Help me analyze this.. cash cow?

Question

Hello BP community,

I may have found a particularly amazing deal. I know that without knowing the specific area of Pittsburgh it's hard to tell if I'm spot on with rental numbers but I cross-checked rentometer and current properties being rented on craigslist in the area and used the conservative numbers. This seems like an amazing deal from the numbers I ran. I will say the property needs structural support repair so I added in 8k for that plus cosmetics for a 45k rehab budget. Without seeing the property in person this is just a repair estimate.

I would love to know your thoughts on this potential deal!

Thank you and as always I appreciate any and all comments, questions, and concerns,

Savannah

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*This link comes directly from our calculators,                  based on information input by the member who posted.

Dan Mason · Answer

All of the above. There have been a couple of shootings in the news lately. However there are nice streets even in bad neighborhoods and the only way a neighborhood improves is when people invest and make it better. Don't let me scare you off just be sure what you are getting yourself into. The Trulia crime map is a good resource

Troy B. · Answer

Savannah, did you purchase this property? I know it was recently "sold" by the wholesaler. I have a multi nearby.

Dennis M. · Answer

Eh ..its in the ghetto and the rents are not accurate plus the property looks like it’s going to need a whole lot of rehab work . I think your calculations are wishful thinking .

Savannah Lewison · Answer

@Dan Mason Thank you. I looked into the shooting that happened recently. That doesn't completely deter me from wanting to me. I would love to really help in making a neighborhood better than before moving in! But it is good to know what I would be getting into.

Savannah Lewison · Answer

@Dan Mason Thank you! What are the reasons for it being not a great neighborhood? Run down? Bad schools? Violence? Gangs?

I'm just curious because I will be househacking. Thanks!

Dan Mason · Answer

Perry South is not a great neighborhood. Be sure not to overestimate rent

Savannah Lewison · Answer

Hey @Max Feinberg ! It’s in Perry South right next to Folwer playground.

Max Feinberg · Answer

Hello Savannah! What area of town is this in? Feel free to PM me if you would like.

Help me analyze this.. cash cow?

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