Fairfield, Alabama Property

[Josh Obregon]

I'm looking for some advice regard a property I have in Fairfield, Alabama, right outside Birmingham. From my observations of US Steele closing, Walmart leaving and other retail following their lead; I see nothing but negatives for this area. I have a small mortgage on the property, the current tenant is scheduled to move out by June 1 and hasn't paid rent in two months, I fired my 2nd property management company, and the property needs some repairs. Here are the options I came up with: 1.) Sell "As-Is": I currently have it listed but have not got any offers greater than even 1/2 of the listing price. 2.) Make repairs & hire a new property manager: I am very hesitant to bring on another manager given the experiences with the past two managers. I also don't have the time or means to vet a GC and ensure the work gets done. 3.) Make repairs & look to bring in a Section 8 tenant: Again I don't have the time to vet a GC and have no experience with Section 8. I did a little research and from my understanding qualifying a property for Section 8 takes several inspections. 4.) Bring on a local partner: Apart from being able to simply sell the property I feel this is the next best option. I would like to bring on a local partner for the cost of repairs and has experience with Section 8. Any advice is appreciated!

[Anastasia Jordan]

Originally posted by @Josh Obregon:

Although Birmingham is experiencing some linear appreciation, I recognize Fairfield is starting a slow decline. Anybody with "boot on ground" have further insight to that market?

 I drive through this area often. I took a closer look a few weeks ago and saw TONS of distressed properties block after block after block. Kinda reminds you of Detroit.  Plenty of cheap tax deed property up for grabs and some didn't look as though it would cost a lot to rehab enough to put on Section 8 or attempt to bring in some students from Miles College.