I am thinking of purchasing a lot in Pittsburgh. It is only 25k and I'm thinking it will appreciate in the years to come to make some profit. What do you guys and gals think?
Not bad. Depends on the street.
if you have money that's just sitting around and you don't need immediate income then go and get it. Pittsburgh is super hot now and will only got up further once they break ground at 352 university next year.
Keep in mind that zoning here is R4b....not R5...as the tax office states. So you can't build a duplex. You might want to use that in your negotiation since they're probably offering as R5. Zoning in pittsburgh changed in 2005. Check with zoning office in atlanta.
I think it's a great secure low-touch investment, although there is higher return out there for a more involved riskier project. I am renovating a place in Adair Park, so I'm always scoping out and analyzing deals in Pittsburg.
Something to consider is which end of West Ave. Closer to University will go up in value quicker. On the far end......it's too expensive.
What's the road frontage? You need 40' frontage for a conforming lot. Anything smaller will need special variance.
There are a lot of 30' lots aroynd here. You'll then have 2' setbacks on either side, which will allow you to build up to 26' wide. If it's a corner lot you'll have 4' setback on street side.
Is it an infill lot and has it previously had a house on it? Then you'll have a water meter somewhere and will be easier to get power.
There used to be house there. It is like a block away from University. But the frontage is 39'
So...use the need for obtaining variance due to non.conformity to your advantage in negotiation. I don't think you'll have a problem to get the variance, but it requires extra work and cost.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing