How much house can you get for $50k? (Pittsburgh, Crafton: bank owned, real estate)

[RogersParkTransplant]

Hi everyone, I have been thinking of various threads about whether or not housing in Pittsburgh is affordable, so I just wanted to start a hypothetical thread -- just looking to learn about local real estate, not planning to buy -- by asking what you would buy, and where, with $50k. I'm especially curious to see the comparison between different areas, and city/suburban comparisons.

I picked $50k because it strikes me as a price range in which Pittsburgh is very interesting -- in most cities with football teams etc, $50k won't get you much at all, but it can actually buy a good starter home here, or a bigger house with "great bones" needing rehab, or even a truly nice house in a dodgy location. It's the variety that interests me, so I am just curious to see what people would do. I'm also curious to see how people respond to suggestions from others.

Here's an example that caught my eye in my neighborhood -- this part of Spring Hill is not really walkable to anything, but there's a bus stop close by that gets you downtown really quickly, and you can drive to 279 in a flash. It's not an affluent neighborhood, but not a bad one either; I wouldn't expect this house to appreciate wildly but it would hold value and be a nice place to live cheaply. (It's already under contract by the way, so at least someone thinks it's a good deal.)

2439 Sunset Ave, Spring Hill, PA 15212 - realtor.com®

[Salmonburgher]

That's a nice house for that price. As the saying goes, though, re real estate - location, location, location.

Location is often good or bad depending on a particular buyer's circumstances. I know that's obvious.

If I were one whose circumstances enabled me to live in that house, I'd easily consider buying.

[RogersParkTransplant]

Originally Posted by Salmonburgher

That's a nice house for that price. As the saying goes, though, re real estate - location, location, location.

Yes, absolutely -- that's part of why I'm asking. If we take $50k as the hypothetical price limit, what can you find in a better location? What weird gems can you find in a worse location? Obviously better locations will have houses that need more work...I'm just curious to see what people can come up with as comparisons. I'm hoping someone posts a cute farmhouse from some distant suburb where I have never been...it's just fun to see the variety.

This one is unusually good, though, at least in pictures. I like to watch the listing around me and this is one of the best I have seen in terms of bang for your buck.

[Jay_F]

Originally Posted by RogersParkTransplant

This one is unusually good, though, at least in pictures. I like to watch the listing around me and this is one of the best I have seen in terms of bang for your buck.

In this market, and in its location... That place for the price is the Taj Mahal. I have seen dilapidated, old, bank owned single wides way out in the country, asking more than $50k, and not on a lot of ground. Heck, it's scary to see what $125K WON'T buy nowadays, in areas I sure would not consider prime.

[norcider]

Originally Posted by Salmonburgher

That's a nice house for that price. As the saying goes, though, re real estate - location, location, location.

Location is often good or bad depending on a particular buyer's circumstances. I know that's obvious.

If I were one whose circumstances enabled me to live in that house, I'd easily consider buying.

This house is a stone's throw from I279, 28, and town. It's on a well traveled road though. Alas, it is in the North Side which is the boogey man to many looking for a first time home purchase.

[Paul2421]

Originally Posted by norcider

This house is a stone's throw from I279, 28, and town. It's on a well traveled road though. Alas, it is in the North Side which is the boogey man to many looking for a first time home purchase.

I would be interested in the perspective of someone renting in the east end and getting priced out but has shown interest in owning a house. I wonder if there is anyone like that on this sub.

[norcider]

Originally Posted by Paul2421

I would be interested in the perspective of someone renting in the east end and getting priced out but has shown interest in owning a house. I wonder if there is anyone like that on this sub.

Well, when "walkable" hit the lexicon here all these deals were suddenly of the radar of most people. Never mind this one is close to many cool places. One has to be able to take a short walk to awesomeness or it's just not cool.

[mbw5100]

Originally Posted by Paul2421

I would be interested in the perspective of someone renting in the east end and getting priced out but has shown interest in owning a house. I wonder if there is anyone like that on this sub.

I was in Lawrenceville for a year and then bought a house in Deutschtown. The amount of bang you get for your buck is insane.

[eschaton]

I like this in terms of value for the money. Millvale, and inhabitable for $50K. Even has a tiny bit of original character. The down side is it's pretty far to the north, nearly a 15-minute walk from most of the interesting things coming into Millvale. On the good side, it's up on a hill, so the house won't flood.

I have no idea why this house in Ingram is so cheap. Looks to be in good condition and in a convenient place. Maybe just because it's small?

This Crafton Heights house could be very nice, if you just removed the wood paneling and carpet.

[eschaton]

Originally Posted by norcider

This house is a stone's throw from I279, 28, and town. It's on a well traveled road though. Alas, it is in the North Side which is the boogey man to many looking for a first time home purchase.

I still maintain that Spring Hill is one of the most under-valued neighborhoods in the city. Elliott may be a second example. I mean, neither is fashionable, or holds much hope of gentrification, but they're priced like they're the ghetto, despite being much safer than somewhere like Homewood or Knoxville. Really local real estate prices should be at least modestly higher.