Moving to Pitt - Couple Questions (Pittsburgh, Millvale: houses, to buy, landlords)

[mattolson]

Originally Posted by eschaton

MWS was first colonized by "sweat equity" folks back in the 1970s, as I said. Some total gut jobs are still available though. This home in Deutschtown needs a crapton of work, but has a great location and would sell well if fixed up. It's not really habitable as it is though. Plus it's in the historic district. Or if you want a real project, take this on in Manchester. Live in the finished carriage house behind while you deal with the gut job mess inside the main house.

Lawrenceville's issue is that cheap flippers have been buying up everything and putting in Home Depot level finishes since 2011 or so. There's a lot of mid-range habitable stuff still on the market, but the great deals are mostly gone.

Great response. I don’t know if I can convince the significant other to go full gut haha. I know finding a happy medium will be tough though.

[PghYinzer]

What neighborhoods are still buy cheap and get a good return in 2-3 years? The areas that seem to be no brainers (Lawrenceville, Bloomfield, etc) don't really have any cheap houses anymore. Heck I just checked Brookline and there is only 4 under 100k, two of which are not even livable.

[gladhands]

Originally Posted by PghYinzer

What neighborhoods are still buy cheap and get a good return in 2-3 years? The areas that seem to be no brainers (Lawrenceville, Bloomfield, etc) don't really have any cheap houses anymore. Heck I just checked Brookline and there is only 4 under 100k, two of which are not even livable.

Inventory is low, but I’d bet on Uptown

https://www.redfin.com/PA/Pittsburgh...m_content=link

[eschaton]

Originally Posted by gladhands

Inventory is low, but I’d bet on Uptown

https://www.redfin.com/PA/Pittsburgh...m_content=link

Three years might be a bit too soon for a turnaround in Uptown (will the BRT be done by then?), but I do think that rowhouse if fixed up would sell for significantly more.

[mattolson]

I really love that Manchester house. The inside looks rotted though, probably a $150+k gut on top of that $225k. I wonder if we could get that down and I could convince the fiancee. How bad could living in that carriage house be with two dogs? haha

[gladhands]

Originally Posted by eschaton

Three years might be a bit too soon for a turnaround in Uptown (will the BRT be done by then?), but I do think that rowhouse if fixed up would sell for significantly more.

Anecdotal, but we have acquaintances who sold an Uptown rowhouse for 300k+, last year.

[Rust Belt Kid]

Originally Posted by PghYinzer

What neighborhoods are still buy cheap and get a good return in 2-3 years? The areas that seem to be no brainers (Lawrenceville, Bloomfield, etc) don't really have any cheap houses anymore. Heck I just checked Brookline and there is only 4 under 100k, two of which are not even livable.

The OP may want to keep Millvale in mind. Not a lot of inventory, but sometimes something pops up every now and then that really tempts me. The housing stock isn't great (similar to Bloomfield), but Millvale is a cool little town in its own right (2 breweries, French bakery, coffee shop, record store, etc), and has the advantage of being right across the bridge from Lawrenceville. I would imagine a renovated home near the Millvale amenities would appreciate well--especially in 2-3 yrs.

[gladhands]

Originally Posted by Rust Belt Kid

The OP may want to keep Millvale in mind. Not a lot of inventory, but sometimes something pops up every now and then that really tempts me. The housing stock isn't great (similar to Bloomfield), but Millvale is a cool little town in its own right (2 breweries, French bakery, coffee shop, record store, etc), and has the advantage of being right across the bridge from Lawrenceville. I would imagine a renovated home near the Millvale amenities would appreciate well--especially in 2-3 yrs.

I never hear anything about Millvale anymore. Is Millville is gentrification/rejuvenation still happening, or did that shift back to the city?

[mattolson]

Originally Posted by gladhands

I never hear anything about Millvale anymore. Is Millville is gentrification/rejuvenation still happening, or did that shift back to the city?

Interested to hear more about this too.

[PghYinzer]

Originally Posted by gladhands

I never hear anything about Millvale anymore. Is Millville is gentrification/rejuvenation still happening, or did that shift back to the city?

I always thought that those who sought refugee in Millvale from Lawrenceville housing prices were those in the service industry and artists who could not afford Lawrenceville anymore. So everyone was talking about it as a place that was close to the hottest markets but was still affordable, but not one that was ever going to be as much of a hot market itself.


So, one has to ask, do people want to live in Millvale because it is close to Lawrenceville or do people have to live in Millvale to be close to Lawrenceville. People who can afford to buy in Lawrenceville have plenty of other options n the city, so the draw of Millvale is lessened.