Pittsburgh neighborhoods with ARV's of 60-80K?

Question

I'm exploring Pittsburgh for possible investing in SFH's. I flip lower priced homes, as well as buy and hold so I'm curious if there are any strong rental neighborhoods you can recommend with homes with ARV's in the ballpark of 60-80K?

Mike Pastor · Answer

Stowe Township, parts of Carrick, up the route 28 corridor - Natrona Heights/Tarentum/Cheswick, Verona are a few that come to mind

Eddie Werner · Answer

I would check out North Versailles, East McKeesport, White Oak and Irwin.  If you want to talk more let me know.

Jason Carter · Answer

Thanks @Megan Clancy and @Anthony Angotti. I'm sure many will want to live in the development but that won't appeal to everyone working there. And I think the proximity to the development will  help the neighborhood appreciate some, granted it may not skyrocket, but over time it should go up if the development is a success. We've seen that in Los Angeles with the Playa Vista development. All the tech companies have flocked there and while there is a ton of residential included there, which has done very well, the surrounding communities have seen prices skyrocket as many want more traditional neighborhoods/homes without a long commute.

It will be fun to track this project. Looks like limited inventory nearby. Thanks for the heads up.

Jason Carter · Answer

Very interesting @Megan Clancy. I'm going to Google Almono development right now. Thanks!

Megan Hirlehey · Answer

If you're feeling really adventurous check out Hazelwood.. That neighborhood is kind of a gamble because the perceived value is based on the Almono development actually happening. If it does, the place will be a gold mine. You can still get in for around $30k, a fully renovated property could probably go for $60ish because there's alot of out of state interest there right now. Many people are buying cheap properties to renovate and rent/hold and banking on the neighborhood turning in the next 5ish years. Like I said though, it's pretty speculative

Alex Deacon · Answer

@Jason Carter i buy and flip a lot of homes in the Pittsburgh market. Be careful in this market. You can do very well but the research is critical and knowing the area street by street is super important. We probably sell 12 a year in this price range and make 15k per unit on average.

Carloz Gil · Answer

@Jason Carter Carrick is an up and coming neighborhood that fits your criteria. Swissvale and Edgewood are also good choices for lower priced homes. Troy Hill and Millvale are hot areas for investors but they might not be as cheap.

Jason Carter · Answer

Thanks

@Eddie Werner. Will do!

Megan Hirlehey · Answer

I've wondered about that too, my guess (or hope, rather) is that not everyone working in the new businesses within the development can/will pay top dollar for a brand new apartment /condo/whatever they put in. There will still be other people who want or need a less expensive option in the area, which is where I think renovated row house (pretty much the whole block is row houses) will come in. In addition,  once the neighborhood is stabilized, I think it will bring in wanna-be city-dwellers who can't afford Lawrenceville/Downtown/Greenfield as well. But that's why I said you have to be feeling adventurous lol.. this is all speculation. I could be completely wrong and be stuck with basically a cleaner sh!thole in 5-10 years if I'm wrong!

Anthony Angotti · Answer

@Megan Clancy and @Jason Carter

Part of that development they are planning on residential construction and development, I attached the land use map image. In addition the local organizations are trying to keep the neighborhood stabilized. So I wonder how many of the people working there will rent/buy the renovated homes from the surrounding area versus getting into the new buildings going up in the development. Surely it can and likely will appreciate, but I just get stuck on when and how much. Most of it is because I haven't studied the development a ton outside of the plans that the Almono Group releases. I just keep hearing all of the buzz.

Pittsburgh neighborhoods with ARV's of 60-80K?

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