The longer it takes to break ground, the higher your carry and the more equity you need.Construction inputs – Labor and materials haven’t returned to pre-COVID levels, and with insurance and interest rates rising, the spread just gets tighter.You can solve #3 by building with lower quality materials and smaller units, but you cannot overcome #1 and #2 in most instances.The only way to really build affordable housing that cash flows is to do it in areas where land is still affordable, permitting is less burdensome, and there’s demand for workforce housing.

The property is highly likely to be Class C or D - do you guy handle these types of neighborhoods/properties/tenants?

A professional clean sets the tone and helps attract high-quality tenants.🏡 Maximize income, minimize vacancy—that’s how long-term wealth is built.

That coupled with the fact that you purchased too high puts you in this tight spot.

I own one rental in Birmingham, Alabama looking to get a remodel done hopefully to start  it sometime in August Can anybody recommend a good one in Alabama

We're in California but would likely consider doing this out-of-state with a good team in place. 

Good Luck!

So if we want to buy higher good quality asset where insurance cost is matching with rebuilding cost in Milwaukee, I guess we have to buy something around 400k or min $250 PPSF ? 

You want to know that they do quality work, stay on the job without wandering off to do another job, and are financially stable/pay the subs.

You will see a continuum of quality/desirability which will coincide with prices.