From renter to owner: C-Y resident renovates her home
Cooper Young resident of six-months, Jenna Stonecipher is now a 26-year-old real-estate investor in the area. She lives across the street from her new property, which is located at 2156 Evelyn. It currently has one resident and is being renovated for more.
Is Cooper Young an affordable place to live?
Absolutely. For a homeowner, it’s more affordable. For a renter it’s the best of both worlds - best as far as amenities and affordability.
What makes the neighborhood so affordable?
Probably because it’s not like many neighborhoods in Memphis. It’s not cut and dry good or bad. It’s a grass roots neighborhood with people that want to live there. You don’t have to use your car to get places. You can walk down to Midtown Mart and get a six pack, and it’s not far from Overton Square. I could ride my bike if I wanted to.
Who do you think is the target renter for the neighborhood?
That’s the thing. There is no target renter. I have neighbors on either side of me that there are older, younger, families with kids that ride their bikes, teenagers - a good mix of socioeconomic classes. It’s affordable for a wide variety of people. For instance, I live in a tri-plex and one of my neighbors is 55 years old and one is a 25 year old from Oregon.
Tell me about the property you bought?
It’s a four-plex and only a quarter occupied. I look at it every day. The lady that owned it got sick and was about to lose it. I acquired it right before it went to tax sale and started working on it.
What are your plans for the space?
I’m going to rehab it one unit at a time. I’m not a big company, just a person that owns a house now.
What is your timeline to fix the property?
It will be done in six months. It’s really touch and go, and when (Memphis) got cold weather we had pipes burst. But, hopefully I’ll be done by June.
What do you plan to charge for rent?
About $650 a unit. There are hardwood floors, great fixtures, appliances, a big fenced back yard, and off street parking. I’m also considering including membership to (The Salvation Army Kroc Center).
What are the benefits of being a young property owner?
On the one hand I don’t have a family so I have more time to dedicate to doing this work myself. I can literally teach myself anything with the help of the Internet whether it’s laying floor, installing a sink or fixing appliances. Young people, I think, are inspiring to older more successful people. There’s always a willingness for others to teach you, and there are so many mentors and guides if people just knew how to access them.
What are your suggestions for a first time renter considering Copper Young?
Make sure you can afford it. Know your price range. You need to able to make three times the rent minimum and scour the lease agreement and know the consequences for breaking a lease. Check the water pressure in the apartment. Are there light fixtures? Enough electric outlets? Drive by the area you’re looking at right after schools get out and at night.
Interview conducted by Erica Horton.
Is Cooper Young an affordable place to live?
Absolutely. For a homeowner, it’s more affordable. For a renter it’s the best of both worlds - best as far as amenities and affordability.
What makes the neighborhood so affordable?
Probably because it’s not like many neighborhoods in Memphis. It’s not cut and dry good or bad. It’s a grass roots neighborhood with people that want to live there. You don’t have to use your car to get places. You can walk down to Midtown Mart and get a six pack, and it’s not far from Overton Square. I could ride my bike if I wanted to.
Who do you think is the target renter for the neighborhood?
That’s the thing. There is no target renter. I have neighbors on either side of me that there are older, younger, families with kids that ride their bikes, teenagers - a good mix of socioeconomic classes. It’s affordable for a wide variety of people. For instance, I live in a tri-plex and one of my neighbors is 55 years old and one is a 25 year old from Oregon.
Tell me about the property you bought?
It’s a four-plex and only a quarter occupied. I look at it every day. The lady that owned it got sick and was about to lose it. I acquired it right before it went to tax sale and started working on it.
What are your plans for the space?
I’m going to rehab it one unit at a time. I’m not a big company, just a person that owns a house now.
What is your timeline to fix the property?
It will be done in six months. It’s really touch and go, and when (Memphis) got cold weather we had pipes burst. But, hopefully I’ll be done by June.
What do you plan to charge for rent?
About $650 a unit. There are hardwood floors, great fixtures, appliances, a big fenced back yard, and off street parking. I’m also considering including membership to (The Salvation Army Kroc Center).
What are the benefits of being a young property owner?
On the one hand I don’t have a family so I have more time to dedicate to doing this work myself. I can literally teach myself anything with the help of the Internet whether it’s laying floor, installing a sink or fixing appliances. Young people, I think, are inspiring to older more successful people. There’s always a willingness for others to teach you, and there are so many mentors and guides if people just knew how to access them.
What are your suggestions for a first time renter considering Copper Young?
Make sure you can afford it. Know your price range. You need to able to make three times the rent minimum and scour the lease agreement and know the consequences for breaking a lease. Check the water pressure in the apartment. Are there light fixtures? Enough electric outlets? Drive by the area you’re looking at right after schools get out and at night.
Interview conducted by Erica Horton.