East Liberty, Garfield??? Good for fixers? (Pittsburgh, Houston: sale, real estate, 2015)

[Hal Roach]

Originally Posted by UKyank

You need to focus on some of the other neighborhoods mentioned on here to find what you're looking for; basically need to find the 'next hot thing' rather then the 'current hot thing'. I'd add homestead/munhall area to be on the lookout for decent places as I see it on the rise.

Yes, this tends to be part of my strategy...Are the Milineals actually pulling the trigger and buying some of these homes? Or have they become a class of renters? They do not seem to be buying in NoVa, but they might just be priced out. Lack of first time buyers is troubling for the housing market as a whole. The couple, who bought my parents starter home in NoVa for 350k were about 60 yo.

I see lots of homes and neighborhoods on hills. How common are foundation problems? That is something I avoid..leaking roof and water damage not a big problem. A friend says mold is his best friend...demands a big discount, yet fairly simple to remediate.

You all seem to be a straight shooting, helpful group. Very refreshing, Thanks!

[PghYinzer]

I think it depends on the person as to whether they buy or rent. The two flips within a block of my house (both bought for around 50K, both sold for around 200k) were bought by people under 35.

As for houses on hills, again I think it depends on the house. My house is a standard Pittsburgh 2 story with a walk up attic (kinda a foursquare but not really a foursquare layout) with a walk out basement. When you walk out the basement and stand on my deck you are higher than the roof of the same sized house on the lot behind me. 1/2 of my property is a hillside that is unusable. I have never had any foundation problems, and there is no signs of any repairs ever being done.

[eschaton]

Originally Posted by RogersParkTransplant

Yes -- but note that it's the same one I posted; there aren't a lot of these left at this price...they do come up pretty regularly but they also sell fast.

Oops. Sorry. The amount of housing available at that price point is really limited now, so of course we'd all be suggesting the same units.

Originally Posted by selltheburgh

311 N Mathilda needs a total renovation.

Speaking of total rehabs in Garfield, is this as bad as it looks? Seems to have a hole to the outside in the rear of the building judging by the picture. That said, it the structure is salvageable, and the OP has the ability to put sweat equity into a total rehab, someone would want a house in Garfield with a location that good.

Originally Posted by Hal Roach

Yes, this tends to be part of my strategy...Are the Milineals actually pulling the trigger and buying some of these homes? Or have they become a class of renters? They do not seem to be buying in NoVa, but they might just be priced out. Lack of first time buyers is troubling for the housing market as a whole. The couple, who bought my parents starter home in NoVa for 350k were about 60 yo.

I think it's more common here than elsewhere for millennials to buy, because it's so much cheaper here to own a house than to rent.

Originally Posted by Hal Roach

I see lots of homes and neighborhoods on hills. How common are foundation problems? That is something I avoid..leaking roof and water damage not a big problem. A friend says mold is his best friend...demands a big discount, yet fairly simple to remediate.

I think the general rule is that low-side houses (those located down a slope, with, for example, entry on the second story) tend to have a lot more issues with foundations than high-side houses.

[chao]

are you expect to make profit when you sell? or just want a place to stay for 40k and fix it while you live in it.

do you have 40k cash? if so, I suggest you get a mortgage and buy 80~120k house and fix it up.

it's almost impossible to get 40k house in hot area in Pittsburgh that's liveable.

[Lost_In_Translation]

Originally Posted by chao

are you expect to make profit when you sell? or just want a place to stay for 40k and fix it while you live in it.

do you have 40k cash? if so, I suggest you get a mortgage and buy 80~120k house and fix it up.

it's almost impossible to get 40k house in hot area in Pittsburgh that's liveable.

Even at 60-80k, a lot more options open up.

[mbw5100]

To throw another neighborhood into the mix -- you might look into East Deutschtown. Pretty walkable (a mile to the Strip, or the ball field) and there's quite a bit of development going on. The good deals tend to get snatched up before they hit Zillow, but there is a development company, Marc Anthony Construction, that owns a number of houses in the area and they are pretty good at selling their inventory for the tax appraised value. They bought a bunch of them to put in the Dialysis center along the highway, and were just sitting on them. Might be worth giving them a call.

They just sold these two houses for around 35K each; the one on the left is being turned into a house, and the Milwaukee brick house on the right is getting a kitchen showroom downstairs, and an apartment upstairs. The white building to the right is still for sale (by a different seller), but it is listed at 110K. Considering it hit the market at 400K a couple years ago, they might entertain a lower offer. But, it would be a big project.

Edit to include Google Maps link: https://www.google.com/maps/@40.4558...7i13312!8i6656

[selltheburgh]

Originally Posted by Hal Roach

Are the Milineals actually pulling the trigger and buying some of these homes? Or have they become a class of renters? :

There are a lot of millennials that are 20-27 years old, so they are likely renters just based on age alone.

But yes, that's the demographic of home buyers for the most part in these areas. Millennials and "xennials" who were born between 77 and 83.

[AaronPGH]

If you are coming to flip a house, stay out of Garfield. The neighborhood does not need to be eaten alive by flippers.

[Lost_In_Translation]

Originally Posted by AaronPGH

If you are coming to flip a house, stay out of Garfield. The neighborhood does not need to be eaten alive by flippers.

He said he was planning on living in and fixing, not flipping.

[Hal Roach]

Originally Posted by AaronPGH

If you are coming to flip a house, stay out of Garfield. The neighborhood does not need to be eaten alive by flippers.

If you think it is better to have poorly maintained units with cheap rent, you are part of the problem, not the solution. If people that got almost no money down mortgages weren't such worthless pigs, you wouldn't have such a large inventory of REO. I suppose that Bernie Sanders is going to put in new copper plumbing, get rid of the energy wasting fixtures, and remove the asbestos?