160 Homes For Sell in Metro Birmingham for $15,000 or Less

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Real Estate Agent with Keller Williams Realty

160 Homes For Sell in Metro Birmingham for $15,000 or Less

For real estate investors, those words are the equivalent of music to one's ears.  I imagine that there are not many places around the country where you can buy a 3 bedroom, 2 bath house (in any condition) for less than $15,000.

Now please understand that not all of these properties will meet an investors criteria (that is unless the only criteria is that the listing price be $15,000 or less).

It is likely that the vast majority of these will result in being purchased for rentals, there are a rare few that can turn out to be an excellent candidate for a reasonably priced flip based on market values combined with the investors outlay of cash).

Another good thing about investment properties is that investors don't have to be local to a take advantage of these great deals.  I can personally tell you, that as a former property manager, I had landlord clients from all over the country.  So if you don't live in the Birmingham market area, don't let that stop you from meeting your investment goals.

Investment Properties under $15,000

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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Charita, Now that is something to blog about. I can only imagine that with that many, there is a gem or two or many that can be found for those willing to roll up their sleeves and dive in.

Mar 04, 2013 10:54 PM #1
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Charita Cadenhead
Keller Williams Realty - Birmingham, AL
Serving Jefferson and Shelby Counties (Alabama)

Exactly Debbie.  I think the trick here is still to help investors realize that the prices are already good deals. But nevertheless, on a $5.000 home, I'll still get asked:  do you think they'll take less than that?

Mar 04, 2013 11:11 PM #2
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Christine Smith
Buyers Brokers Only LLC - www.BuyersBrokersOnly.com - Canton, MA
Exclusive Buyer Agent & Attorney, Canton, MA
So Charita, how much money would these homes then require to make them suitable for renting and what would they typically bring in for rent? And after taxes, prop mgmt fees, what would they net? Just curious.
Mar 05, 2013 01:44 AM #4
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Charita Cadenhead
Keller Williams Realty - Birmingham, AL
Serving Jefferson and Shelby Counties (Alabama)

Christine I have not done comps on any of these properties that I refer to in the post.  Of course some of them are in areas that you couldn't rent for FREE.  But generally speaking, even a 2 bedroom, 1 bath will rent in most areas for not less than $500 or $550.  Max rents on these properties as rentals (3br/2ba), would be around $900/$950 month.

In Alabama the formula for non-homestead taxes is real simple:  2 x that of an owner occupant.  The increase in taxes combined with reduced insurance rates for owners pretty much balance out.  A wild card guess on rehab Christine would be $7000 to $10000.  Would it be worth it?  Well that depends on the investors long term goal.  If he/she has the property steadily rented for 10 to 15 years, they may consider it well worth it.  But if the maintenance is high and so is turnover due to bad tenancy, well that's never a money maker.

Mar 05, 2013 03:06 AM #5
Rainmaker
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Christine Smith
Buyers Brokers Only LLC - www.BuyersBrokersOnly.com - Canton, MA
Exclusive Buyer Agent & Attorney, Canton, MA

Thanks Charita!  I was just curious!

Mar 05, 2013 09:44 PM #6
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Charita Cadenhead

Serving Jefferson and Shelby Counties (Alabama)
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