Homes of Huntsville; HUntsville AL MLS

Investment homes of Huntsville; In general my preference for investment property is single family homes that will rent in the $800 - $1300 range, located in neighborhoods with good schools and with consistent appreciation.
September 9th, 2012 8:54 PM

In general my preference for investment property is single family homes of huntsvillethat will rent in the $800 - $1300 range, located in neighborhoods with good schools and with consistent appreciation. While the cash flow of single family homes is not what multifamily properties advertise (often they cash flow on paper and in theory only) single family properties are much more liquid, have better appreciation and are much easier to manage.
The link below is to all the available multifamily properties in the Huntsville area. On a quick review, I see the same old properties that are usually posted but not selling. Most are in horrible areas where it is impossible to find decent tenants. The others are grossly overpriced. There are a few properties listed that we managed several years ago and dropped management of because it was so difficult to find decent tenants and the owners refused to maintain the properties. Most decent multifamily property either never reach the MLS or sell very quickly. http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=4719206457 I do know of one unique multifamily property on Montesano Mountain, just east of our downtown and medical districts. It is not on the market but the owners would sell. We picked up management of the property three years ago. It has out of area owners and had been poorly managed by a local realtor for several years. There were serious maintanance issues and the rents were grossly under market levels. Over time we have taken care of the deferred maintenance and raised rents to market levels. We put the units on the market for sale last year and they went under contract in the remarkably short time of two weeks. The purchaser did his inspections and we waited for over 60 days for the appraisal. The appraiser used comparables from areas that were very bad, unsafe neighborhoods and not at all realistic comparisons. The appraisal came in extremely low. The buyers agent wanted us to drop the price to the appraised amount and became very angry when seller refused. The particular realtor that was representing the buyer has a very poor reputation for honest business practice and my belief is that she influenced the appraisal. The sellers were frustrated because we had taken the property off market for so long waiting on the purchaser and decided to wait until market conditions improved to re-list the property. The link below is to the old listing. http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=4719206477 These are older units. We are adding central heat and air to one unit but the rest have wall heaters and widow air conditioners. The location is excellent, in a highly sought after area with excellent schools. If the property does interest you, we can provide more detail. The owners will probably take a good bit less than the list price. Right now Huntsville is still in a decidedly buyers market. There is far too much available inventory and some builders are struggling. I am aware do a few builders that have gone out of business. Our market is however showing signs of recovery and as the 4,700 projected new military jobs begin to be filled starting this spring and summer, our market will become more balanced. Since you have the wherewithal to pay cash for properties, you will be at a distinct additional advantage in negotiations. Once you acquire properties, you might consider taking out mortgages on them and reinvesting the loan proceeds into additional properties. Financing costs and lender requirements on "refinance" loans are much less than that of acquisition loans. Leveraging is a powerful wealth building tool. As mentioned in my first email, Madison followed by select areas of west Huntsville and northeast Madison County are my favorite areas to direct investors.Since you are just starting to get your bearings in the Huntsville real estate market, a review of areas to consider might be in order. Prospective tenants (and prospective buyers on an eventual resale) will consider the commute time to their work, the quality of the schools and then the quality of the neighborhood and the amenities of the specific property. Most of our area's larger employers that will grow from the incoming jobs with BRAC, are located on Redstone Arsenal in the southwest quadrant of Huntsville and immediately to the north of Redstone Arsenal in Cummings Research Park. Just west of Redstone Arsenal is the Huntsville International Airport. There are a few employers with campuses adjacent to the airport. The airport has two runways, both aligned south to north so properties in the flight path should be avoided.
Areas that are close to this concentration of employers are Madison and parts of west Huntsville. There are neighborhoods located in the city of Huntsville just west of Redstone Arsenal that have very good long term growth records and future growth potential. There is a lot of growth in this area of upscale homes. The schools in the area had seen some decline but there is a new school in the final stages of construction that will serve the area. I have spoken with parents of children who attend the school and they are happy with it. Another area I like is close-in northeast Madison County. I-565 goes to the edge of Huntsville to this area. There are plans to extend the interstate another 3 miles, eliminating traffic lights that are now at the end of the interstate. There are also plans for a large shopping, restaurant and entertainment complex at the edge if the city near the interstate. Site preparation had already been done for the complex when the economy took a downturn and the construction projects were delayed. The schools are good in this area and there is a lot of residential and retail growth. Commutes are moderate. The area also has a natural beauty with open space, mountains, rivers and lakes. Our family moved from the city two years ago to this area and we have been very pleased with the area.
The link below is to available properties in the Huntsville AL MLS in Madison that might be prospects. http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=4719206509 Using the Collinwood neighborhood as an example again. The link below is to recent Huntsville AL MLS rental data. All of the properties are managed by our firm. You will see that rents are in the $1,100 to $1,250 range. http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=4719213240 The link below is to Homes of Huntsville for sale in the area just west of Redstone Arsenal. http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=4719213614 The link below is to candidate properties in northeast Madison County. http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=4719213632 If you are at the point of being ready to focus in on a particular area or price range please let me know. I can start to send properties for you to review. Once we start to focus in on a particular property we will provide a market analysis, listing history and estimated rental values. We can make an onsite visit and provide our impressions of the and forward additional, detailed photos. Will you be able to make visit to view the properties? If you like, we can provide references of out of state investor clients. We have several on the west coast and one who is still in Hawaii I believe .
On 114 BURWELLSPRING; Here are the comps. http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=4718964979 The average sold price was $87 psf with a range of $83 to almost $90 psf. The average days on market was very high for our market at 198 days. Part of the high DOM might be new construction posted at the start of construction. At the average sold price of $87 psf you house would be at around $154,000. At a sale of $154,000 and assuming standard broker fees, costs, a possible $1,500 seller contribution to purchaser closing costs and a possible $500 in repairs after home inspection, you would net around $142,000. This assumes your taxes are escrowed.

