Buying rental property with access to UPitt and CMU (Pittsburgh: section 8, condos)

[FromGA]

Originally Posted by ferraris

Is this even a good idea? You're clearly not familiar with the area, so the odds of you making a bad investment are dramatically increased. Plus you'll be a few hundred miles away, which is not at all ideal for a landlord who wants to keep an eye on property with college students living in it -- are you planning to use a property management company? You can definitely find homes in the $100 to $160K range, but they aren't likely to be multi-units in areas that attract Pitt and CMU students.

Thanks for being a great voice of reason. Here are my reasons:
(a) I ask a hundred questions before buying anything, and since I don't HAVE to do this -- I would not buy if the property did not make total sense.
(b) I have some experience owning a rental property (accidental landlord, with reasonable outcome). Have realized that if I can hold down costs such as initial purchase cost, property tax, insurance, and maintenance -- renting out property is a decent choice.
(c) I am a pretty basic person, and I think even amongst food/clothing/shelter, most people would choose safe shelter really.
(d) I have visited Pittsburgh in the past and blown away by the beauty. I recall exiting the tunnel under the river (and you the stadium and other sights), and the view from (I think) Mt Washington - where u can see the casino on one side etc. Since I live in Pennsylvania, I think at some point, Pittsburgh would be in either me or my kids future. So it is not just a rental property idea (I kind of mentioned this in my first post).
(e) Also, just to clarify I am not looking for multi units. Looking for detached SFH style.

Thanks for your concern. Now will you help me? :-)

[FromGA]

Originally Posted by theta_sigma

How important is the transit link into Oakland for this venture? There are still a few safe East End neighborhoods in your price range ish but they are less popular with students (especially undergrads) because the public transit is not great.

I would think the prority would be:
1. Safety
2. Proximity (say under 3.5 miles to the Pitt/CMU area)
3. Public transit (rail or bus)

When you say transit link, do you mean bus, or light rail, or both? I was checking the port authority website. Is this the map for light rail?
http://www.portauthority.org/paac/apps/maps/TLines.pdf

Thank you.

[Pitt Chick]

Yes, that is the map for the T, our light rail. It does not go to Oakland, though you can transfer to buses from downtown to Oakland.

[I_Like_Spam]

Originally Posted by FromGA

I would think the prority would be:
1. Safety
2. Proximity (say under 3.5 miles to the Pitt/CMU area)
3. Public transit (rail or bus)

When you say transit link, do you mean bus, or light rail, or both? I was checking the port authority website. Is this the map for light rail?
http://www.portauthority.org/paac/apps/maps/TLines.pdf

Thank you.

There is no LRT service to either Pitt or CMU.

[Rocket88]

Originally Posted by I_Like_Spam

Bakery Square is pretty expensive, and so are the houses across Penn Ave where Reizenstein School used to be.


Now, behind Bakery Square, you have the Larimer area which is a lot less expensive- but has the reputation of a good place to get shot.

This is true. However, Larimer may not be a bad neighborhood to check out if one does not mind waiting a few years for a return of their investment. This project has the potential to spur that growth while improving access for existing residents of Larimer. Walnut Capital seeks grants for construction of new Bakery Square transit hub | Pittsburgh Post-Gazette

[UKyank]

How about a condo unit as you would have no building maintenance to worry about as you don't live in the area.
Something like this
http://hanna2go.com/property/detail/...n/1047329.aspx

That's a popular area with students

[infoscott]

You can also try searching around Greenfield at Murray Ave & Hazelwood Ave (as far north as Loretta Ave). You have the 61D servicing CMU/Pitt in that order, and cut in a block you have the 58 serving Pitt/CMU in that order. Greenfield is considered cheaper than Squirrel Hill, Oakland, or Shadyside.

https://www.google.com/maps/place/Mu...rgh,+PA+15217/

[robrobrob]

What the OP is looking for is basically what half of the home buyers under 35 in Pittsburgh are looking for, something cheap and close to Oakland, Shadyside, etc.

The issue with a condo is that the condo fee often doesn't make the numbers work.

[doo dah]

Originally Posted by robrobrob

What the OP is looking for is basically what half of the home buyers under 35 in Pittsburgh are looking for, something cheap and close to Oakland, Shadyside, etc.

The issue with a condo is that the condo fee often doesn't make the numbers work.

Also, some condo associations don't permit rentals after the student has graduated and left the area.

[fleetiebelle]

Originally Posted by I_Like_Spam

There is no LRT service to either Pitt or CMU.

The neighborhoods with light rail are more convenient to Duquesne or Point Park students, but it's definitely not the East End.