Considering using you but also considering some of the competition. 

We have a housing shortage, Milwaukee is the second worst (competitive) rental market for tenants behind Miami, FL. 

Insurers are pulling out of certain markets leaving less options and less competition.  

If you aren't familiar with them, check out Cold Water Gardens in (North)Milton for ideas on layout and competition. 

If the competition is putting in engineered hardwood, then that's your answer.

The most recent listings caught me by surprise on the north side as we had multiple offers and tons of competition. 

I spoke this evening with a Sotheby's agent in a market we are interested in and she was very down on the idea of STR, telling us that the competition was too much to make any money unless you had at least a 3BR.

If you're applying for a Conventional/FHA/VA/ or USDA loan, then they will do a "global cash flow" where they take into account your PITI (Principal + Interest + Taxes + Insurance (hazard and flood) on all properties (second mortgages included), HOA payments, car payments, student loan payments, credit card payments, and installment loan payments in the numerator and your gross income in the denominator.

It may feel uncomfortable at first, you may have to find what works for you, but if you want to consistently find potential deals without immense competition it's likely where you should start.  

Sales Data for the Previous 6 MonthsNew Home SalesNovember 2023Sales: 150 (MoM: -3%, YoY: +5%)Median Sales Price: $325,000 (MoM: +1%, YoY: +8%)Average Square Footage: 2100 sq ft (MoM: +2%, YoY: +6%)Inventory: 180 (MoM: +5%, YoY: +12%)December 2023Sales: 160 (MoM: +7%, YoY: +6%)Median Sales Price: $330,000 (MoM: +1.5%, YoY: +7%)Average Square Footage: 2120 sq ft (MoM: +1%, YoY: +7%)Inventory: 185 (MoM: +2.7%, YoY: +10%)January 2024Sales: 140 (MoM: -12.5%, YoY: +3%)Median Sales Price: $335,000 (MoM: +1.5%, YoY: +9%)Average Square Footage: 2130 sq ft (MoM: +0.5%, YoY: +5%)Inventory: 190 (MoM: +2.7%, YoY: +8%)February 2024Sales: 170 (MoM: +21.4%, YoY: +10%)Median Sales Price: $340,000 (MoM: +1.5%, YoY: +10%)Average Square Footage: 2150 sq ft (MoM: +0.9%, YoY: +6%)Inventory: 195 (MoM: +2.6%, YoY: +7%)March 2024Sales: 180 (MoM: +5.9%, YoY: +15%)Median Sales Price: $345,000 (MoM: +1.5%, YoY: +12%)Average Square Footage: 2160 sq ft (MoM: +0.5%, YoY: +5%)Inventory: 200 (MoM: +2.5%, YoY: +6%)April 2024Sales: 190 (MoM: +5.6%, YoY: +18%)Median Sales Price: $350,000 (MoM: +1.5%, YoY: +12.5%)Average Square Footage: 2180 sq ft (MoM: +0.9%, YoY: +6.5%)Inventory: 210 (MoM: +5%, YoY: +8%)Existing Home SalesNovember 2023Sales: 400 (MoM: -2.4%, YoY: +3%)Median Sales Price: $275,000 (MoM: +0.8%, YoY: +5%)Average Square Footage: 1850 sq ft (MoM: +0.5%, YoY: +4%)Inventory: 450 (MoM: +4%, YoY: +9%)December 2023Sales: 420 (MoM: +5%, YoY: +4%)Median Sales Price: $280,000 (MoM: +1.8%, YoY: +6%)Average Square Footage: 1860 