Huntsville Alabama MLS; Homes for sale

Huntsville Alabama MLS; Research / photos 117 Bramble Way
Huntsville Alabama MLS; Research 117 Bramble Way
September 20th, 2011 1:17 PM
The link below is to photos I took of the house in August.


http://www.youtube.com/watch?v=rc3-Augaiqg


The text below is from an email I sent to another client that was looking at the house.

This is a very nice home. It does need some work but is in overall good condition.The commute to Redstone id about 33 min. Highway 53 is being widened to a four lane which will speed up the commute.

http://maps.google.com/maps?saddr=117+BRAMBLE+WAY,+TONEY,+AL+35773&daddr=I-565+W&hl=en&ll=34.811548,-86.699295&spn=0.251437,0.674973&sll=34.716782,-86.623077&sspn=0.125863,0.337486&geocode=FbxKFQIdB87U-il7T4Xw4URiiDGhwovv1mgemw%3BFcCVEQIdnXzV-g&mra=ls&z=11


The links below are to school data.

http://www.schooldigger.com/go/AL/schools/0222000838/school.aspx

http://www.schooldigger.com/go/AL/schools/0222001412/school.aspx

http://www.schooldigger.com/go/AL/schools/0222000848/school.aspx


From researching the Huntsville Alabama MLS,:The house is listed at $143,500 / $88 psf. There was only one recent sale in the neighborhood at $85 psf. There are two other active listings. Both are at $86 psf.Filed under: huntsville alabama mls,huntsville mls,mls huntsville,valley mls —Tags: Huntsville Alabama MLS

Huntsville Homes for rent. Short Term Madison Rental

$1,200 | | Madison, AL 35758 Presented by: Christina Winburn Rosenblum Realty Inc. & Philip Winburn (256) 65-2-7354 118 SOUTHWOOD DRIVE   Click here to visit www.Huntsville-Homes.com for more photos.     Property Highlights Bedrooms: 3 Full bathrooms: 2 Square footage: 2208 *MOL   Property Description   Short term lease through September 2011. Established Madison neighborhood off of Slaughter Road. 5 min to Redstone Arsenal and Park. Call Christina 256.652.7354 to schedule showings. Master BR 14x19 Living 14x14 Bedroom2 13x12 Dining 13x13 Bedroom3 11x16 Family 16x20 Kitchen 13x20 Pets on case by case basis. All information to be verified by tenant. SHORT TERM LEASE THROUGH SEPT Dir:University /Hwy 72 W, L Slaughter, L Heatherwood, R Southwood All of our available houses are posted. CRAIG’S LIST AND OFF SITE VIEWERS. Our houses often rent very quickly and this house may no longer be available. Please follow the link to see all of our available HUNTSVILLE HOMES FOR RENT Properties are shown by appointment only. Weekend schedules, especially holiday weekends fill well in advance. Maps and driving directions are available on links at the top of our website’s rental houses listings. The application fee is $20 per adult and is non-refundable. The application can be printed from the PDF file at the link on the top of our Rental houses page. Instructions on submitting the rental application are provided on the application. The security deposit is equal to one month's rent. Security deposits and the first month’s rent must be paid in certified funds. On properties that allow pets they are accepted on a case-by case basis. Smaller and older pets are preferred. Pit Bulls, Rottweilers and Mastiffs are rarely accepted. The refundable pet deposit is normally $200 per pet. In the case of larger and / or younger pets the deposit may be increased. We may have pending rental applications or leases on posted properties and will continue to market houses until we have a signed lease and security deposit. We can hold an available property for a maximum of two weeks with a signed lease and security deposit. AT ANY GIVEN TIME WE HAVE ABOUT TWO DOZEN AVAILABLE PROPERTIES WITH MORE BEING ADDED EACH WEEK. AVOID FRAUD We have found our properties posted on Craig’s List and other sites by someone else who is not the owner or the manager. They list the property for far less than the market value and after getting personal information from the victim ask them to mail money. They even go to the trouble of looking up the owner’s name in tax records, making up a false email address that includes the owner’s name and pose as the owner. Use caution Huntsville Alabama MLS homes for sale. Property Details   Elementary School: Horizon Junior High/Middle School: Liberty High School: Bob Jones Contact Christina Winburn   Presented by: Christina Winburn Rosenblum Realty Inc. & Philip Winburn (256) 65-2-7354 www.Huntsville-Homes.com       We are pledged to the letter and spirit of U.S. policy for the achievement of equal opportunity housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin. Equal Housing Opportunity Slogan: "Equal Housing Opportunity."