Anyone have an opinion on buying investment properties in Pittsburgh? I've read good things but would like the unbiased opinions of others. Any suggestions on specific neighborhoods would be appreciated. I live in the Boston and am looking for more affordable markets.
A wholesaler found us a deal in McKeesport, which is right outside of Pittsburgh. I don't envision much appreciation in that area, but the cash flow is nice.
If you can buy low enough and account for deferred maintenance, there are some deals to be had.
@Paul Mutch Hi Paul, There are many positives in buying investment properties in Pittsburgh. From a more conducive buy-in than other more saturated markets, to properties that cash flow and have solid returns on investment, Pittsburgh offers a lot including variety in types of investment properties. But of course, one must study the market very well as Pittsburgh changes, quite a bit, depending on neighborhood. Some areas are strong while others will drain the funds right out of you. So my advice is to get with someone very knowledgeable in the market.
@Paul Mutch Cash flow is great here in a lot of neighborhoods and lots of opportunity to get into neighborhoods before they "turn" to get some nice potential appreciation as well. Lots of gentrification going on right now. Very street by street here too so opportunity to take advantage of that by getting deals others might have overlooked if you get to know certain areas well enough and find the nicer pockets. Can also be a double edged sword though if you don't know the area you are buying in.
@Paul Mutch Hi Paul, posting this before reading any of the other replies but here is my take so far....I just purchased my very first investment property in Pittsburgh a few months ago. I'm from California and only visited Pittsburgh once about 15 years ago and loved the city. Like you I was reading and hearing good things about the market. I know a lot of people don't like rust belt for a variety of reasons but I personally see no reason for a city like Pittsburgh to wither up and die, lots of schools, industry, sports teams, fortune 500, etc. that being said i'm sure it will ebb and flow. I am doing a rehab on the property right now and don't have it rented but if my numbers work out, it should do well for me. Best of luck to you.
@Kevin Wilson many of the big tech companies have moved into PGH because dirt is still cheap (lots or former rust belt factories and mills that have been turned into tech; Uber has their big self-driving proving ground there) as well as Carnegie Mellon graduates.
It is one of the most beautiful cities in the Midwest and has a great mix of culture and midwestern sensibilities. I would really look at the school districts outside of the city (Mt Lebanon and Fox Chapel are two of the best), as these will always be in demand.
Google opened a big campus in the South Liberty area, but prices here have already gone through the roof. There are deals in Homestead, but don’t get shot
@Parker Eberhard Surprisingly, Homestead/Munhall is where my realtor invests and suggested I look but of course with the house by house and street by street caveat due to the concerns you brought up. My home I am currently rehabbing is in Lincoln Place, just south.
@Kevin Wilson Homestead is a street by street gamble for sure. I believe is was ranked the most dangerous neighborhood in the country not too long ago