*This link comes directly from our calculators, based on information input by the member who posted.
Hello. I am looking to buy in Pittsburgh, PA and am not familiar with the area. I see no one on these forums has talked about this area for a couple of years. The property seems to look good on paper but I am not 100%. I am out of state and trying out this "long distance" rental property thing. Any advice will be greatly appreciated.
I am from Pittsburgh and it really varies from street to street and that's within the various neighborhoods in the city itself and if you are outside the city- one of the 120 municipalities in Allegheny County. http://apps.alleghenycounty.us/website/munimap.asp without knowing neighborhood and street its hard to give advice - there are still some “war zones” in the area
Looking at the numbers - That capex is low for a percentage. Also, even if it is in a lower tax suburb that property tax number is really low - for a house of that value i would expect anywhere from $1200 - $3000 depending on the location.
You need to factor in water and sewer as well. From the pic I am seeing a yard so that needs to be accounted for potentially as maintenance.
@Robert Longworth maybe I missed it but does it show the address in the report? The numbers look ok but that can vary GREATLY based on the ares, the age of the building, the age of the major mechanicals, how much work will be needed once a tenant moves out to make it rent read and other misc variables.
Pittsburgh is great because you can purchase at very low rates with high cap rates but the potential for high turn overs and tenant damage. There are areas you can purchase at middle range ($80-$180k) and be average rents and then higher areas with lower cap rates but the tenants are longer term, higher income tenants.