Is this a good deal or is this too good to be true? (Apt Complex)

[Danial Qureshi]

Questions:

-Is this in a warzone? 

-Does anyone know the Birmingham, Alabama area well enough or recommend a Commercial/Residential Agent that I could speak with?

-Could someone drive by the property to give me a better idea of what I should be looking out for?

-Based on the rent roll and the information I have at hand this property seems like it has been mismanaged for years, is there a specific way you would speak with these kind of landlords?

Full Property Address is:

1160 13th Street N Birmingham, AL 35204

Current Listing Price:

$185,000

Number of Units:

22 of which 8 are occupied

Current Day Rents at 08/22 Units = 36% Occupancy:

(196*08=$1565 per month / $18,780 a year)

Valuation at 36% Occupancy:

$84,000 - $92,500 ( I would offer this price today since this would be based on the current rents which are abysmal probably due to a landlord who doesn't know how to market and to rent out to the region $200 rents are way below market rates) (Analysis in excel sheet - link below)

Prospective Rents at 100% Occupancy:

(500*22=$11,000 per month / $132,000 a year)

(600*22=$13,200 per month / $158,400 a year)

Valuation at 100% Occupancy:

$1,215,000 - $1,225,000 (Analysis is in excel sheet link below)

Projected Repairs: 

I currently don't know since I don't have pictures of the interior, but I've factored about $75K ($3500 per unit) for repairs since I don't know the condition of the interior. (I realize this may be too low should I budget closer to $150K - how do I gauge this?)

Relative Rent Rates (Trulia) $500 - $600

Relative Rent Rates (Zillow) $500 - $800

Relative Rent Rates (Rentometer)

Commute Times to Local Areas Heat Map I was specifically looking at UAB

Restaurants and Amenities Nearby

Crime Maps

I've provided a link below for all of my analysis and the current rent roll:

https://drive.google.com/drive/folders/16GwJct6Atz...