244 Richmond Ave #1-6, Memphis, TN, 38106
About This Home
Own 11 rental units on a single parcel, consisting of five duplexes and one detached single family home. This unique investment offers immediate cash flow with exceptional value add potential. The property includes ten 1 bedroom, 1 bath units with separate living rooms, kitchens, and bedroom. The sixth building has been converted into a single family residence, providing added flexibility. With renovations, improved management, and lease up efforts, a savvy investor can increase occupancy, raise rents, boost net operating income, and significantly enhance the property's value. Whether you're looking to expand your portfolio or build long term wealth, this is a rare opportunity to unlock strong cash flow and appreciation through strategic improvements.
Getting Around
Car-Dependent
Some Transit
Somewhat BikeableSchools
Construction
Condition
- Year built: 1940
Materials
- Roof: Composition Shingles
- Construction materials: Wood/Composition
Type & Style
- Home type: MultiFamily
- Architectural style: Other (See REMARKS)
- Property subType: Duplex
Interior
Appliances
- Appliances included: Electric Water Heater
Basement
- Basement: Crawl Space
Bedrooms & Bathrooms
- Bedrooms: 2
- Bathrooms: 2
- Full bathrooms: 2
Features
- Separate Living Room,Square Feet Source:AutoFill (MAARdata) or Public Records (Cnty Assessor Site)
- Flooring: Vinyl
Heating & Cooling
- Heating features: Wall Furnace
- Cooling features: None
Interior Area
- Total interior livable area: 6,552 sqft
Property
Details
- Parcel number: 013021 00006
Features
- Stories: 1
- Pool features: None
Lot
- Lot size: 0.70 Acres
- Features: Level
- Lot size dimensions: 309 x 99
Parking
- Parking features: Street Parking Only
- Has uncovered spaces: Yes
Climate Risk is Financial Risk
Every home has a financial story beyond the listing price. Below, you’ll see the climate risks that could affect this property — and in Bills & Affordability, how those risks may influence repairs, insurance, utilities, and long-term value.
Biggest Threats for This Home
- Cold Wave
- Earthquake
- Heat Wave
- Tornado
How This Home’s Risks Compare
FEMA Declared Disasters Across Tennessee Counties
Understanding the Costs
Financial advisors generally recommend spending no more than 30% of your gross household income on housing costs. In practice, many households stretch to 35% or beyond — especially in high-cost markets.
Estimated Costs Today
| Monthly | Annual | |
|---|---|---|
| Mortgage | $1,643 | $19,716 |
| Home Insurance | $994 | $11,928 |
| Property Taxes | $262 | $3,144 |
| Electricity | $532 | $6,388 |
| Total | $3,431 | $41,172 |
Income You'd Need if You Spent...
How Costs Could Change Over Time
Climate risk is quickly impacting all of the major home ownership costs. Adjust the growth rates and percentage of income spent on housing below to see how your housing costs could change over the next 10 years — and what income you'd need to keep up.
Comparing Against the Market
Price Per Sq Ft
vs Other Active Listings
Avg $/sqft
vs Homes Sold Last Month
Median $/sqft
Current Market Trends
Median Price Per Square Foot
The median price per square foot of homes sold in this area each month. Compare this to this listing's price per square foot to gauge whether the home is priced in line with recent sales.
Historicals for This Listing
Zestimate History ($/sqft)
Price History
| Date | Event | Price |
|---|---|---|
| 2026-07-27 | Listed for sale | $325,000 |
View on Zillow