Rental Investments in Pittsburgh, PA
Brian LarsonPro Member
Investor · San Jose, CA · Member since 2018 · 313 posts · 230 votesI am looking to invest in Pittsburgh, PA in the next 6 months. I have narrowed down my focus to a few neighborhoods but I was interested in getting feedback from locals or experienced investors. Are these neighborhoods any good for investment -- Beechview, West (& East) Liberty, Brookline, Carrick, Bon Air, Overbrook, and Dormont? If not, what neighborhoods do you recommend and why?
I am looking to purchase here because these areas seem to be close to the metro, in the pathway of future growth, and have average school ratings. I am looking to buy a SFH but could be convinced to get a duplex or triplex, depending on costs and returns.
Any advice from a local realtor and/or investor would be appreciated. Thanks.
I am looking to invest in Pittsburgh, PA in the next 6 months. I have narrowed down my focus to a few neighborhoods but I was interested in getting feedback from locals or experienced investors. Are these neighborhoods any good for investment -- Beechview, West (& East) Liberty, Brookline, Carrick, Bon Air, Overbrook, and Dormont? If not, what neighborhoods do you recommend and why?
I am looking to purchase here because these areas seem to be close to the metro, in the pathway of future growth, and have average school ratings. I am looking to buy a SFH but could be convinced to get a duplex or triplex, depending on costs and returns.
Any advice from a local realtor and/or investor would be appreciated. Thanks.
I have 106 units now. Of which most are in Dormont and Brookline, previously had some in Beechview, and then some other neighborhoods but those are where most are. As a Realtor my customers have bought or sold investment properties in every neighborhood you mention so I'm reasonably familiar.
Beechview, Brookline, Dormont are all appreciating and improving suburbs. Beechview is going from C => B, Brookline B- => B+, and Dormont from B => A if you follow the trend. All are walkable main streets with good access to public transportation.
Overbrook is neither declining nor improving really. It's not a bad area for cashflow and is a reasonably safe and quiet suburb.
Bon Air is a bit on the lower income side, but there are some streets closer to Carrick that attract a good number of qualified tenants. Other parts more towards Mt Oliver are a bit harder to find good tenants. You can find good tenants anywhere but in some areas it just requires more patience.
East Liberty is already a known quantity and is A class. You know what you are getting here.
There you go. A lot of info to take from niche.com if you are looking for neighborhoods and unfamiliar with an area. They are based in Pittsburgh so you'd think their data should be better here than anywhere.
EDIT: Carrick is similar to Bon Air, but closer to Brentwood attracts a higher tenant quality than closer to Mt Oliver.
@Brian Larson I would be more than happy to talk with you about the Pittsburgh market. Sending you a private message.
Hello Brian!
These neighborhoods all have their pros and cons. Generally speaking, I would say that Bon Air and Carrick are going to look the best on paper, but come with the most headaches. That is not to say to totally avoid them, but know that going in.
Beechview, Dormont, and Brookline are all solid areas which may not cash flow like crazy but should yield solid returns while possibly even appreciating over the next 5-10 years. These would be what I would personally classify as B+ type areas.
East Liberty is probably going to look the worst on paper as it has experienced a rather significant appreciation over the last 10 or so years meaning it will be the most expensive market to enter. There continues to be a ton of development in East Liberty, but my personal opinion is that the B+ type areas are a better place to invest right now.
Hope this helps!
I am looking to invest in Pittsburgh, PA in the next 6 months. I have narrowed down my focus to a few neighborhoods but I was interested in getting feedback from locals or experienced investors. Are these neighborhoods any good for investment -- Beechview, West (& East) Liberty, Brookline, Carrick, Bon Air, Overbrook, and Dormont? If not, what neighborhoods do you recommend and why?
I am looking to purchase here because these areas seem to be close to the metro, in the pathway of future growth, and have average school ratings. I am looking to buy a SFH but could be convinced to get a duplex or triplex, depending on costs and returns.
Any advice from a local realtor and/or investor would be appreciated. Thanks.
I have 106 units now. Of which most are in Dormont and Brookline, previously had some in Beechview, and then some other neighborhoods but those are where most are. As a Realtor my customers have bought or sold investment properties in every neighborhood you mention so I'm reasonably familiar.
