(Anecdotally, I'm seeing this happen now which is why Cape Coral has a two-month's supply of home inventory currently.)

What's the supply/demand for rentals? 

Either way supplying the info before is better than trying to fight later.Same with any improvements you have done.

I'd look long term where job, income & population growth are strong where supply will be hard to keep up.

@Stephen Keighery  I generally have not priced out individual prices like you have listed, but can provide some data for some of your items.Replace plumbing (all drain and supply on raised, all supply and drains only above top of slab) - I use $700 per fixture as a general rule, not including replace of the main drain under slab houses.  

I don't see that change, we just don't have enough and there is no new supply, just limited inventory.The other issue is that you can't create any significant wealth on cash flow.

Hey @Drew Hunt, I agree that there is a very limited supply of duplexes, triplexes, and fourplexes in Birmingham, but they come available every once in a while.

You should experience great returns on your money here w/ SD's growing & resilient economy & low supply / high demand

Agents can supply you with sales comparables, rent comparables, and they have knowledge of the best and worst neighborhoods in the area.

They can supply good information such as sales comparisons, rent comparisons, and an overall opinion on specific neighborhoods.