Real Estate Investing in Memphis, Tennessee (38117)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 38117 (Memphis, TN)? Our answer, based on the numbers below.
Solid choice — stable market with a reasonable entry point and good rental backup if you ever need to move.
A cash-flow market — rent-to-price math works from day one, though value growth is modest. Great for income-focused investors.
No major risk flags on the data we track.
What’s happening in Memphis, TN (38117)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 38117 Memphis
Investors eyeing 38117 need to respect the fundamentals at play. Home values of $269K come alongside slower price movement and elevated management overhead.
The 38117 ZIP can work — but only with a tight operating hand. Remote landlords and passive investors tend to struggle here more than the underwriting suggests.
ZIP 38117's metrics run below Shelby County's averages on price growth and tenant stability. Investors who ignore that regional gap tend to relearn it the hard way.
Who lives in 38117 is part of why the ZIP is priced as it is. The demographic profile requires hands-on management, tight screening, and local knowledge.
Strategically, 38117 can be a high-return sleeve of a diversified portfolio — but it should not be the whole portfolio, and it should not be someone's first deal.
Here's what matters if you're considering buying a home in Memphis:
Property Strategy for 38117
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $133,314 | $1,330 | 7.2% | +3.6% | $133,314 |
| 2BR | $185,724 | $1,470 | 5.7% | +3.8% | $92,862 |
| 3BR | $235,811 | $1,940 | 5.9% | +4.1% | $78,604 |
| 4BR | $446,201 | $2,260 | 3.6% | +3.8% | $111,550 |
| 5BR | $874,015 | — | — | +4.6% | $174,803 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 38117 Compare?
| Metric | 38117 | Memphis | Memphis, TN-MS-AR | Tennessee |
|---|---|---|---|---|
| Home Value | $269,354 | $150,680 | N/A | $327,001 |
| 5-Year CAGR | 1.6% | 2.6% | N/A | 7.7% |
| Avg Rent | $1,516 | $1,243 | N/A | - |
| Cap Rate | 4.4% | 6.8% | - | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 38117 (Memphis, 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 | $269,354 |
| Monthly Rent | $1,516 |
| Price-to-Rent | 14.8:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.8% |
| Cap Rate | 4.4% |
| 5-Year IRR | 5.9% |
📈 Home Appreciation
| 1-Year | +1.5% ▲ |
| 3-Year CAGR | -0.4% ▼ |
| 5-Year CAGR | +1.6% ▲ |
| 10-Year CAGR | +5.8% ▲ |
🏠 Rent Trends
| 1-Year | -9.2% ▼ |
| 3-Year CAGR | -2.0% ▼ |
| 5-Year CAGR | +0.9% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (4.4%). 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 38117
Population: 26,327
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 38117
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
University Middle
East High
Sharpe Elementary
Sherwood Middle
South Park Elementary
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 5,147 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
How deep is the rental pool in Memphis, TN?
The renter base in Memphis, TN is reasonable for the $1,516/mo price point. Screening well and pricing to market typically yields measured tenants.
Should investors consider Memphis, TN?
Memphis, TN rates 3.0/5 for investability. With median values at $269K and rents near $1,516/mo, the market offers reasonable fundamentals for rental investors.
Is housing expensive in Memphis, TN?
The median home value in Memphis, TN is roughly $269K. That puts it reasonable relative to the TN statewide average.
How landlord-friendly is Memphis, TN?
Memphis, TN operates under TN law, which is landlord-friendly overall for landlords. Expect even-keeled treatment in typical lease and eviction cases.
How high is vacancy risk in Memphis, TN?
Rental vacancy in Memphis, TN is elevated. Investors should budget normal turnover but not chronic empty units.
You know 38117 now. You don’t know where it ranks.
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How 38117 ranks in Memphis, TN-MS-AR
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