Real Estate Investing in Lakeland, Tennessee (38002)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 38002 (Lakeland, TN)? Our answer, based on the numbers below.
Mixed signals — some positives, some negatives. Worth considering but not a slam-dunk.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
No major risk flags on the data we track.
What’s happening in Lakeland, TN (38002)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 38002 Lakeland
ZIP 38002 inside Shelby County looks affordable on the surface — median value of $412K — but the discount exists for reasons that a careful buyer should understand before committing.
Distressed markets are won on execution, not on spreadsheets. ZIP 38002 reports the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
In the broader TN picture, 38002 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
The demographic picture in 38002 includes headwinds that any investor should price in. Income distribution skews lower than Lakeland averages, and tenant stability requires active management.
Experienced landlords with local relationships tend to find 38002 workable. Turnkey investors from out of state usually find the numbers do not hold up in practice.
Here's what matters if you're considering buying a home in Lakeland:
Property Strategy for 38002
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $181,412 | $1,870 | 7.4% | +6.7% | $90,706 |
| 3BR | $317,213 | $2,470 | 5.6% | +6.6% | $105,738 |
| 4BR | $439,926 | $2,880 | 4.7% | +5.9% | $109,982 |
| 5BR | $526,982 | — | — | +6.2% | $105,396 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 38002 Compare?
| Metric | 38002 | Lakeland | Memphis, TN-MS-AR | Tennessee |
|---|---|---|---|---|
| Home Value | $411,779 | $411,779 | N/A | $327,001 |
| 5-Year CAGR | 3.4% | 3.4% | N/A | 7.7% |
| Avg Rent | $2,025 | $2,025 | N/A | - |
| Cap Rate | 3.8% | 3.8% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 38002 (Lakeland, TN). Anonymous, moderated, never written by AI.
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Property managers serving Shelby County
Manage rentals here? List your business →Advantage Property Management offers property management services in Memphis, TN, and surrounding areas, including Section 8 property management, maintenance, and renovations. summary from their website
Enterprise Property Management offers property management services in Memphis. summary from their website
Foundation Property Management offers property management services in Memphis, TN. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $411,779 |
| Monthly Rent | $2,025 |
| Price-to-Rent | 17.0:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.9% |
| Cap Rate | 3.8% |
| 5-Year IRR | 7.3% |
📈 Home Appreciation
| 1-Year | +0.3% ▲ |
| 3-Year CAGR | +0.2% ▲ |
| 5-Year CAGR | +3.4% ▲ |
| 10-Year CAGR | +5.7% ▲ |
🏠 Rent Trends
| 1-Year | -5.0% ▼ |
| 3-Year CAGR | -0.4% ▼ |
| 5-Year CAGR | +1.8% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.8%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 38002
Population: 43,868
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 38002
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 2,387 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Is Lakeland, TN good for house hacking?
The house hack math a challenging in Lakeland, TN. Owner-occupant buyers benefit from the $2,025/mo rents and $412K home values.
What kind of market is Lakeland, TN for investors?
Our data puts Lakeland, TN at 3.0/5 for investability. Home prices of $412K and rents around $2,025/mo create a solid backdrop for investor activity.
Is housing expensive in Lakeland, TN?
Lakeland, TN median home values land near $412K. That is reasonable territory for investors looking at $2,025/mo-per-month rentals.
How strong are rents in Lakeland, TN?
Investors in Lakeland, TN typically see rents near $2,025/mo per month against $412K home values - a solid setup for rental cash flow.
Are renters plentiful in Lakeland, TN?
Lakeland, TN draws a predictable base of working renters. Demand at the $2,025/mo rent level is reasonable for standard single-family and small multi rentals.
You know 38002 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 38002 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 38002 ranks in Memphis, TN-MS-AR
Every ZIP in this metro, ranked. Free.
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Community Ratings
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