Property: Cordova, TN
Situation: Inherited brick colonial, multiple family decision-makers
Outcome: $220,000 cash close — Spencer now owns two homes on the same street
A few months ago, we made an offer on an inherited brick colonial in Cordova. Solid property. Quiet street. We knew the area — we'd just closed on another home up the road on Chimneyrock. We were confident.
They went with another buyer.
A week later, a wholesaler emailed us. Same house. Same address. Same Cordova street. The buyer who beat us had assigned the contract and was trying to flip it for a profit. We bought it from the wholesaler for $220,000.
That deal now sits in our rental portfolio on a street where we already own another property. The rent-to-price math on that acquisition reflects exactly what I described above — Cordova runs tighter yields (0.7%–0.9%), but the tenant profile and long-term appreciation justify it. We knew the sub-market because we'd already done the work there.
That's what "local knowledge" actually means in Memphis investing. Not a heat map. Walking the streets.
Author Bio
Spencer Shadrach is the founder of Spencer Buys Houses, a local real estate investment firm that has purchased over 400 homes across the Memphis metro area. By prioritizing transparency, local expertise, and data-driven cash offers, Spencer helps Memphis homeowners navigate the selling process with clarity and confidence.