Success stories and advice for first property in Pittsburgh?

[Eamon Levin]

Hi All, 

I'm looking for areas to invest in out of state for my first rental property as I live in NYC. I went to school in Pittsburgh so its an area I know better than a market I've never been to. Does anyone have any success stories or advice to share about getting into the Pittsburgh market? 

Any real estate agents that are recommended that have worked with investors in Pittsburgh? 

[Anthony Angotti]

@Eamon Levin

Pittsburgh has been a great market for me. I started out house hacking and now have right around 170 units in the market. Mostly in the South Hills, but some in Avalon, Shadyside, and a few scattered buildings here and there. I mostly invest in 5-50 unit apartment buildings, but those can be few and far between at the moment. 

Right now it can be tough to find deals that meet really aggressive cash flow numbers that people were getting 5-10 years ago, but that time might be around the corner with the rising rates. 

As an investor and a realtor in the area I've seen things change over the past 10 years from a great cash flow market with little appreciation to a good combination of cash flow and appreciation. 

One piece of advice is that when you analyze Pittsburgh properties at a glance it's better to use a 1.3% rule than a 1% rule for identifying properties for further analysis. https://www.biggerpockets.com/...

The reason for that is that Allegheny County property taxes are a bit higher than most parts of the country.