My dilemma is that I havent fixed on a strategy yet and am between pushing my budget to the 250-300 area and buying something that will hopefully appreciate (which based on my perception of Birmingham macro economics isn't sustainable) vs buying something more on the 100-150 range that I can perhaps rent out later on down the line when I become more comfortable with the market and / or there is a correction and prices come down, thus allowing me to move into something larger... any insight into the local view on the Birmingham market would be appreciated.Thank you

Expect a reposition project to take 2 years, not for a positive cash flow but changing the neighborhood’s perception of the place, this doesn’t happen overnight.I normally look at a project in 3 main areas:1.Management2.Building upgrade’s, repairs and landscaping3.Reposition tenant baseYour tenant base is very important, this will be the people that don’t want to move and that tell their friends what a nice place they live in (free advertising).

I hope to change that perception.  

Perception of higher quality on the rehab

:)Like I said, I do not have specific figures in front of me and I do not know how the numbers work on your prospective property, but let me tell you my perception of that area as someone who has lived a good majority of their childhood and young adult life in the area. 

Once in the spring and once in the fall, it also gives the tenants a peace of mind, and the perception that the owners care about the place.

My conclusion over the years though has been that those hoops are more a hindrance of perception rather than reality.  

Hence, there is a perception of lower price volatility.

My perception always was the McKinley Heights was very slow to move and gentrify since it was kind of its own little island. 

I think that the public perception is not just that the landlord is "rich", but that there is an inherent power imbalance, tipped in favor of the landlord.