All Forum Posts by: Account Closed

I live in Bethel Park and would agree with @Jordan Abromovitz that I don't think there's a huge market in Bethel for people who can afford to pay $2000/month in rent plus utilities, but wouldn't just buy something.  Just because the numbers work doesn't mean there's market for it.  Hard to say without seeing it, but I would lean towards flip.

Thanks for all your thoughts everyone.  I'm certainly intrigued by the tiny house idea, but I'm not sure it's the best option for here.  This an old mining neighborhood that was built for miners and there families for housing.  Meaning that they were built to be functional and to squeeze as many people in as possible.  It is a series of duplexes that are all exactly the same, built on a pretty steep hill, really close together.  So tearing one down and putting in a tiny house may look kind of silly and upset some people.  

However, the idea of buying up a whole street or side of a street is an interesting idea.  It is most definitely a desirable area: there are new shopping centers (built this year), gas stations and other housing plans being built within a mile.  It's just not a very attractive looking neighborhood because it's never been taken care of and the houses are all exactly the same and on a steep hill.  Everything about the location is great.

Might be worth a conversation with someone in the municipality.

Hey Jeremy,  Thanks for responding.  Honestly, these people are practically giving the houses away.  We're talking $10,000 and under so it's not really the price of the property that's the issue.  It's pretty tight quarters so demolition would be expensive and the empty lot wouldn't be worth what it costs to tear down the house.

I'm just more talking about big picture stuff.  Working with the municipality?  Maybe buying up lots and holding them to sell off to a bigger developer?  Just looking for ideas or things other people have done with problem areas.  Perhaps there just isn't really a good solution at this point in time.

I grew up in an A/B suburb of Pittsburgh and am very familiar with the area.  There is one old mining neighborhood with a bunch of duplexes that's in an incredible location.  It's right on the trolley line which runs in to town.  Close to some pretty unbelievable stores and malls that service the incredibly wealthy communities just down the road.  It's right off a major road that runs up to the city as well.  Couldn't be a better location.  These few streets (maybe 50 properties) though are by far the worst in a five mile radius.

I do a fair amount of direct mail marketing and have had a pretty shocking amount of calls from people in this neighborhood when they get the flyers.  Responses are from owner-occupiers and landlords alike.  I always go to look when I receive a call, but almost every duplex I've looked at is in such bad shape, the only option in my mind is demolishing and starting over.  I'm talking foundations that are so messed up, you're surprised the house is still standing.  Holes in the roof that look like the house was hit by an asteroid.  Smells that are beyond description.  Unfortunately though, I can't seem to find a way to even get close to making the numbers work to buy one of these properties.

The town is a fairly well-to-do suburb and this is one of only two problem areas in the municipality.  My question though to the Bigger Pockets community is:  where do you even start with a neighborhood like this?  As it stands, it's not profitable to buy, even if you're just going to demolish and sell off the land.  It is my home town and I'd like to be able to do something and make it at least a little profitable, just not sure what.  Does anyone have any experience in neighborhood revitalization and have any ideas of where to start?