Neighborhoods in Pittsburgh

Liron Burrack · 2021-11-05T08:19:56-07:00

Hey Everyone, I am an out-of-state investor who is looking to invest in Pittsburgh. I looked at a lot of neighborhoods in the Pittsburgh triangle area and outside, but It is hard for me to decide which neighborhoods to focus on. What I am looking for: 1. a mix of appreciation and cash flow 2. SFH or multi-unit (up to 4 units) properties. 3. I'm open to different types of income/population (low income, students, etc)4. I'm looking to buy and hold for ~10 years. I trying to decide on 2 Neighborhoods to focus on. One of the neighborhoods I'm curious about is Larimer because of its closeness to Bakery Square and also seems like there are plans to improve the neighborhood. I have a few questions about this neighborhood, that can help me decide: 1. What are the better and worse streets in the neighborhood? 2. Would anyone that is not under section 8 agree to rent there at the moment? 3. Any recommendation for a property management company that is working in that area? To help me get a better understanding of the rent situation there Also, curious to hear opinions about Garfield, and the Hill District.Thanks to anyone who can help

David Coleman

Pittsburgh, PA · Member since 2015 · 52 posts · 26 votes

4y

@Liron Burrack,

I think you need to identify a consumer for your product before you start trying to isolate neighborhoods. What are you selling and who are you selling it to? Families? Single people?

If you're looking for appreciation, Lincoln-Larimer, Garfield, and The Hill aren't my top picks. They're solid cash-flowing neighborhoods, but not the "best"for appreciation.

You're looking for appreciation and cash flow, SFH to 4-units, different incomes and socio-economic backgrounds. Too broad, IMHO. As Jim K. told me before, you need to drill down and really identify what you want to pursue first. REALLY identify your criteria. With this being said, as I mentioned above, you need to drill down on a specific product and a specific consumer. What are you selling and who are you selling it to?

To your further questions

1. What are the better and worse streets in the neighborhood? Proximity to Bakery Square would be better for Lincoln-Larimer.

2. Would anyone that is not under section 8 agree to rent there at the moment? If you're looking for families, some. I'm sure single younger people would.

3. Any recommendation for a property management company that is working in that area? There have been a few recommended in the past. A few queries should bring em' up.

Good luck going forward!

Dave

2 Reply

David Lee Hall, III

Rental Property Investor · Pittsburgh, PA · Member since 2019 · 530 posts · 511 votes

4y

In regards to Section 8 - we just discussed this at last month's WPREIA/BP meetup. The AC Housing Authority spoke (which is different than City of PGH). One thing that came up repeated is frustrations with the Section 8 lease for those dealing with city-proper Housing Authority for those that had prosperities that fell under both. While I have not personally dealt with in-city Section 8 - the overwhelming review was that their lease heavily favored the tenants and there were concerns that the city was going to continue (renew) the moratorium on evictions even after the county's expired paired with a new more progressive leadership group arriving in January.

Just a couple things as food for thought.

1 Reply

Liron Burrack

OP

Member since 2021 · 11 posts · 0 votes

4y

Thanks for the feedback, David Coleman!

Another mentor of mine said that it is best to drill down as much as possible. I will definitely work on that.

How specific are you when searching for investments? a number of Beds + baths? Would you say - SFH + 2 multi-units is good enough of a description?

I thought that Larimer can appreciate well, as it's in a good location and I saw different projects coming in.

(I hope I'm not breaking any rules by posting articles here)

https://triblive.com/local/for...

https://www.bizjournals.com/pi...

0 Reply

Liron Burrack

OP

Member since 2021 · 11 posts · 0 votes

4y

Thanks for the info @David Lee Hall, III!

How can I join the next WPREIA/BP meetups?

0 Reply

David Lee Hall, III

Rental Property Investor · Pittsburgh, PA · Member since 2019 · 530 posts · 511 votes

4y

https://pittsburghreia.com/ for more information. Feel free to DM me if you have any specific questions

0 Reply

Jeremy TaggartBusiness Member

Real Estate Agent · Pittsburgh, PA · Member since 2014 · 850 posts · 647 votes

4y

@Liron Burrack Garfield has definitely started to gentrify and is a lot further along than Larimer and the Hill. I feel like long term Larimer and the Hill will turn around, but definitely will be management intensive in the meantime until they get there. Larimer probably closer to that point than the Hill. Might be tough with you being out of state and having to rely on a management company to manage in those neighborhoods if you decide to buy there, just becuase of everything that goes along with that in the lower income neighborhoods that haven't quite picked up yet. I tend to only recommend that if you are local and can be super hands on to run a tight ship.