sq ft (MoM: +0.5%, YoY: +4.5%)Inventory: 460 (MoM: +2.2%, YoY: +8%)January 2024Sales: 380 (MoM: -9.5%, YoY: +2%)Median Sales Price: $285,000 (MoM: +1.8%, YoY: +7%)Average Square Footage: 1870 sq ft (MoM: +0.5%, YoY: +4%)Inventory: 470 (MoM: +2.2%, YoY: +7%)February 2024Sales: 450 (MoM: +18.4%, YoY: +9%)Median Sales Price: $290,000 (MoM: +1.8%, YoY: +8%)Average Square Footage: 1880 sq ft (MoM: +0.5%, YoY: +5%)Inventory: 480 (MoM: +2.1%, YoY: +6%)March 2024Sales: 470 (MoM: +4.4%, YoY: +12%)Median Sales Price: $295,000 (MoM: +1.7%, YoY: +9%)Average Square Footage: 1890 sq ft (MoM: +0.5%, YoY: +4%)Inventory: 490 (MoM: +2%, YoY: +5%)April 2024Sales: 500 (MoM: +6.4%, YoY: +15%)Median Sales Price: $300,000 (MoM: +1.7%, YoY: +10%)Average Square Footage: 1900 sq ft (MoM: +0.5%, YoY: +5%)Inventory: 500 (MoM: +2%, YoY: +6%)TownhomesNovember 2023Sales: 45 (MoM: -4%, YoY: +6%)Median Sales Price: $210,000 (MoM: +0.5%, YoY: +5.5%)Average Square Footage: 1,450 sq ft (MoM: +1%, YoY: +3%)Inventory: 60 (MoM: +3%, YoY: +10%)December 2023Sales: 50 (MoM: +11%, YoY: +7%)Median Sales Price: $215,000 (MoM: +2.4%, YoY: +6.5%)Average Square Footage: 1,460 sq ft (MoM: +0.7%, YoY: +3.5%)Inventory: 65 (MoM: +8.3%, YoY: +12%)January 2024Sales: 40 (MoM: -20%, YoY: +4%)Median Sales Price: $220,000 (MoM: +2.3%, YoY: +7%)Average Square Footage: 1,470 sq ft (MoM: +0.7%, YoY: +4%)Inventory: 70 (MoM: +7.7%, YoY: +10%)February 2024Sales: 55 (MoM: +37.5%, YoY: +9%)Median Sales Price: $225,000 (MoM: +2.3%, YoY: +8%)Average Square Footage: 1,480 sq ft (MoM: +0.7%, YoY: +4.5%)Inventory: 75 (MoM: +7.1%, YoY: +11%)March 2024Sales: 60 (MoM: +9.1%, YoY: +12%)Median Sales Price: $230,000 (MoM: +2.2%, YoY: +9%)Average Square Footage: 1,490 sq ft (MoM: +0.7%, YoY: +5%)Inventory: 80 (MoM: +6.7%, YoY: +12%)April 2024Sales: 65 (MoM: +8.3%, YoY: +15%)Median Sales Price: $235,000 (MoM: +2.2%, YoY: +10%)Average Square Footage: 1,500 sq ft (MoM: +0.7%, YoY: +5.5%)Inventory: 85 (MoM: +6.3%, YoY: +12.5%)CondosNovember 2023Sales: 30 (MoM: -6.3%, YoY: +4%)Median Sales Price: $175,000 (MoM: +0.5%, YoY: +4.5%)Average Square Footage: 1,200 sq ft (MoM: +1%, YoY: +2.5%)Inventory: 45 (MoM: +4.7%, YoY: +8%)December 2023Sales: 32 (MoM: +6.7%, YoY: +5%)Median Sales Price: $180,000 (MoM: +2.9%, YoY: +5.5%)Average Square Footage: 1,210 sq ft (MoM: +0.8%, YoY: +3%)Inventory: 48 (MoM: +6.7%, YoY: +9%)January 2024Sales: 28 (MoM: -12.5%, YoY: +3%)Median Sales Price: $185,000 (MoM: +2.8%, YoY: +6%)Average Square Footage: 1,220 sq ft (MoM: +0.8%, YoY: +3.5%)Inventory: 50 (MoM: +4.2%, YoY: +8%)February 2024Sales: 35 (MoM: +25%, YoY: +8%)Median Sales Price: $190,000 (MoM: +2.7%, YoY: +7%)Average Square Footage: 1,230 sq ft (MoM: +0.8%, YoY: +4%)Inventory: 53 (MoM: +6%, YoY: +9%)March 2024Sales: 38 (MoM: +8.6%, YoY: +10%)Median Sales Price: $195,000 (MoM: +2.6%, YoY: +8%)Average Square Footage: 1,240 sq ft (MoM: +0.8%, YoY: +4.5%)Inventory: 56 (MoM: +5.7%, YoY: +10%)April 2024Sales: 40 (MoM: +5.3%, YoY: +12%)Median Sales Price: $200,000 (MoM: +2.6%, YoY: +9%)Average Square Footage: 1,250 sq ft (MoM: +0.8%, YoY: +5%)Inventory: 60 (MoM: +7.1%, YoY: +12%)Property Type and Purchase Type SegregationSingle-Family Residences (SFR)April 2024Cash Purchase: 70 sales (35% of total SFR sales) Median Sales Price: $305,000 Average Square Footage: 1950 sq ftFinanced Purchase: 130 sales (65% of total SFR sales) Median Sales Price: $295,000 Average Square Footage: 1920 sq ftTownhomesApril 2024Cash Purchase: 20 sales (40% of total Townhome sales) Median Sales Price: $220,000 Average Square Footage: 1450 sq ftFinanced Purchase: 30 sales (60% of total Townhome sales) Median Sales Price: $210,000 Average Square Footage: 1430 sq ftCondosApril 2024Cash Purchase: 15 sales (50% of total Condo sales) Median Sales Price: $180,000 Average Square Footage: 1200 sq ftFinanced Purchase: 15 sales (50% of total Condo sales) Median Sales Price: $175,000 Average Square Footage: 1180 sq ftRental Data for the Previous 6 MonthsSingle-Family HomesDecember 20232-bedroom: $1,100 (MoM: +2%, YoY: +5%)3-bedroom: $1,350 (MoM: +1%, YoY: +4%)4-bedroom: $1,600 (MoM: +2.5%, YoY: +3.8%)January 20242-bedroom: $1,125 (MoM: +2.3%, YoY: +5.5%)3-bedroom: $1,360 (MoM: +0.7%, YoY: +4.2%)4-bedroom: $1,620 (MoM: +1.25%, YoY: +4%)February 20242-bedroom: $1,130 (MoM: +0.4%, YoY: +5.2%)3-bedroom: $1,370 (MoM: +0.7%, YoY: +4.1%)4-bedroom: $1,640 (MoM: +1.2%, YoY: +3.9%)March 20242-bedroom: $1,135 (MoM: +0.4%, YoY: +5.1%)3-bedroom: $1,380 (MoM: +0.7%, YoY: +4.0%)4-bedroom: $1,650 (MoM: +0.6%, YoY: +3.8%)April 20242-bedroom: $1,140 (MoM: +0.4%, YoY: +4.8%)3-bedroom: $1,390 (MoM: +0.7%, YoY: +3.9%)4-bedroom: $1,660 (MoM: +0.6%, YoY: +3.7%)May 20242-bedroom: $1,145 (MoM: +0.4%, YoY: +4.6%)3-bedroom: $1,400 (MoM: +0.7%, YoY: +3.8%)4-bedroom: $1,670 (MoM: +0.6%, YoY: +3.6%)ApartmentsDecember 20232-bedroom: $1,000 (MoM: +1.5%, YoY: +4%)3-bedroom: $1,250 (MoM: +1%, YoY: +3.5%)4-bedroom: $1,450 (MoM: +2%, YoY: +3.8%)January 20242-bedroom: $1,020 (MoM: +2%, YoY: +4.2%)3-bedroom: $1,260 (MoM: +0.8%, YoY: +3.6%)4-bedroom: $1,460 (MoM: +0.7%, YoY: +3.9%)February 20242-bedroom: $1,025 (MoM: +0.5%, YoY: +4.1%)3-bedroom: $1,265 (MoM: +0.4%, YoY: +3.5%)4-bedroom: $1,470 (MoM: +0.7%, YoY: +3.8%)March 20242-bedroom: $1,030 (MoM: +0.5%, YoY: +4.0%)3-bedroom: $1,270 (MoM: +0.4%, YoY: +3.4%)4-bedroom: $1,480 (MoM: +0.7%, YoY: +3.7%)April 20242-bedroom: $1,035 (MoM: +0.5%, YoY: +3.8%)3-bedroom: $1,275 (MoM: +0.4%, YoY: +3.3%)4-bedroom: $1,490 (MoM: +0.7%, YoY: +3.6%)May 20242-bedroom: $1,040 (MoM: +0.5%, YoY: +3.6%)3-bedroom: $1,280 (MoM: +0.4%, YoY: +3.2%)4-bedroom: $1,500 (MoM: +0.7%, YoY: +3.5%)Birmingham, AL Real Estate Market Forecast (June 2024 - November 2024)Market OverviewThe Birmingham real estate market is expected to remain robust, driven by rising property prices, competitive market conditions, and strong demand.