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Old 04-06-2016, 10:47 PM
 
11 posts, read 11,407 times
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Quote:
Originally Posted by jea6321 View Post
if its a straight investment play, there are better options than a north oakland condo. Will you be hiring a property manager? If so, a 2-4 unit building will yield a much better return. Is there an exit strategy or just buy and hold for the foreseeable future?
Would you be able to share which areas would better to look into, thanks in advance
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Old 04-07-2016, 06:39 AM
 
Location: Pittsburgh
1,491 posts, read 1,447,129 times
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Quote:
Originally Posted by meloman3 View Post
Would you be able to share which areas would better to look into, thanks in advance
if hiring a good property manager, there are endless options. At that point its just a numbers game. I would suggest if looking for a good mix of appreciation and having a decent monthly cashflow, to stick with the neighborhoods that attract both grad students and young professionals. There are lots of these areas in pittsburgh.

some specifically would be lawrenceville, bloomfield, friendship, east liberty, point breeze, shadyside, south side, mt washington, central northside.

the rental rates to price on the condo market just dont really work. most would be a negative monthly cashflow with 20% down.
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Old 04-07-2016, 08:16 AM
 
Location: Pixburgh
1,214 posts, read 1,448,660 times
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Quote:
Originally Posted by guy2073 View Post
You never mentioned your kids ages, if they are younger you can throw some money into Hazelwood, the rental income will not be as much but the initial investment will be lower plus you have the chance at a higher sales price.
agree. in the long term parts of hazelwood are a no-brainer in my opinion.
it would only take a few people really to start on 'scotch bottom'.
smack next to end of development, smaller row homes and sfh, cheap(ish) to fix up, only bad part is Pittsburgh owns half of them.. of these 5, the middle is the only one pgh doesn't own and getting it from them is a chore.

One of you rich people need to buy The Lytle..

as far as Multi units in those popular areas, 300k is about as good of a price as you are going to find. (some are lower but need the work to put it up there around 300k, like the one on mathilda)

Last edited by safak; 04-07-2016 at 08:24 AM..
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Old 04-07-2016, 08:49 AM
 
51 posts, read 225,035 times
Reputation: 31
Quote:
Originally Posted by jea6321 View Post
if hiring a good property manager, there are endless options. At that point its just a numbers game. I would suggest if looking for a good mix of appreciation and having a decent monthly cashflow, to stick with the neighborhoods that attract both grad students and young professionals. There are lots of these areas in pittsburgh.

some specifically would be lawrenceville, bloomfield, friendship, east liberty, point breeze, shadyside, south side, mt washington, central northside.

the rental rates to price on the condo market just dont really work. most would be a negative monthly cashflow with 20% down.
Thanks very much, do you have an idea (ballpark is ok) of what would be the fees+tax for a 2br condo?
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Old 04-07-2016, 09:09 AM
 
6,597 posts, read 8,916,294 times
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Do you have any landlording experience? Long-distance landlording to college students as your first shot at it seems like a recipe for disaster.

Anyway, I think the areas you are looking at are going to be very price stable. They might appreciate some, but it's not going to be enough to outweigh the risk of being a long distance landlord in my opinion.

Someplace like Hazelwood may appreciate dramatically, but you're probably going to be dealing with buildings that need rehabbed and/or low quality tenants in the mean time. Even just sitting on a vacant house in Hazelwood would be risky with how far away you are. But you can probably buy a place there for well under $50K, so if you consider that to be low risk then it may be worth a shot.
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Old 04-07-2016, 09:44 AM
 
Location: O'Hara Twp.
4,359 posts, read 7,483,988 times
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It has been some time since I was in the rental market in Shadyside but this listing is at least interesting. With two master suites and parking you can probably get top dollar. You would have to buy it and spend some money on updates. People that will pay top dollar want granite and updates in Shadyside these days. A friend has a bunch of rentals in the area and he said most tenants now want them updated. He just tore a building down and built a new fancy one.

765 COLLEGE 305,*Shadyside,*PA, 15232 | Shadyside Real Estate
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Old 04-07-2016, 12:04 PM
 
432 posts, read 355,811 times
Reputation: 1105
Quote:
Originally Posted by safak View Post
One of you rich people need to buy The Lytle.
Google seems to be not my friend today. What is this, please? (Although I'm probably not going to buy it anyhow, except maybe if they have chocolate there.)
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Old 04-07-2016, 12:38 PM
 
Location: Pixburgh
1,214 posts, read 1,448,660 times
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its a bar+liquorlicense+3bedroom house in the little area of hazelwood next to the development..
if things go as some plan down there, would be a pretty nice purchase in the long run
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Old 04-08-2016, 10:59 AM
 
432 posts, read 355,811 times
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Thanks! It's for sale, asking $300k, not clear how long on the market. Hey, if 300 of us ponied up $1000/each, we could have a club house! And YAC could be the bouncer! (Quickly veering back on topic...)

County says 2016 full market value is $62,900 <http://www2.county.allegheny.pa.us/RealEstate/GeneralInfo.aspx?ParcelID=0056J00235000000>, so that seems quite the premium. But I suppose that value is just for the building, not the business and license and etc. Any idea if the place is a going concern?

Last edited by Pughnose; 04-08-2016 at 11:00 AM.. Reason: Got rid of accidental automatic emoticon, which will be my next band name
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Old 04-08-2016, 12:47 PM
 
3,589 posts, read 3,352,296 times
Reputation: 2515
Quote:
Originally Posted by Pughnose View Post
Thanks! It's for sale, asking $300k, not clear how long on the market. Hey, if 300 of us ponied up $1000/each, we could have a club house! And YAC could be the bouncer! (Quickly veering back on topic...)

County says 2016 full market value is $62,900 <http://www2.county.allegheny.pa.us/RealEstate/GeneralInfo.aspx?ParcelID=0056J00235000000>, so that seems quite the premium. But I suppose that value is just for the building, not the business and license and etc. Any idea if the place is a going concern?
I think a liquor license alone can hit $250,000
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