My husband and i currently live in NYC but we're thinking on moving to Pittsburgh and invest in Multifamily homes there. The plan is to buy and hold and maximize the cash flow every month. We would like to invest in desirable yet affordable areas with good tenants. Any recommendations on areas that would match all the above criteria I mentioned?
My husband and i currently live in NYC but we're thinking on moving to Pittsburgh and invest in Multifamily homes there. The plan is to buy and hold and maximize the cash flow every month. We would like to invest in desirable yet affordable areas with good tenants. Any recommendations on areas that would match all the above criteria I mentioned?
Thank you in advance!!
Depending on how big you consider the greater Pittsburgh area there are over 200 municipalities and neighborhoods. The question is too broad. Can you provide some specifics on what you're looking for?
Median Income Range, walkability, quality of schools, suburb/city feel, access to public transport, what type of tenants area mostly attracts (young professional, college, family, etc.), Proximity to different industries, etc.
For instance if someone asked me to define what I'm looking for in a neighborhood to invest in I'd say, areas where median household income is at least 50k, median home value over 140k, median rents of at least $1000 for all bed/bath counts, easy access to city center via public transportation, and at least one walkable main street area in vicinity.
Values would change possibly if we were talking about places outside of Pittsburgh, but all those numbers put me a little above the median numbers for each of those city wide.
@Vianca Lauret-Karnati. There are some good real estate agents on BiggerPockets that could help you. Also there are some local networking groups in Pittsburgh. Maybe plan a trip to Pittsburgh when there's a networking event and meet up with some agents to see properties and understand the neighborhoods. Good luck!
My husband and i currently live in NYC but we're thinking on moving to Pittsburgh and invest in Multifamily homes there. The plan is to buy and hold and maximize the cash flow every month. We would like to invest in desirable yet affordable areas with good tenants. Any recommendations on areas that would match all the above criteria I mentioned?
Thank you in advance!!
Depending on how big you consider the greater Pittsburgh area there are over 200 municipalities and neighborhoods. The question is too broad. Can you provide some specifics on what you're looking for?
Median Income Range, walkability, quality of schools, suburb/city feel, access to public transport, what type of tenants area mostly attracts (young professional, college, family, etc.), Proximity to different industries, etc.
For instance if someone asked me to define what I'm looking for in a neighborhood to invest in I'd say, areas where median household income is at least 50k, median home value over 140k, median rents of at least $1000 for all bed/bath counts, easy access to city center via public transportation, and at least one walkable main street area in vicinity.
Values would change possibly if we were talking about places outside of Pittsburgh, but all those numbers put me a little above the median numbers for each of those city wide.
suburb/city feel - both would work as long as it's a good area (low crime rate)
Access to public transport- If a lot of people use public transport, then Yes.
Young professionals and families as tenants in proximity of industries and the main areas of Pittsburgh is always a plus.
That sounds very reasonable and pretty much what we are looking for as well - For instance if someone asked me to define what I'm looking for in a neighborhood to invest in I'd say, areas where median household income is at least 50k, median home value over 140k, median rents of at least $1000 for all bed/bath counts, easy access to city center via public transportation, and at least one walkable main street area in vicinity.
@Vianca Lauret-Karnati Hi Vianca, Thanks for the additional information on your inquiry about Pittsburgh properties and where to invest. There are several neighborhoods that could fit what you're looking for. One of which is Bellevue, a suburb of Pittsburgh. It's close to downtown, urban but not much so, walkability to shops, restaurants, grocery, etc., on the busline with rents within your pricing range. I've lived here my whole life and know the Pittsburgh area and it's suburbs very well. My suggestion is to get with a Realtor who is investment savvy, make connections, possibly visit here and search the listings here on BP or have someone set up an automated search for you based upon your criteria. Best of luck.
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