Rental Property Investor · New York City, NY · Member since 2018 · 5 posts · 0 votes
new investor found a 6 unit property distressed property, hows the rental market in Pittsburgh and the surrounding towns . i know its not much appreciation in those markets.
Hey @Marvin Pennant, appreciation & cashflow are on somewhat of a sliding scale depending on which area of Pittsburgh you're buying in. In Charleroi I would generally say that's a more cashflow centric market that will show low-average appreciation over time. I do know there's been a good influx of immigrants who have moved into that particular area though so that may bode well for rent prices over time.
I'd just make sure the property is cash flowing with current market rents once you get it renovated/stabilized and I personally wouldn't underwrite above average rent appreciation there.
Happy to take a further look at it if you want to PM me. Otherwise, good luck!
There are plenty of markets in the Pittsburgh area that are appreciating…Charleroi is probably not one of them.
With that being said, the recent news of the Nippon/US Steel deal is HUGE for a town like Charleroi and the surrounding towns in the Mon Valley area. These are mostly dying steel towns so this brings a glimmer of hope.