My research is showing that a lot of new supply is hitting the market for development. 

That said, there is an over supply in the city at present which is putting pressure on older properties that have not been allowed to become functionally obsolete or accumulate deferred maintenance.  

Plumbers, Drywallers, Framers...)I would go to material supplies stores, excluding Home Depot and Lowes.

Well the city came and did the inspection but flagged the property saying Smoke detectors, GFi sockets had to be installed, and some wires had to be repaired before they would release the property for electricity.

Real estate goes in supply and demand cycles and there seems to be too many housing shortages right now (at least in my market in Seattle).

I mention that because in your post you said 2 baths seem to be in short supply.  

The official report comes in next week which I'm told will likely have more.1) Electrical in the bathroom is off and causing issues with the lighting and exhaust fan. 2) There needs to be smoke detectors in all 3 berms.

It appears supply of available rental homes is not short in B'ham.

@Daniel Sisto,A lot of folks are mistaking the current price run up as a new "bubble" when it's little more than the result of supply vs. demand: home building all but stopped in crash and is taking time to recover.

The appraisal didn't reveal any major structural issues or the like that would demand a lower price.The NOI was based on the previous 12 months, as supplied by the current property manager.