Birmingham, AL · Member since 2014 · 178 posts · 75 votes
I have a LOI between the buyer and me on a multifamily building. It needs a lot of work, and there are vacant buildings just down the street.
We are looking to upgrade the HVAC, Electrical, plumbing, windows, roof and finished surfaces. It is a lot of money to be putting into this neighborhood (+300K). The crime and such is not as much of a concern. But the Vacant buildings make me uneasy.
So, My question, How many investors have successfully in renovated multifamily in the Ensley and moved rents up?
Current rents are $250 and $350 for the units at 80% occupancy. I understand section 8 pays $400 to $550 for the size units we have. Is there real opportunity here or is it all in my head.
Rental Property Investor · Singapore · Member since 2016 · 15 posts · 7 votes
7y
Ensley is real rough. I didn't even like to drive through there if I could avoid it. I haven't done fundamental analysis of it, but I bet that area is a war zone. Lots of crime/drugs/prostitution in that part of town.