Should Jeanette PA be an area I consider?

14 Replies

Looking at investment options outside Pittsburgh. Westmoreland County: such as Greensburg, Irwin etc

Should Jeanette be on my radar? I read positives on their attempts to revitalize, but not sure how real all the talk is. 

I haven't done too much out there to be honest. Occasionally I get leads, but they are usually a pain to value accurately because Westmoreland probably has the worst public records online of any of the countries over here. I am going out to Alverton to look at a place on Friday, but doubt much will come of it. Though oddly enough I do have a place in Connellsville under contract that is a low end flip or BRRRR potential as a rental (Fayette Country now that I think about it not Westmoreland).

Thanks David. I definitely have struggled to gain good information from local records myself. Makes it tough to accurately assess value beyond cash flow and condition. 

Single family? Multi family? Flips? Buy and hold? BRRRs? What are you looking for?

Most likely multi family. And buy & hold OR BRRR

Currently, the market is really tight for multi-families out our way. We’ve been investing in the area for about 10 years now, and most of the good deals at the moment are off-market. Folks are crazy with what they’re listing places for! But if you can do the work to add value - and you find a buyer just ready to get out - you can most likely find an amazing deal or 2. We’ve never bitten on Jeannette properties, but if you’re a risk taker and willing to wait out whether the city’s school district dissolves and merges with other districts in the area, you might get lucky. I’d also closely follow the little bit of revitalization they’re trying to implement . . . either way, investing involves risk, right!? My husband is a J-town boy, and we got out of that town in 2009 - glad we did!

Thanks for the input Amy! I agree, listing prices are crazy in many cases.  The new proposed brewery in town is an intriguing start to potential revitalization 

I have a great deal on a property in Jeanette. Feel free to connect if you are interested and would like pics or more details

I grew up on the border of Jeanette. It is pretty much the ghetto of Westmoreland county. There are some very bad areas near downtown. There are some nice areas also. Do your research before biting on the cheap deals.

I meet precious few born-and-bred local investors in the area that ask themselves what's going to happen to the area after all the old people die (Pittsburgh is the oldest Metropolitan Stastistical Area in the USA) and geriatric health care ceases to be the main employer here. What are the draws of living in this area? Is it the food? The weather? The openness of the people to change and cultural diversity? The wonderful educational opportunities for children? Employment opportunities other than in geriatric health care? Great race relations? Favorable, forward-thinking business climate for employers? I usually get very testy answers when I ask these questions. I usually hear a lot of misplaced faith that something is bound to come along to change everything. People who have never lived anywhere else tell me how livable Pittsburgh is. I've been hearing the same things since 1991, when my brother first moved to this area and I started paying attention to economic developments and the lack thereof here.

What is the reason for Pittsburgh as an MSA to exist if there's no coal mining and transport, no steel mills, no heavy industry, not much going up and down the rivers? What are the reasons for all the satellite towns of the MSA to exist? What's stopping these towns from continuing to decline and die?

University of Pittsburgh, CMU, they're not going anywhere. There are quite a few other philanthropic institutions funded into perpetuity in Allegheny County that are not going to move away. But I think it's obvious to eyes not blinded by sentiment that the area itself is going to be much more compact, with a much smaller population, far more centered on the city. I think that robotics and tech will continue to be a quality employer for the area. But there won't be that much of that sort of thing here -- not unless the local tertiary schools make incredible strides in growing their endowments and expanding their facilities. I think it's unreasonable to expect that.

Bottom line, if you're investing in buy-and-hold for the next twenty years, I'd consider the chances that the area will see more of the same decline it's seen for the last 70 years.

I own a multi-family and soon closing on two single families in Jeannette. As mentioned previously location is everything. There are some decent areas and some that aren't so decent. The multi-families listed on the MLS are over priced in my opinion, particularly the turnkeys. This is something I've seen for a while in Greensburg but looks to now be happening in the Jeannette market.

Make sure you are not overpaying for the properties.  If you are going to make any money it will all be on cashflow.  I would assume 0% appreciation if you are using any of the BP calculators to analyze these properties.

As far as positives, the city departments are much easier to work with versus Greensburg.  The Elliott Company is building a new facility at the old glass plant site which should help the downtown area.  Also unlike cities in the Mon Valley, the city of Jeannette is completely surrounded by areas with a healthy tax base and pretty decent school districts.

Originally posted by @Jason Papp :

Looking at investment options outside Pittsburgh. Westmoreland County: such as Greensburg, Irwin etc

Should Jeanette be on my radar? I read positives on their attempts to revitalize, but not sure how real all the talk is.

I originally read this thread and sort of smirked as grouping up Jeanette has always had a very negative connotation associated with it. Like any area I am sure there are a few decent spots but not somewhere I would generally advise someone who is not from to be looking into investing. I also personally don't agree that there will be any substantial growth in any counties surrounding Alleghany. 

This being said I did find this decent deal on a (4) Unit and figured I would pass along to any of those who were brave enough to entertain the idea.

https://www.realtor.com/realestateandhomes-detail/417-Division-St_Jeannette_PA_15644_M35277-39800?view=qv 

@Jared McCullough I toured this property. This place needs a match. I would honestly need paid to take it over. The electric system is so dated and each unit can access the other. Also the one “unit” doesn’t even have a kitchen. They knocked it out to make a bigger bathroom. Originally listed close to 100k and is now listed at 57k. Needs dropped another 70k

I mean...

Have you been to Jeannette?  There are about 3 A/B areas and the rest...well arent

Originally posted by @Joe M. :

I mean...

Have you been to Jeannette?  There are about 3 A/B areas and the rest...well arent

Yes, I have.  Few friends live in the area. Definitely aware of its limited A/B neighborhoods.  

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