15221 Area Code
Hi,
I am new to the Pittsburgh market and exploring rental investments. I understand that like any other city, there are good pockets and bad pockets. I would really appreciate any feedback on the 15221 zip code. My strategy is to buy and hold as long as the rent covers the mortage + tax + hoa. I see there are a few condos in this zip code that would meet that criteria, but I am not sure what kind of tenant profile this zip code attracts. Is this a safe area? Would it attract tenants with stable jobs and good credit history. If there are recommendations for other zip codes within Pittsburgh that look interesting, would love to hear that as well. Thanks in advance.
Regards,
Taz
Are you local? Taxes in Wilkinsburg can be a killer. It's also fairly street by street so you'd want some advice on specific places when buying.
Forest Hills has some decent pockets. I'd say target places with a lot of owner occupants when looking because those streets will tend to be a bit more stable.
It's close to the highway so you can get tenants with decent jobs. That being said tenant quality is more to do with screening than area. It's not a high income area for the city though so a lot of your applicants may apply with vouchers and you might need to make exceptions on credit reports. If you can get good at this part of the business with your screening and working with voucher programs it's not a bad area to be as far as cash flow. A
As far as other zip codes, what are you looking for, and what's your price range?
Thanks Anthony. This is an example of the unit I was looking at in the 15221 area code. Looks like it will rent for ~$1500 and will cover the costs. I agree that the taxes seem a bit high, but the math still works out for me if I can get a rent of $1500 for this.
7553 Penn Bridge Ct, Pittsburgh, PA 15221 - For Sale (homes.com)
My price range is not more than $175K. If I can get a condo or townhome that can attract a g
What is Forest Hills zipcode? I would rather not do Section 8 tenants. I know the rent is secured by the vouchers, but I have heard that there are other multiple issues that one needs to deal with in those cases.
Thx
Keep an eye on the municipality as well. In Pa, each borough/township/city collects transfer taxes based off of the sales price, and this can quickly add thousands to your closing. Wilkinsburg will charge you 1% of your sales price, and the state of PA will take an additional 1% in transfer tax no matter where you purchase. A few streets over and you could be on a property that shares a zip code, but actually sits in the city of Pittsburgh who will collect 4% for transfer taxes, and will have extra municipality requirements before the sale can be approved.
Got it. Thanks a lot.
@Imtiaz Koujalgi generalizing by zip code doesn't work in mostly all zip codes in the Pittsburgh area. For example this zip code includes parts of the Point Breeze neighborhood in the city which is an A area, all the way to East Hills and the rougher parts of Wilkinsburg which are borderline D areas. Then you have the in between like Churchill and Forest Hills also in this zip code. Even within the same neighborhoods you can be very block by block or street by street so makes it tough. Generally best way to compare areas are down to the specific neighborhood/borough/township though.
Got it, thx a lot.
#3 Investor Mindset Contributor
- Handyman
- Pittsburgh, PA
The 15221 zip code is especially difficult to understand as any sort of coherent whole because of the troubled segregation legacy of the Woodland Hills School District and how high school football rankings work around here. I couldn't agree more with @Jeremy Taggart and @Trent Dues here. We looked hard at Churchill a few years ago. How I-376, aka The Parkway, divides neighborhoods north and south of its run is one of the main things people interested in the Pittsburgh area need to work to understand.
Quote from @Imtiaz Koujalgi:
Thanks Anthony. This is an example of the unit I was looking at in the 15221 area code. Looks like it will rent for ~$1500 and will cover the costs. I agree that the taxes seem a bit high, but the math still works out for me if I can get a rent of $1500 for this.
7553 Penn Bridge Ct, Pittsburgh, PA 15221 - For Sale (homes.com)
My price range is not more than $175K. If I can get a condo or townhome that can attract a g
What is Forest Hills zipcode? I would rather not do Section 8 tenants. I know the rent is secured by the vouchers, but I have heard that there are other multiple issues that one needs to deal with in those cases.
Thx
Forest Hills is a neighborhood in that zip code.
As other mentioned going off of zip-codes is problematic because it encompasses so many different areas.
If you don't want to do section 8 you'll want to consider the median income of the neighborhood. The niche website makes this kind of easy (also a Pittsburgh company). If you don't want to do section 8 you'll have more success in areas at or above the median income for Allegheny County.
That's a broad generalization about people, because you can find all types of people in all types of areas, but that's also the problem with a really broad/general question.
Quote from @Imtiaz Koujalgi:
one tip that I learned comping and analyzingI am new to the Pittsburgh market and exploring rental investments. I understand that like any other city, there are good pockets and bad pockets. I would really appreciate any feedback on the 15221 zip code. My strategy is to buy and hold as long as the rent covers the mortage + tax + hoa. I see there are a few condos in this zip code that would meet that criteria, but I am not sure what kind of tenant profile this zip code attracts. Is this a safe area? Would it attract tenants with stable jobs and good credit history. If there are recommendations for other zip codes within Pittsburgh that look interesting, would love to hear that as well. Thanks in advance.
Regards,
Taz
One tip that I can give you after comping and analyzing several dozen of properties in Pittsburgh. Pittsburgh is a market where you don't comp by zipcode but neighborhoods. Obviously you gotta be careful while doing that also because if you’re in regent square but gotta pay wilkinsburgh taxes for some reason than your cash flow might not be what you think. But the only area where I would invest my money in that zipcode is the regent square neighborhood. You can demand higher rents and pick up properties for pennies in wilkinsburgh but make sure you go real hard on the screening process.
Quote from @Imtiaz Koujalgi:
Hi,
I am new to the Pittsburgh market and exploring rental investments. I understand that like any other city, there are good pockets and bad pockets. I would really appreciate any feedback on the 15221 zip code. My strategy is to buy and hold as long as the rent covers the mortage + tax + hoa. I see there are a few condos in this zip code that would meet that criteria, but I am not sure what kind of tenant profile this zip code attracts. Is this a safe area? Would it attract tenants with stable jobs and good credit history. If there are recommendations for other zip codes within Pittsburgh that look interesting, would love to hear that as well. Thanks in advance.
Regards,
Taz
Taz
Welcome to Pittsburgh! I agree with Abdul that it is wise to analyze by neighborhood as opposed to zip code in Western Pa. 15221 is a perfect example as it covers a lot of types of neighborhoods with different pros and cons. You’ve got regent square, historically one of the best places in the city to live, but exorbitant taxes. You’ve got East Hills with higher crime rates and far lower price points. As others have said, Forest Hills/Braddock Hills probably falls somewhere in the middle and may be more of what you are looking for based on your posts.