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Old 03-01-2018, 11:28 AM
 
Location: Pittsburgh, PA (Morningside)
14,354 posts, read 17,086,444 times
Reputation: 12427

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Quote:
Originally Posted by SteelCityRising View Post
The "neighborhood market" is out of business, and the coffee shop is also temporarily out of business as it undergoes an ownership change and rebranding. So right now I can walk to a records store (useless), comic book store (useless), pest management office (useless), architectural studio (useless), or three dive bars (useless).
Yeah. Polish Hill is the sort of place that I think would be awesome to live in if you manage to buy a home at a decent price. But as a renter who can live anywhere, saying it's "almost close" to a lot of things isn't really enough to make it worth your while to stay.
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Old 03-01-2018, 12:18 PM
 
Location: Pittsburgh(Mt Washington)
325 posts, read 324,080 times
Reputation: 218
Quote:
Originally Posted by guy2073 View Post
You could buy a duplex and live for free, there is no way I would pay as much as you do in rent.
Not nowadays.. the prices of duplex are so high that the other side will barely cover half of your mortgage if you do the fha house hack.. example here

https://www.redfin.com/PA/Pittsburgh.../home/74465733

Buy for 300k.. other side only rents for 1200 max; mortgage at least 2000$ And throw in some vacancies and your screwed
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Old 03-01-2018, 12:29 PM
 
3,595 posts, read 3,409,145 times
Reputation: 2531
Quote:
Originally Posted by sky329 View Post
Not nowadays.. the prices of duplex are so high that the other side will barely cover half of your mortgage if you do the fha house hack.. example here

https://www.redfin.com/PA/Pittsburgh.../home/74465733

Buy for 300k.. other side only rents for 1200 max; mortgage at least 2000$ And throw in some vacancies and your screwed
Why would anyone buy a 300k duplex?

https://www.redfin.com/PA/Pittsburgh.../home/74488177

I believe you can do an FHA on a triplex, is it still 3% down? It has been on the market a while, I would put an offer in with some sellers assist to keep closing costs down or raid my 401k for the down payment.
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Old 03-01-2018, 12:35 PM
 
Location: Pittsburgh, PA (Morningside)
14,354 posts, read 17,086,444 times
Reputation: 12427
Quote:
Originally Posted by sky329 View Post
Not nowadays.. the prices of duplex are so high that the other side will barely cover half of your mortgage if you do the fha house hack.. example here

https://www.redfin.com/PA/Pittsburgh.../home/74465733

Buy for 300k.. other side only rents for 1200 max; mortgage at least 2000$ And throw in some vacancies and your screwed
Yeah, but that's Oakland. Of course a multi-unit there is going to be expensive. Here's a two-unit on the North Side for only $179,000. Here's a pretty nice three-unit in the Lower Hill for $225,000.
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Old 03-01-2018, 01:42 PM
 
Location: Western PA
3,733 posts, read 5,978,708 times
Reputation: 3189
Interesting that more apartments have been built in the city in the last three years than in the last 15 years combined. Not surprising, given that people have complained about the dearth of new construction for years. So it's nice to see all this new inventory coming onto the market. As mentioned before, it should ease up on the rising rates for the older stuff, which will ultimately make it more affordable.
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Old 03-01-2018, 02:05 PM
 
Location: Pittsburgh(Mt Washington)
325 posts, read 324,080 times
Reputation: 218
Quote:
Originally Posted by eschaton View Post
Yeah, but that's Oakland. Of course a multi-unit there is going to be expensive. Here's a two-unit on the North Side for only $179,000. Here's a pretty nice three-unit in the Lower Hill for $225,000.
The reason I posted Oakland is because we were talking about rentals in Oakland
That north side duplex is tiny only 2, 1 bedroom units and very dated.. prob could get max 600 per 1 bed.. so that mortgage would be at least 1200 so again would not cover the mortgage even close on a fha



And 225k for the hill that’s high.. only has a single furnace and those rents would never cover that mortgage

Last edited by sky329; 03-01-2018 at 02:19 PM..
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Old 03-01-2018, 02:06 PM
 
Location: Pittsburgh(Mt Washington)
325 posts, read 324,080 times
Reputation: 218
Quote:
Originally Posted by guy2073 View Post
Why would anyone buy a 300k duplex?

https://www.redfin.com/PA/Pittsburgh.../home/74488177

I believe you can do an FHA on a triplex, is it still 3% down? It has been on the market a while, I would put an offer in with some sellers assist to keep closing costs down or raid my 401k for the down payment.
Well somebody would, the House was already under contract but it looks like it’s back on the market
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Old 03-01-2018, 02:09 PM
 
Location: Pittsburgh, PA (Morningside)
14,354 posts, read 17,086,444 times
Reputation: 12427
Quote:
Originally Posted by sky329 View Post
The reason I posted Oakland is because we were talking about rentals in Oakland
Yeah, but you were responding in particular to a post that was suggesting SCR move from Polish Hill and buy somewhere.

If he buys somewhere, it's sure as sh*t not going to be Oakland.
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Old 03-01-2018, 02:19 PM
 
Location: Pittsburgh(Mt Washington)
325 posts, read 324,080 times
Reputation: 218
Quote:
Originally Posted by eschaton View Post
Yeah, but you were responding in particular to a post that was suggesting SCR move from Polish Hill and buy somewhere.

If he buys somewhere, it's sure as sh*t not going to be Oakland.

My point is duplexes in Pittsburgh have become to overpriced and make them not worth it over a single family home.. 3 or 4 units sometimes bring better cap rates but the price on them has went up as well bigtime since I was looking in 2014
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Old 03-01-2018, 02:33 PM
 
Location: Downtown Cranberry Twp.
41,016 posts, read 18,288,019 times
Reputation: 8528
Quote:
Originally Posted by jay5835 View Post
What L_I_T said. If you keep paying her, SCR, she'd be crazy not to keep taking it.
Bingo.

A landlord that knows a tenant isn’t going to move is going to keep getting every penny from the tenant they can.
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