Beechview, Brookline, Dormont are all appreciating and improving suburbs. Beechview is going from C => B, Brookline B- => B+, and Dormont from B => A if you follow the trend. All are walkable main streets with good access to public transportation.
Overbrook is neither declining nor improving really. It's not a bad area for cashflow and is a reasonably safe and quiet suburb.
Bon Air is a bit on the lower income side, but there are some streets closer to Carrick that attract a good number of qualified tenants. Other parts more towards Mt Oliver are a bit harder to find good tenants. You can find good tenants anywhere but in some areas it just requires more patience.
East Liberty is already a known quantity and is A class. You know what you are getting here.
There you go. A lot of info to take from niche.com if you are looking for neighborhoods and unfamiliar with an area. They are based in Pittsburgh so you'd think their data should be better here than anywhere.
EDIT: Carrick is similar to Bon Air, but closer to Brentwood attracts a higher tenant quality than closer to Mt Oliver.
@Anthony Angotti - Thank you sir. This was the kind of info that I was looking for.
@Anthony Angotti I will be purchasing my first investment property in the next 6 months. I plan on house hacking a duplex or triplex in one of these areas. This was extremely helpful information so thank you very much!
@Brian Larson Pittsburgh is a great market to buy and hold. As I always preach "Investing is a marathon and not a sprint"
Take you time especially for the first deal. Once you get a feel for the market then you make make quicker decisions. You have to be quick because it is a sellers market. On top of that there are investors from all over the globe flocking here to buy. Its inexpensive. But if you are not careful you can also lose money here just like any other area. @Anthony Angotti is a great resource for information and help.
@Anthony Angotti I will be purchasing my first investment property in the next 6 months. I plan on house hacking a duplex or triplex in one of these areas. This was extremely helpful information so thank you very much!
No problem! That's how I started and it's the best way to go for many people. If you ever need anything just reach out.
The city just passed some memorandum which makes it impossible to evict, and forces you to renew a non-paying tenant which is supposed to be in place for at least a year. I would consider NOT considering city proper for this reason.
Current neighborhoods that are investment ready and great are - Bloomfield, Friendship, Shadyside, Garfield, East Liberty, Stanton Heights & Highland Park
These are all located near Pittsburgh’s “second downtown” in the east end (east liberty - the heart) with tons of development currently ongoing. More name brand companies and commercial food have started to make there way in the area as well. Whole Foods is moving into a new space double the size!
Philips, Google and two Autonomous Car Firms are also committed/moving more people to buildings and occupying more office space in bakery square. (Converted old Oreo factory to corporate office space)
With 4 major hospitals / including a children’s hospital - healthcare has always ranked high in the city. Plus with park access it makes these areas rank as the best potential for already established professionals or young families. A few spots are expensive & if you’re looking for PGHs “affordable avg” under 100k buying .... look elsewhere. Renters are willing to pay prime rent for great buildings and amenities, with a short walk and park access, it’s very hard to beat! (the park covers +55% of Highland Park area)
My investments here have done exceptionally well and skyrocketed in interest to buy in the past few months. Personally I'd agree and look into buying a SFH around the area!
Again, there is a $10,000 fine if you evict someone in the city, and the city is now auto-renewing leases for nonpaying tenants. I would invest outside of the city propper or in another city until this bill is changed. Most of those areas above are in the city.
Hey @Brian Larson,
Any update on your rental purchase? I'm also looking to invest in Pittsburgh in the next 6 months and appreciated reading the comments from @Gary Swank, @Max Feinberg, @Anthony Angotti, and @Alex Deacon.
If there's anything you'd be willing to share about your experience with the Pittsburgh market I'd love to discuss.
@Matthew K.
Under the amendments, landlords who evict without “good cause” can receive a fine of up to $1,000, or $2,500 in cases where children are living in the household — a decrease from the $10,000 fine approved in the original ordinance.
I'm confused as to where you are finding this information. The only thing that I could find in regards to this was the lowering of these fines, which only come when you do not have a good reason for eviction. I know that in the city now, magistrates are hearing these cases and in some cases granting possession. An eviction can be done for a variety of things; lease violations, damages, safety concerns, etc are all viable reasons to evict in this moratorium. While the city is still not evicting for non-payment or financial reasons, it can still be done.