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Old 12-30-2011, 01:34 PM
 
228 posts, read 681,496 times
Reputation: 269

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Hi, I was looking to possible invest in you beautiful city. I saw this property on carson street that looks like something that may pay for its self. I am from the Youngstown Ohio area and am not an expert on the various neighborhoods. What I would like to know is (1) Does this particular property look like a good investment from someone familiar with the city? (2) Are there any up and coming neighborhoods anyone can recommend that have lower priced properties that may rise in value from gentrification. Thank you and happy new year.
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Old 12-30-2011, 02:28 PM
 
122 posts, read 69,259 times
Reputation: 65
I would say no, it is not worth 300k and will never give you the return vs just putting the money in a mutual fund. Those type of buildings are a dime a dozen in Pittsburgh. They are old & filled with problems. My friend has a store & pizza shop/apartments in one. The insulation is horrible, everything is out of code, it has tons of lead and asbestos. Maybe it was redone, but considering there are no interior pictures, I doubt they did as much as they say or there is more to it.

If you want it then pay for a thorough inspection!
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Old 12-30-2011, 02:33 PM
gg
 
Location: Pittsburgh
11,702 posts, read 8,073,078 times
Reputation: 4350
Yeah, have a look at the yearly tax load on something like that. Wait another month and the price might be down to $200K.
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Old 12-30-2011, 02:35 PM
 
228 posts, read 681,496 times
Reputation: 269
Thanks for all the responses so far..
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Old 12-30-2011, 02:39 PM
 
Location: Pittsburgh, PA
981 posts, read 713,859 times
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I think there is going to be many improving neighborhoods in the Pittsburgh area in the next 10-20 years. What would be a good investment for you, I couldn't say, but there will be many opportunities in the coming years.
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Old 12-30-2011, 02:40 PM
 
783 posts, read 1,142,137 times
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Quote:
Originally Posted by ncguy444 View Post
Hi, I was looking to possible invest in you beautiful city. I saw this property on carson street that looks like something that may pay for its self. I am from the Youngstown Ohio area and am not an expert on the various neighborhoods. What I would like to know is (1) Does this particular property look like a good investment from someone familiar with the city? (2) Are there any up and coming neighborhoods anyone can recommend that have lower priced properties that may rise in value from gentrification. Thank you and happy new year.
This is not an "up and coming" neighborhood. This is an established neighborhood, South Side, and the property is right on Carson St. That being said, $300k isn't a bad price at all for the location. Of course, the market is saturated with bars and restaurants so you better have a good idea to compete with everyone else.

If you really want an up and coming neighborhood to invest in, try the lower hill. Good location between downtown and oakland, close to duquesne, and tons of cheap rowhouses/townhouses to fix up. I've always wanted to find a nice brownstone there to fix up. Some of those could be equal in quality to what is in Allegheny West. Also, lots of run down places that can be redeveloped into commercial properties.
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Old 12-30-2011, 03:07 PM
 
20,274 posts, read 18,978,157 times
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I agree the South Side is already very deep into the gentrification process.

Personally, if were looking for a medium-term speculative real estate investment in this area, I'd be looking at some of the less popular neighborhoods roughly along the East Busway (places like Garfield, Larimer, Homewood, Wilkinsburg, and Swissvale). In all those neighborhoods, though, some areas would be a better medium-term bet than others, so you would kinda have to know what you were doing.

The Bluff and Lower Hill are good suggestions too, although I think speculative pricing is already in full swing there.

All that said, I only invest in real estate through REITs. You need a huge portfolio to compete with REITs when it comes to diversification, which I really think is crucial.
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Old 12-30-2011, 03:24 PM
 
Location: City of McKeesport
3,935 posts, read 4,091,867 times
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I think by the Lower Hill he means the Bluff. There are quite a few surviving brownstones there, but they are either being bulldozed or are not offered for sale.
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Old 02-21-2012, 12:52 PM
 
2 posts, read 1,949 times
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Why not invest in Youngstown? As an experienced investor, I started out interested in Detroit, then changed tune to Pittsburgh, and wound up in Youngstown, fittingly between the two. I found a great company there who has really made a huge difference in the amount of money I make but everything I've bought has paid for itself within 18 months. After they sell me the property they also do the management. They show their expected returns on the listings and they guarantee that you'll make at least that much in the first year or they will buy it back. Youngstown is rough but making a fast come up; and its the best place to invest that ive found so far. Being that you are there in town you could probably have even more of an advantage over me and may not need mgmnt/investment co to help (but i'm in New York) but if you want the company's info I can hook you up with them.
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Old 02-25-2012, 06:45 AM
 
63 posts, read 42,824 times
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Default Check Zillow

I would recommend to anyone looking to invest in real state to check Zillow.
Zillow - Real Estate, Homes for Sale, Recent Sales, Apartment Rentals

It shows value of properties around the one you are interested along with historical prices. I think it also has some tax info.

I only used it to look for a place to rent, but it does seem like it is a decent tool for buyers too.
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