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.

Normal inventory is around a 6 month supply.

I haven't asked to verify any of the financials YET, however based on what the seller has initially disclosed the property looks like a great deal if the numbers are accurate.Asking Price: $220,000Gross Rental Income:  $3450Two 1bd UnitsFour 2bd UnitsInsurance:     $1500 (seems low)Taxes:           $4000Utilities:         $330/month (Water, Sewer, Trash)Property built in 1970.Seller purchased property in 2013.Property located in transitional area/lower income area, but low crime areaProperty located within mile of High School and elementary school.New Roof 20134 of 6 Units have been remodeled (pictures look very nice)Stacked Washer & Dryers supplied in unitsI would appreciate your opinions!

As discussed on many previous podcasts, posts most recently in the latest podcast and as general conversation, the discussion of private financing vs traditional financing.I have spend the better part of this year, thus far, speaking to lenders, daily, on the phone via email, smoke signal; basically, whatever means I could get, in a vigorous attempt to obtain financing.If it isn't one thing its another with these guys.

Even for the private development of 48 duplexes where we installed road, sewer and water supply, we only used 4 or 5" pipes.

Upon move-in if they have dogs, I provide some doggie bags and in addition to pet rules supplied, this is the additional verbiage I use in my Pet Addendum:Tenant agrees promptly remove any pet waste from property at reasonable and appropriate times including but not limited to at least twice per week.

Cigarette smoke should not be quite that involved, but I would be careful.