I know in the apartment complex I was living in during the heart of the recession, the property manager started reducing everybody's rent by 10%+ because there was a sudden mass exodus of tenants.. and our rent was already pretty cheap for the area.And with that said, it seems to me that you should create some wiggle room for how much you can afford to charge in the  absolute worst case scenario to make things work.  

And, things will be MORE action focused, more experience based, more "in-the-moment" of the market then some "program" someone developed "once upon a time" to sell to the masses. 

If no ones wants it, the "deal" goes to the masses or they will list the property themselves.

Birmingham is a very popular market, not sure if you're open on Florence and Muscle Shoals, Alabama where we manage.I would be more than glad to help you with insights... we won't just help you find an investment but we can also help you manage it. 

People want it to be, it's very cool and hip, but really the masses just want nice clean, functional and affordable housing.

To add to it, not sure about your state, however in Mass, families are a protected class hence we cannot discriminate tenants or applicants based on their family orientation.

My aim is to not only profit financially but to gain in the process some intangible assets, such as project management skills, getting to know reliable professionals (i.e. realtors, contractors, designers, etc.) for the long-term, getting acquainted with the local market's promises and pitfalls, and basically adding some entrepreneurial muscle going into my next project.My strategy is to go small: find a second-hand apartment in a good location (I don't have enough funds for a GREAT location...); no more than 60-70 m2 (that's about 650-750 f2) to, among other things, lower renovation costs; 1-2 bedrooms, street facing and with a lift (if said apartment is above the second floor); with good bones, i.e., needs only partial renovation.

I'm starting out on my wholesale real estate endeavor as I'm already a licensed relator in RI and Mass.

@Logan M.Depending on your scale of units and issues I would say buy a drain auger 1st if you don’t have one and that seems to fix a mass majority of our issues roots, grease, dipers, ect Now you or a tech would need to learn to use the Machine, they can be dangerous but for us maybe about 2-5 % warrant needing a cam for deeper investigation.

Huntsville is a very popular market (and there are short direct flights from DC too), but I would encourage you to take a look in Florence and Muscle Shoals, Alabama where we manage.If you are interested in the Shoals area, I can help you with insights regarding economic vibrancy, market dynamics, investment strategy, high-ranking public-school systems, etc... and a turn-key experience by helping you find an investment and managing it too.