Anyone willing to share info on deals in Pittsburgh

[Thomas Burke]

I lived in Pittsburgh for two years and thought it was a great city.  My best friend currently lives there and bought a property in the North Side with his girlfriend that they are currently renovating themselves.  We have talked about jointly investing in rentals in the area, but wanted to review deals to better understand the market.  Would anyone mind sharing their deals in Pittsburgh or pointing me to somewhere they may already be posted?

Thanks

Tom

[Jordan Abromovitz]

Just do it. Buy it for the right price, make it cool, and hire a property management company who has a good reputation. First make sure you will mesh good with your friend in biz. You both should be level headed and logical.

[Gary Swank]

@Thomas Burke Hi Thomas, you may also want to consider getting with a licensed Realtor who is familiar with working with commercial/residential investors. Since they live and breathe real estate, they may have knowledge into what you are looking for. Thanks, Gary

[Account Closed]

Tom,

Here's a quick summary of my buy-and-hold properties in Pittsburgh, which might help you get a better idea of the market. Keep in mind there was A LOT of sweat equity that went into most of these. 

SFR purchased in 2008 (as a house hack) for $110k+ 10k renovations; rents for 1550

Duplex purchased in 2010 for 65k + 15k in renovations; rented for 1300 when I bought it but rents are now $1750

SRF purchased 2012 for 44k + 20k in renovations; rents for $1025.

Duplex purchased in 2016 for 70k (no renovations) rents for $1125.

My personal advice is to not partner with someone unless you have to. Cash flow on a SFR or small multi-unit is going to be pretty minimal if you split if 50/50.

[Devin Woods]

Thomas,

You should be able to get an ROI of 15%-25% in actual cash flow throughout many areas of the Burgh. These numbers will vary from area to area, and could exceed in either direction. But if you are financing with 20-25% down through conventional financing, these cash on cash ROIs are attainable.