New rental development in Pittsburgh make sense

[Michael Wolffs]

I've bought four properties in Pittsburgh already. Noting in he core area of the city, and all older properties. I'd like to get properties in better areas more in play with the economic development (near the colleges and / or hospitals.  Thinking Lawrenceville, Greenfield, Squirrel Hill, maybe Oakland.  Finding properties in these areas hasn't been easy.  Little inventory and high prices compared to rents.

However, thanks to Pittsburgh's post industrial wasteland days, some of these areas have a number of empty infill lots that look somewhat prime for development.  But I've never done this before, and am not local.  Has Pittsburgh come back enough that developing new multifamily rental properties makes sense.  Is the city friendly to this?  In general do the numbers work to the point where it makes sense?  Has anyone here built multifamily in Pittsburgh?

Any help appreciated.

[Michael Wolffs]

@Kesete Thompkins I wasn't thinking of the rougher areas.  I realize that the rents there won't support new development.

Particularly I was thinking about Lawrenceville.  It seems to be the "It" area in Pittsburgh.  I also think Bloomfield and Qakland would work also, trying to take advantage of UPMC expansion.  

Maybe this is out of date, but I see "missing teeth" lots on Google Maps that would seem very developable.  I'd need to track down the owners.  I'd be looking to build multifamily, so I'd have to find if the zoning is compatible.  But the biggest issue is would these type of deals pencil out, especially as rentals.  I'm trying to find anyone who has done this before in PGH, to get some boots on the ground experience.