax records matter
The Shelby County trustee draws about 1,600 searches a month.
Suburbs draw owner-occupants
Homes for sale in Bartlett draw about 880 searches a month and Germantown about 720.
Investors are active
Memphis investment property draws about 70 searches a month, alongside about 1,900 for homes for sale in Memphis.
- 1Shelby County register of deedsAbout 3,600
- 2Homes for sale Memphis TNAbout 1,900
- 3Shelby County property searchAbout 1,900
- 4Shelby County trusteeAbout 1,600
- 5Homes for sale Bartlett TNAbout 880
- 6Memphis real estateAbout 880
- 7Homes for sale Germantown TNAbout 720
- 8Homes for sale Cordova TNAbout 260
How flippers can use this data
Use local data to plan your flips:
Search volumes are approximate. Figures are recent monthly estimates and change over time. Use them to understand interest, not as exact counts.
ForeclosuresDaily.com hosts monthly webinars with investors such as Carolynn Castillo, who share how they find and evaluate flip properties.
Read the webinar announcement →
Jeremy Resmer
Webinar host
Jeremy Resmer hosted a ForeclosuresDaily.com monthly webinar for real estate investors.
How to find flip properties in Memphis
- 1
Use off-market lead lists
Probate, absentee owner, preforeclosure and tax delinquent lists help you reach sellers before they list.
- 2
Build a reliable team
Contractors, property managers and agents who know Memphis neighborhoods help you finish quickly and choose the right exit.
- 3
Line up financing early
Have flip or rental financing ready so you can act quickly.
Before you buy
- Check code cases and liens
- Check tax status
- Plan security
- Get contractor bids
- Pull same-street comparables
- Run rental numbers
Explore resources such as realtors to sellers in Memphis and wholesale house prices in Memphis.
Antonio Stringfield
Probate investor · Los Angeles
Watch Antonio Stringfield share their experience using ForeclosuresDaily.com.
Nancy Wallace-Laab
Investor · nearly 20 years
Nancy focuses on the best outcome for both the seller and the investor, drawing on nearly 20 years of real estate investing experience.
Phillip Warrick
Full-time investor since 2003
Full-time real estate investor since 2003, with over 20 years of experience.
Flipping houses in Memphis: FAQ
Short answers for investors flipping houses in Memphis. Tap a question to open it.
QIs Memphis good for flips?Yes
QWhere do owner-occupant flips sell best?
QIs renting a good backup?Yes
QWhat are the main risks?
QWho collects property taxes?
QShould I check for code cases?
Get started →
Find your next Memphis flip
Memphis rewards flippers who choose neighborhoods carefully, secure their projects, check code and tax status and plan both resale and rental exits.
ForeclosuresDaily.com supplies probate, preforeclosure, absentee owner and tax delinquent leads across Shelby County and Tennessee. Explore our lead products.