From Storage Cafe:

Challenged by the unrelentingly hot U.S. market, first-time and experienced buyers alike may find that the effort of fixing up a home can certainly pay off. Buying a home that needs extensive remodeling can in fact fetch a handsome discount, but it depends a lot on where you’re looking to buy.

If Memphis is on your radar for a more affordable home, you’re in the right place as there’s plenty of fixer-upper material on the local market. The city emerges as the 4th-best city for getting a fixer-upper.

These are the reasons Memphis is such a great place to buy a fixer-upper:

  • Fixer-uppers in Memphis represent 18% of the existing homes for sale, more than double the overall average for the cities included in our study.
  • The fixer-upper discount represents about 45% of the listing price, a more than hefty saving, as compared to Nashville for example (ranked 48th) where fixer-uppers are priced 16% lower than typical homes.
  • In fact, buying a fixer-upper shaves approx. $88K off the price of a turnkey home here.
  • In line with national trends, fixer-uppers are smaller than standard homes in Memphis, but outdoor space makes up for it. Median lot sizes are about 10% larger for fixer-uppers than for turnkey listings, translating to almost 9,600 sq. ft. of space.

* We used 11 key indicators of fixer-upper market potential. Our ranking metrics rank from median purchase price to fixer-upper inventory and discounts, median home space and lot size for a fixer-upper as compared to a regular home.

Here are the best cities for shopping for a fixer: