Well - some of those older houses are pretty nice. Even the "cracker-boxes" are better constructed than most contemporary houses, including mine...
I know what you're saying, though. It's funny how some pockets in Memphis are holding their value, while others are going to pot. Walnut Grove, Central Gardens, most of the area along Quince east of White Station isn't too bad, either. There are several others, too, I guess.
My in-laws live on West Drive just east of Rhodes. Homes in their neighborhood built in the twenties and teens regularily go for as high as $500,000. From their living room window they can see Jackson Avenue, homes there go for far less.