In my world I wouldnt say abuzz but rather solid for properties perceived to be below market. I’ll add that seems to be the way its always been around here. I see nice properties priced at or just above recents closed comps sitting around lots of places. Everyone wants a deal and there just arent many out there. At least that is what I see.
BTW, the rent assumption for Alabama is off. I have a 1BR not far from there but in a much worse area that I easily rent for $1,000. Figure 1200 to 1400 for a 2BR in that location. I just closed a short sale listing not far from there for $157K and it was the low comp. Nicer location/complex, good condition but could use updating but only 1BR and rent is about 1200. BTW, it sold to a cash buyer. The market for low priced rentals in the urban core does seem pretty good as long as they are the perceived deals.
