Where in Pittsburgh to Invest?

Question

I currently live in Beaver County in a single family home. A recent empty nester, my husband and I are considering a move closer to the city ( not much going on out here). Own a rental in Mount Washington that our college age daughter lives in and rents rooms out. Our son ( who temporarily lives with us just got a job in Fox Chapel). Considering ditching the single family home for a multi-family that we can live in and rent out any additional space. Looking for ideas of what areas of Pittsburgh would suit best a 45+ yo professional couple. We are rehab and hold type investors so we don't mind a challenge. No warzones but it doesn't have to be Shadyside either.  Any ideas or deals welcome.

Moe Williams · Answer

@Dawn Wilkins Hey Dawn,

Have you considered neighborhoods like Lawrenceville, Oakland, East Liberty, Point breeze, Manchester, etc.

Even neighborhoods just a little outside the "city" like  Penn Hills, Oakmont, Verona, or Monroeville are good areas.

Duncan Henricks · Answer

Hi @Dawn Wilkins

Glad to hear you want to take the plunge and move closer to the city.  Many of my neighbors here on the Northside have chosen to do the exact same thing.  All the neighborhoods @Jeremy T.  mentioned are great choices to start looking.  However, I know that there are hundred of underutilized duplexes/triplexes on the Northside along with a dozens of larger multifamily properties waiting for a little TLC and good management.

If at all interested, I would be glad to chat with a fellow investor about the market in the city and especially on the Northside.  Shoot me a PM if you would like to chat.

Regards,

Duncan

Jeremy T. · Answer

@Dawn Wilkins

Avalon/Bellevue, Dormont, Castle Shannon, Coraopolis, Crafton, Ingram

If you want to live in the city: Brighton Heights, Brookline, Beechview, and the neighborhoods south of the Liberty Tunnel, west of Brownsville Road (of which Brookline is part of).

Justin S. · Answer

I honestly don't know enough on the area but I did purchase 2 properties right near you in Beaver County (Hopewell right on Center border). Good luck with whatever area you decide to purchase in and a few of the recommendations look good

Ian Hoover · Answer

Hi Dawn,

There are many great areas to invest in Pittsburgh, it really depends on your budget and wants/needs as to what area(s) you should look.

Feel free to call or email me sometime I would love to help you.

Also another quick tip is look at the areas people are mentioning and first do some research on what are in those areas, then do a drive by of the top 5 areas you like on paper that will help you in deciding.

Good luck!

PS @Brandon Turner is totally correct the BP podcast is a must listen each week, I learn something new with each one.

Brandon Turner · Answer

Hey  @Dawn Wilkins thanks for introducing yourself! It's great to have you here! Don't miss The BiggerPockets Podcast - they are great for learning how others are finding success.

Oh - and be sure to set up some Keyword Alerts- especially for "Aliquippa" so you'll be notified when people mention it here in the forums.

Thanks again for introducing yourself!

Account Closed · Answer

Interesting article about Mt. Lebanon this past week.

http://www.post-gazette.com/local/south/2014/10/16/Mt-Lebanon-awarded-historic-designation/stories/201410090001

"Income-producing buildings in the district may be eligible for federal tax incentives for renovation projects that will complement their original design."

Dawn Wilkins · Answer

Thanks for all the great feedback. It gives me some ideas as to where I should start my drivebys.

Francisco Ycaza · Answer

I look at the neighborhoods and how fast Inventory is selling .  If it is all about convenience them everyone has their own opinion and Ideas .....its all good !   .  I am looking for 5-8 months holding period on rehabs deals in these areas that I mention .

Jeremy T. · Answer

@Dawn Wilkins

Of the neighborhoods listed by @Francisco Ycaza only Mt. Lebanon has walkability.  I grew up in Bethel Park and Upper St. Clair has (no joke) one restaurant. The neighborhoods I listed, specifically Dormont and Bellevue, are very walkable. Dormont, Beechview, and Castle Shannon are all right on the light rail (the "T"). and are far more affordable than Mt. Lebo or USC.  Yes the schools aren't as good, but you don't have to worry about that (and you shouldn't pay the egregious taxes if you aren't sending your kids to those schools...I live in Mt Lebo for the schools). Brookline has a large commercial district along Brookline Blvd which is what it seems like you are looking for.  Just some thoughts.

Edit: another poster just mentioned it, but Oakmont also is very walkable with a distinct business district.

Where in Pittsburgh to Invest?

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