@Tricia O'Brien I really couldn't tell you anything but Montgomery, but from reading a lot of different articles and reports about "hot cities" to invest in, Birmingham has been listed in like the top 10.

Besides, I can always filter down for round 2 if round 1 doesn't work.Adrien Schebott One area is extremely hot and the other is warming up.

Manager lives on-site.Ok, those are the things that are positive about the home and community.Now for the things I feel would need to be added/completed/renovated before ready for sale or rent:New gutters - ~$800Laminate flooring in kitchen and bathrooms to match entire house - estimated $500Stove/Oven - ~$600Fridge - $700W/D (optional) - $600Window in master bedroom - $200Ceiling fan in master bedroom - $200Kitchen sink - $200Redo all door trim/paint all doors/rehang, replace or adjust a few doors - ~$500 (just a guess)Add small door to water heater closet ~$100New master bathtub - ~$8003-4 panels of skirting need to be replaced - $ (no idea) but estimating $200Ramp/Stairs/Deck leading to front door needs to be replaced - $1000Landscaping in front - $200Cleaning entire home to make ready for sale - $200I'd like to get a foundation specialist to look under the home (free)Roofing specialist to talk to me about the metal roof (free)I need to ask her about the furnace (forced air) and its age and working condition.I need to factor in about three months of lot rent (at $375 per month) for the renovations to be completed - $1125And I'd like to have $1000 set aside for unexpected rehab expensesGRAND TOTAL = $8925This would mean that our negotiations to the seller would start at $11,075.First, are these figures anywhere close to realistic?

Demo kitchen, install cabinets, install countertop, kitchen electric, kitchen lights, kitchen plumbing (including saw cutting cement to run water pipes and electric).5.

But we also found water inside the old meter box & a lot of corrosion in & around the meter base.

HVAC brand new is best  less than 10 years old 4. water heater new or less than 5 years old.5.

They all just wanted to know how much they could get for their property.I'm sure distressed multi-family owners are out there when the market's hot, but obviously they will be much farther and fewer between than distressed SFR owners, both because there are so many more SFR owners and because multi-family owners, in general, are more sophisticated real estate-wise than SFR owners, most of whom aren't investors at all.Maybe I didn't spend enough on marketing or didn't know what I was doing or how to negotiate, but that was just my experience.  

Got a great loan deal from a local bank with only 20% down.Raised rents across the board about 200/mo per unit.Put another 100k into the common areas and exterior and in the units.Property is easily worth 1.6M.The location is superb in the LIttle Havana Sub market that is super hot and south of 8th street all surrounded by mostly small SFH's.The great deals are out there and they are off market. 

The bedroom has oak but there are multiple water stains and contractor said wouldn't be worth replacing.  

When the hot water tank broke she offered to pay half.