Pittsburgh Hazelwood Neighborhood General Inquiry

[Rick Miller]

I've lived in Pittsburgh my whole life and have always had an interest in the many different neighborhoods and the unique cultures of each area.  Lately my partner and I have been thinking about buying a property or two in the Hazelwood nneighborhood of Pittsburgh.  I know it is a distressed town after the collapse of the steel industry, but I also know that Uber and CMU both have recently developed a presence there and the former Almono steel plant site is ripe for development.  We were thinking about buying a property, putting in some sweat equity initially, then rent the place out while the area gentrifies.  

Has anyone invested in this area?  Do you have any success and/or failure stories that a new investor should be aware of?  Any relevant information would be extremely helpful.

Thanks!

Rick

[Brian Shirey]

What you are contemplating is certainly a popular sentiment in that area Rick.  A new york based investor just bought a whole block of dilapidated row houses right next to the almono site.  Here is a link to the story from the post gazette.  Right now it is still speculative and early, but fortune favors the bold and if you can get in early all the better.  I think you will eventually have a winner on your hands if you get in now, but it will take some time for that market to develop.  Will it be 1, 2 or 5 years from now?  That's the question.