Eugene, OR · Member since 2018 · 34 posts · 5 votes
I'm looking at buying properties in Verona as rental property. I'm out of state so don't know alot about the area right now other than what I'm able to find online. Any insights into the rental market in that area? If you need any more info from me please let me know.
Investor · Dallas TX, United States · Member since 2014 · 1k+ posts · 1k+ votes
8y
Not remotely a Penn Hills fan, I wont keep a property there. Pittsburgh is a town of over 130 distinct neighborhoods and sub neighborhoods beyond that. I would start by looking at crime data to eliminate or confirm potential targets. After that, I would look at school rankings. I would need know more about your target neighborhood and goals to even begin to list potential areas for you to look at.
Investor · Dallas TX, United States · Member since 2014 · 1k+ posts · 1k+ votes
8y
Hi Eric
My first question is why you settled on Verona? It's a nice neighborhood, with the exception of the parts on the Penn Hills boarder, but it is one tiny area in a greater metro area of 1.2 million people. There is nothing special about the school and the neighborhood is not trendy, so I am curious about your choice? Perhaps it might make sense to expand your target area.
Mechanicsburg, PA · Member since 2013 · 3k+ posts · 2k+ votes
8y
@Eric Schwake I used to know the Mayor of Oakmont, (site of the Oakmont country Club and the US Open Golf), which adjoins Verona. One cold winter day he saw the Mayor of Verona and Mayor of Oakmont said "I saw your snow removal out today." The Mayor of Verona was puzzled as they didn't have a snow removal crew. The Mayor of Oakmont said "yeah, sure I saw the sun out today!"
Investor · Verona, NJ · Member since 2014 · 1k+ posts · 832 votes
8y
@David Krulac that was good, and i am sure true. there are a lot of towns like that in Pennsylvania. I was about to buy a building in one town like that, backed out last min, but the town did not even have a police force, they used to rely on State police but just recently hired a neighboring town to patrol it or be available. It all depends on the size of the town and the economics in it. i invest in Pennsylvania and like it, but you do have to know the area you are investing in.
Eugene, OR · Member since 2018 · 34 posts · 5 votes
8y
@Josh Caldwell So it sounds like you're saying Penn Hills isn't too great either? How about North Versailles? I'm also looking at some properties in Pittsburgh itself. I'm assuming it varies widely about how places would be in Pittsburgh proper. Besides looking at places like Trulia for neighborhood info do you suggest I look anywhere else to get a sense of things?
Investor · Dallas TX, United States · Member since 2014 · 1k+ posts · 1k+ votes
8y
Not remotely a Penn Hills fan, I wont keep a property there. Pittsburgh is a town of over 130 distinct neighborhoods and sub neighborhoods beyond that. I would start by looking at crime data to eliminate or confirm potential targets. After that, I would look at school rankings. I would need know more about your target neighborhood and goals to even begin to list potential areas for you to look at.
Real Estate Agent · Pittsburgh, PA · Member since 2014 · 821 posts · 255 votes
8y
@Eric Schwake There are better rental neighborhoods than Verona. Verona is a pretty average place to live in and I haven't heard many great things about the rental market there plus it's in the Penn Hills School District, also not the best. It would be best however for you to scout out other areas in the greater Pittsburgh region and reach out to people that really truly know the areas that can offer positive cash flow in growing neighborhoods.
Real Estate Agent · Pittsburgh, PA · Member since 2015 · 1k+ posts · 846 votes
8y
@Eric Schwake I agree with Josh. If you find a deal in Verona that is pretty good then sure, pursue that, but I wouldn't settle on just that neighborhood.
It makes sense to look at specific neighborhoods when you are local and you have a particular part that you have a competitive advantage in, but when investing long distance I'd say to go where the deal meets your criteria and where your team in that market covers.