You did not specify the age of the property so it is purely speculation at this point. 

Congrats - would you ever buy in this market for pure investment purposes or do you think its mostly just a good market for a owner-use vacation home?

My allocation I mentioned above is purely what I would do based on my current financial situation.  

I don't know about a pure office building. 

We've got many clients that buy them as pure rentals also. - The FHA 203(k) loan is a great way to buy a MFR as it allows repairs to be included in the purchase mortgage.

I'm originally from Western PA as well (Slippery Rock) and now reside in Atlanta.Here is how I am looking at it along with the assumptions I am making:1) I think the growth prospects are better in the Atlanta market than Pittsburgh from a pure demographics standpoint.2) I estimate your return on equity at 7.2% currently3) Over the long haul appreciation is going to take you further when it comes to net worth than cashflow will4) Doubling of the roofs is doubling the expensesThings to consider:1) What is the year built of your Atlanta property vs. what you could replace it with in PGH?

Purely an unsecured promissory note.

So in that time I should have around $25-30k in pure profit saved up in rents.Once I have finished the rehab and stabilized the property I plan to either sell or refinance within the year.

Investors base their purchases on potential, but appraisers base their numbers purely on formulas and comps.

Be sure to not invest purely for that tax incentives.