Sales Data for the Previous 6 MonthsNew Home SalesNovember 2023Sales: 150 (MoM: -3%, YoY: +5%)Median Sales Price: $325,000 (MoM: +1%, YoY: +8%)Average Square Footage: 2100 sq ft (MoM: +2%, YoY: +6%)Inventory: 180 (MoM: +5%, YoY: +12%)December 2023Sales: 160 (MoM: +7%, YoY: +6%)Median Sales Price: $330,000 (MoM: +1.5%, YoY: +7%)Average Square Footage: 2120 sq ft (MoM: +1%, YoY: +7%)Inventory: 185 (MoM: +2.7%, YoY: +10%)January 2024Sales: 140 (MoM: -12.5%, YoY: +3%)Median Sales Price: $335,000 (MoM: +1.5%, YoY: +9%)Average Square Footage: 2130 sq ft (MoM: +0.5%, YoY: +5%)Inventory: 190 (MoM: +2.7%, YoY: +8%)February 2024Sales: 170 (MoM: +21.4%, YoY: +10%)Median Sales Price: $340,000 (MoM: +1.5%, YoY: +10%)Average Square Footage: 2150 sq ft (MoM: +0.9%, YoY: +6%)Inventory: 195 (MoM: +2.6%, YoY: +7%)March 2024Sales: 180 (MoM: +5.9%, YoY: +15%)Median Sales Price: $345,000 (MoM: +1.5%, YoY: +12%)Average Square Footage: 2160 sq ft (MoM: +0.5%, YoY: +5%)Inventory: 200 (MoM: +2.5%, YoY: +6%)April 2024Sales: 190 (MoM: +5.6%, YoY: +18%)Median Sales Price: $350,000 (MoM: +1.5%, YoY: +12.5%)Average Square Footage: 2180 sq ft (MoM: +0.9%, YoY: +6.5%)Inventory: 210 (MoM: +5%, YoY: +8%)Existing Home SalesNovember 2023Sales: 400 (MoM: -2.4%, YoY: +3%)Median Sales Price: $275,000 (MoM: +0.8%, YoY: +5%)Average Square Footage: 1850 sq ft (MoM: +0.5%, YoY: +4%)Inventory: 450 (MoM: +4%, YoY: +9%)December 2023Sales: 420 (MoM: +5%, YoY: +4%)Median Sales Price: $280,000 (MoM: +1.8%, YoY: +6%)Average Square Footage: 1860 sq ft (MoM: +0.5%, YoY: +4.5%)Inventory: 460 (MoM: +2.2%, YoY: +8%)January 2024Sales: 380 (MoM: -9.5%, YoY: +2%)Median Sales Price: $285,000 (MoM: +1.8%, YoY: +7%)Average Square Footage: 1870 sq ft (MoM: +0.5%, YoY: +4%)Inventory: 470 (MoM: +2.2%, YoY: +7%)February 2024Sales: 450 (MoM: +18.4%, YoY: +9%)Median Sales Price: $290,000 (MoM: +1.8%, YoY: +8%)Average Square Footage: 1880 sq ft (MoM: +0.5%, YoY: +5%)Inventory: 480 (MoM: +2.1%, YoY: +6%)March 2024Sales: 470 (MoM: +4.4%, YoY: +12%)Median Sales Price: $295,000 (MoM: +1.7%, YoY: +9%)Average Square Footage: 1890 sq ft (MoM: +0.5%, YoY: +4%)Inventory: 490 (MoM: +2%, YoY: +5%)April 2024Sales: 500 (MoM: +6.4%, YoY: +15%)Median Sales Price: $300,000 (MoM: +1.7%, YoY: +10%)Average Square Footage: 1900 sq ft (MoM: +0.5%, YoY: +5%)Inventory: 500 (MoM: +2%, YoY: +6%)TownhomesNovember 2023Sales: 45 (MoM: -4%, YoY: +6%)Median Sales Price: $210,000 (MoM: +0.5%, YoY: +5.5%)Average Square Footage: 1,450 sq ft (MoM: +1%, YoY: +3%)Inventory: 60 (MoM: +3%, YoY: +10%)December 2023Sales: 50 (MoM: +11%, YoY: +7%)Median Sales Price: $215,000 (MoM: +2.4%, YoY: +6.5%)Average Square Footage: 1,460 sq ft (MoM: +0.7%, YoY: +3.5%)Inventory: 65 (MoM: +8.3%, YoY: +12%)January 2024Sales: 40 (MoM: -20%, YoY: +4%)Median Sales Price: $220,000 (MoM: +2.3%, YoY: +7%)Average Square Footage: 1,470 sq ft (MoM: +0.7%, YoY: +4%)Inventory: 70 (MoM: +7.7%, YoY: +10%)February 2024Sales: 55 (MoM: +37.5%, YoY: +9%)Median Sales Price: $225,000 (MoM: +2.3%, YoY: +8%)Average Square Footage: 1,480 sq ft (MoM: +0.7%, YoY: +4.5%)Inventory: 75 (MoM: +7.1%, YoY: +11%)March 2024Sales: 60 (MoM: +9.1%, YoY: +12%)Median Sales Price: $230,000 (MoM: +2.2%, YoY: +9%)Average Square Footage: 1,490 sq ft (MoM: +0.7%, YoY: +5%)Inventory: 80 (MoM: +6.7%, YoY: +12%)April 2024Sales: 65 (MoM: +8.3%, YoY: +15%)Median Sales Price: $235,000 (MoM: +2.2%, YoY: +10%)Average Square Footage: 1,500 sq ft (MoM: +0.7%, YoY: +5.5%)Inventory: 85 (MoM: +6.3%, YoY: +12.5%)CondosNovember 2023Sales: 30 (MoM: -6.3%, YoY: +4%)Median Sales Price: $175,000 (MoM: +0.5%, YoY: +4.5%)Average Square Footage: 1,200 sq ft (MoM: +1%, YoY: +2.5%)Inventory: 45 (MoM: +4.7%, YoY: +8%)December 2023Sales: 32 (MoM: +6.7%, YoY: +5%)Median Sales Price: $180,000 (MoM: +2.9%, YoY: +5.5%)Average Square Footage: 1,210 sq ft (MoM: +0.8%, YoY: +3%)Inventory: 48 (MoM: +6.7%, YoY: +9%)January 2024Sales: 28 (MoM: -12.5%, YoY: +3%)Median Sales Price: $185,000 (MoM: +2.8%, YoY: +6%)Average Square Footage: 1,220 sq ft (MoM: +0.8%, YoY: +3.5%)Inventory: 50 (MoM: +4.2%, YoY: +8%)February 2024Sales: 35 (MoM: +25%, YoY: +8%)Median Sales Price: $190,000 (MoM: +2.7%, YoY: +7%)Average Square Footage: 1,230 sq ft (MoM: +0.8%, YoY: +4%)Inventory: 53 (MoM: +6%, YoY: +9%)March 2024Sales: 38 (MoM: +8.6%, YoY: +10%)Median Sales Price: $195,000 (MoM: +2.6%, YoY: +8%)Average Square Footage: 1,240 sq ft (MoM: +0.8%, YoY: +4.5%)Inventory: 56 (MoM: +5.7%, YoY: +10%)April 2024Sales: 40 (MoM: +5.3%, YoY: +12%)Median Sales Price: $200,000 (MoM: +2.6%, YoY: +9%)Average Square Footage: 1,250 sq ft (MoM: +0.8%, YoY: +5%)Inventory: 60 (MoM: +7.1%, YoY: +12%)Property Type and Purchase Type SegregationSingle-Family Residences (SFR)April 2024Cash Purchase: 70 sales (35% of total SFR sales) Median Sales Price: $305,000 Average Square Footage: 1950 sq ftFinanced Purchase: 130 sales (65% of total SFR sales) Median Sales Price: $295,000 Average Square Footage: 1920 sq ftTownhomesApril 2024Cash Purchase: 20 sales (40% of total Townhome sales) Median Sales Price: $220,000 Average Square Footage: 1450 sq ftFinanced Purchase: 30 sales (60% of total Townhome sales) Median Sales Price: $210,000 Average Square Footage: 1430 sq ftCondosApril 2024Cash Purchase: 15 sales (50% of total Condo sales) Median Sales Price: $180,000 Average Square Footage: 1200 sq ftFinanced Purchase: 15 sales (50% of total Condo sales) Median Sales Price: $175,000 Average Square Footage: 1180 sq ftRental Data for the Previous 6 MonthsSingle-Family HomesDecember 20232-bedroom: $1,100 (MoM: +2%, YoY: +5%)3-bedroom: $1,350 (MoM: +1%, YoY: +4%)4-bedroom: $1,600 (MoM: +2.5%, YoY: +3.8%)January 20242-bedroom: $1,125 (MoM: +2.3%, YoY: +5.5%)3-bedroom: $1,360 (MoM: +0.7%, YoY: +4.2%)4-bedroom: $1,620 (MoM: +1.25%, YoY: +4%)February 20242-bedroom: $1,130 (MoM: +0.4%, YoY: +5.2%)3-bedroom: $1,370 (MoM: +0.7%, YoY: +4.1%)4-bedroom: $1,640 (MoM: +1.2%, YoY: +3.9%)March 20242-bedroom: $1,135 (MoM: +0.4%, YoY: +5.1%)3-bedroom: $1,380 (MoM: +0.7%, YoY: +4.0%)4-bedroom: $1,650 (MoM: +0.6%, YoY: +3.8%)April 20242-bedroom: $1,140 (MoM: +0.4%, YoY: +4.8%)3-bedroom: $1,390 (MoM: +0.7%, YoY: +3.9%)4-bedroom: $1,660 (MoM: +0.6%, YoY: +3.7%)May 20242-bedroom: $1,145 (MoM: +0.4%, YoY: +4.6%)3-bedroom: $1,400 (MoM: +0.7%, YoY: +3.8%)4-bedroom: $1,670 (MoM: +0.6%, YoY: +3.6%)ApartmentsDecember 20232-bedroom: $1,000 (MoM: +1.5%, YoY: +4%)3-bedroom: $1,250 (MoM: +1%, YoY: +3.5%)4-bedroom: $1,450 (MoM: +2%, YoY: +3.8%)January 20242-bedroom: $1,020 (MoM: +2%, YoY: +4.2%)3-bedroom: $1,260 (MoM: +0.8%, YoY: +3.6%)4-bedroom: $1,460 (MoM: +0.7%, YoY: +3.9%)February 20242-bedroom: $1,025 (MoM: +0.5%, YoY: +4.1%)3-bedroom: $1,265 (MoM: +0.4%, YoY: +3.5%)4-bedroom: $1,470 (MoM: +0.7%, YoY: +3.8%)March 20242-bedroom: $1,030 (MoM: +0.5%, YoY: +4.0%)3-bedroom: $1,270 (MoM: +0.4%, YoY: +3.4%)4-bedroom: $1,480 (MoM: +0.7%, YoY: +3.7%)April 20242-bedroom: $1,035 (MoM: +0.5%, YoY: +3.8%)3-bedroom: $1,275 (MoM: +0.4%, YoY: +3.3%)4-bedroom: $1,490 (MoM: +0.7%, YoY: +3.6%)May 20242-bedroom: $1,040 (MoM: +0.5%, YoY: +3.6%)3-bedroom: $1,280 (MoM: +0.4%, YoY: +3.2%)4-bedroom: $1,500 (MoM: +0.7%, YoY: +3.5%)Birmingham, AL Real Estate Market Forecast (June 2024 - November 2024)Market OverviewThe Birmingham real estate market is expected to remain robust, driven by rising property prices, competitive market conditions, and strong demand.

One of the stipulations for the sale was to provide effort to remove 2 problem tenants in the building.

You can look at the after repair value and subtract your costs. for example if it is worth $2M after fixing up, costs $1.5M to build, then the land is worth $500K.2.

New investor here looking to build my network out with property managers in the area.

If the price to replace is within budget I'd do it because you're putting out a newer/safer/more reliable product.2) Cost to replace the entire systems is tough to gauge without knowing the building size and style...

Or does it purely my choice of whether I want cash flow or equity build? 

I got the owners to agree to pay for a new water heater for the building (about $4000), and $10,000 of seller paid closing costs.

I have been a HOA board member and have to strongly agree its best to stay clear of HOA communities that have HOA docs/rules that clearly prohibit STR.

I want to build a rental income portfolio in milwaukee.

I can't tell you how many times I've gone to the property and it is gone, or you figure out something is wrong, maybe the legal description, or the address, or there is $100,000 worth of junk there you need to haul off that was not in the pictures, or that cool commercial building, that when you get there has the faint words that you can now make out to be a former dry cleaner, or gas stations, or lead smelter, or oil change shop or something like that.