New rental development in Pittsburgh make sense
I've bought four properties in Pittsburgh already. Noting in he core area of the city, and all older properties. I'd like to get properties in better areas more in play with the economic development (near the colleges and / or hospitals. Thinking Lawrenceville, Greenfield, Squirrel Hill, maybe Oakland. Finding properties in these areas hasn't been easy. Little inventory and high prices compared to rents.
However, thanks to Pittsburgh's post industrial wasteland days, some of these areas have a number of empty infill lots that look somewhat prime for development. But I've never done this before, and am not local. Has Pittsburgh come back enough that developing new multifamily rental properties makes sense. Is the city friendly to this? In general do the numbers work to the point where it makes sense? Has anyone here built multifamily in Pittsburgh?
Any help appreciated.
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There is a ton of development like that in the area (lawrenceville, where i live, garfield, east liberty, etc). I think the city gives significant tax breaks to rehabbing old properties, so many people are tearing down to the foundation and building a "fresh" rehab. regardless, zillow has a bunch of lots available in some up and coming areas.