Duplex with Water Damage — Memphis Medical District

Memphis Midtown is having its moment — the Medical District expansion has tightened workforce housing vacancy to sub-4%. This midtown duplex took a roof leak that damaged the upper unit's ceiling and floors; the lower unit is clean, rent-ready, and currently tenanted at $950/month. At $22k you're acquiring a cash-flowing asset on day one while you rehab the upstairs. Upper-unit rehab estimate: $18–22k. Post-rehab combined rent: $2,000–2,200/month. Unlevered cash-on-cash return north of 50%.