Future of Smithfield

[Michael Hajduk]

Scouring the city-data.com forums and the ones here, I get mixed feelings about the potential for revitalization in the BSC/Legion Field/Graymont area. Unfortunately, a lot of the information seems out of date. Reading through newspaper articles revealed some speculative ideas down the road, but the only projects in motion aren't really going to affect that area. 

I'm not afraid of investing in D areas with the right property manager, but I do want to know that I'm buying in an area that will eventually see improvement. I'm looking for a long-term property, so I'm not worried about any exit strategies under 5 years. 

Can any locals offer any insight? I am out of state and currently stationed overseas in the military. I know I won't get the full picture without visiting in person, but that's not possible for now. 

[Anastasia Jordan]

Originally posted by @Michael Hajduk:

@Anastasia Jordan Thanks for your input! That's exactly what I needed, and I appreciate it. The property I was looking at is very close to Legion Field. If I were local, I might still be interested, but I can't give a project the attention it seems like this would deserve from overseas.  I would love to meet in person and try to make something happen, but I will not be able to get to Birmingham for many months, if then.  

Your proposition is exciting, and the very reason I love real estate so much. It's easy to forget the possibility of creating the change you want to see, not just predicting it and taking advantage. Since I am unlikely to do it alone, and it's an on-market listing, I'll just show you what I was looking at.  It's right in my price range, and I don't mind a project, but I would want to be sure that once the project is done, it wasn't going to be a management or vacancy headache.  

http://www.realtor.com/realestateandhomes-detail/700-Graymont-Ave-W_Birmingham_AL_35204_M88249-87739

 $200k for this property is really questionable.  The county assessed this property at $160k.  I valuate a single 2 bedroom unit in the hood at $15k so 8 units would be $120k.  Then consider the location; residents enjoy the party but HONESTLY don't like being locked in during the Magic City Classic.  Where these apartments are located there is no way in, no way out during that football game.