Any Birmingham Investors?

Question

Are there any seasoned Birmingham, AL investors? I have a question about the rental market in Norwood and Ensley. Is it worth it? I have two houses under contract that are substantially lower than the market value price. I'm hearing from some locals that the area will be improving within the next 5 years. I'm hearing that I can rent the homes for $1100+. But I am also hearing that it will never improve and that no one will rent them. I've contacted Property Management companies and the information is just as conflicting, as with realtors as well. It's really hard to say.

Anyone family with this area feel free to chime in.

Thanks

Jason Carter · Answer

I'm not that seasoned either but I've been told Norwood is one of the hottest neighborhoods in Bham right now. I hope so as I've got a flip there hitting the market end of this week. I'm not sure about the rents though, think they were a little low when I checked a few months ago.

If you want to unload those contracts DM me. :)

Alex Smith · Answer

Remus,

There are some good replies and feedback from others in here.

The PM company I work for, gkhouses, manages a ton of rentals in and around the Birmingham area. Our founder, Matthew Whitaker, just wrote a blog post on Bigger Pockets about this exact question. Hope this helps. Birmingham is a great place!

https://www.biggerpockets.com/blogs/11663/82680-be...

William Glass · Answer

@Remus Phillips Pull up Zillow and only toggle on the rentals in the area and you can see what inventory is on the market and at what rental rates. Not a full replacement for doing due diligence, but you can see what types of properties, size, and location are roughly renting for in the areas you are looking.

Brice Bishop · Answer

I'm not a seasoned investor whatsoever but have been looking to purchase a live and flip in Norwood. I would say Norwood is a hotter market than Ensley. There are plans to build a new B league NFL stadium a few blocks from Norwood in "Druid Hills" on the north side of downtown. There are also plans to knockout the old Carraway Hospital. As of exact numbers I don't know what size house you are looking into but I would say 1100+ is pushing the limits right now unless its very very nice. Feel free to message me I'd be glad to look at the specific street and give me detailed comps, etc.

Remus Phillips · Answer

Thanks guys for the amazingly helpful information!

Any Birmingham Investors?

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