Turn Key Rental Buyers- Birmingham, AL

[TJ Sayers]

I have several questions for investors buying turn key properties (specifically in Birmingham, AL). My company does about a 50/50 split between wholesale properties and turn key rentals. We own 45 rentals in Birmingham and all are located within a 3 mile radius of our office. We know the value of having a long term tenant, and also the value of having few repair and maintenance issues. 

1) What is more important- a long term tenant or a recently rehabbed home. For example, we have recently purchased a property with a tenant who has been in place for 8+ years. Section 8 pays most of her rent and she does not want to move. We have done some exterior upgrades to the property (painted exterior, replaces a few pieces of rotten wood, demolished an old building), but the inside has not been "updated" for several years. The inside of the property is neat and clean but it's lived in. Would this type of property be attractive for a Turn Key Buyer? Since the tenant has been in place for so long, as a landlord I would love this property. However, if the tenant moved we would need to paint interior, replace carpet, and do general maintenance and repairs. 

Compare this to a property in which we bought vacant and did a complete interior and exterior rehab, but the tenant is qualified but not established. 

Any and all feedback on this is very much appreciated.