As an investment property it is worth what the units will rent for. I have no idea about the Pittsburgh rental market, but it appears buyers are telling you the price is too high to get a decent return.

The listing photos definitely read "flip" but hopefully the quality of the workmanship doesn't.

What could a person rent those units out for? Then work backwards to a price.

Good luck!

My daughter graduated from Pitt, it's safe to say we love Pittsburgh. That said, I had to look up your neighborhood as I didn't recognize it as one being close to the university.

I agree with jn. The rental potential and asking price have to coincide to make it worthwhile for a person to buy a rental property.

Good luck.

Pittsburgher here. After looking at your location I don't consider that to be a "trendy" part of Mt. Washington (not close enough to Grandview Ave.) The remodeled bathrooms and kitchens look nice, but I think your location is the main problem. It's not a high demand area.

I'll jump in! The chain link fence cheapens the look of the house. Can you replace it with something nicer?

Or, do you need it in the front of the house? Maybe use it for the sides and backyard. Is the fence necessary in the front of your house?

Shrubs and plantings will go a long way.

Is the entrance up the stairs or under the stairs? I see a pile of rocks/stones near the stairway and I would start by getting rid of those. If there is space, plant a nice flowering bush such as an Azalea, which will also help hide the fence. Painting the front door a burgundy red would brighten up the entrance. Maybe a few pots of flowers. Some color is needed to make the house looked loved. It's a psychological thing. Good luck!

Looking at what has sold recently and what is currently available in the neighborhood, it's significantly over-priced. The highest nearby sale was $180,000. Most are between $130-150,000. How did you come up with the value?

How fast did comparable houses in the immediate neighborhood sell? If they took 2 months, then patience is a virtue. If they sold in a week, then your property is overpriced compared to them.

For curb appeal, make it look as nice as the neighbors houses. The chain link fence looks terrible. White iron fence or white picket fence, some fresh green sod, hanging petunias in pots. Add some pizzazz, make it look loved and welcoming. Put a pair of outdoor chairs next to a tiny bistro table on the balcony. Add flowers in a vase.

Investing a couple hundred dollars in professional photos would be worth the money. Take the microwave off the top of the fridge. Fix the too-short beige curtains or replace them with fresh white cotton panels from Target.

The inside is quite cute, but if people are driving by to get a quick look, they will definitely think the inside is as unkempt as the outside. I would agree about the price being a bit high in comparison with others.

I think it looks about what the other houses on the street look like except for the chain link fence, and the lack of landscaping. And in the street view there is a line of garbage cans out front.

I was born in Pgh and lived there for a number of years later on, and I feel like a lot of neighborhoods look just like this and many of the houses are utilitarian just like this. In some neighborhoods even the chain link fence would be typical, but here it differentiates you from the the near neighbors.

I know nothing about Pittsburgh or rental units, but I DO know that the chain-link fence whispers, "this may be a crime-ridden area."

Another native Pittsburgher and Pitt grad here. I wouldn't consider your duplex to be in the high demand area of Mt. Washington. I don't know if you want to remove it but the chain link fence does nothing for the house. Even adding some bright flowers to the front would improve the street look. You might want to get another realtor's perspective but I think it's priced too high. Have you received any feedback from the realtors who brought their clients through?

DH and I were back in Pgh in the fall visiting family and he took me to the West End Overlook. Whenever we go back we always head up to Mount Washington and I'm used to the scenic views from Le Mont or the top of the inclines but I'd never seen the city from that far down river. It's always such a spectacular vantage point.

Maire

Dang - wish I could move it back here to my way-overpriced midwestern university town. I actually find beauty in that solid, utilitarian look - built like the proverbial brick s***house. Im a long time owner occupant of a duplex looking for something new, but everything here has been so futzed with and/or neglected by absentee landlords over the years - yours is quite attractive by comparison. I dont know how much of a market there is for owner occupied rental properties in your neck of the woods but you could approach it from that angle - generally they are better cared for and more homey which justifies a slightly higher price than if its just plain investment housing.

Yeah I would take down the chain link -ugghhh. What purpose does it serve? Not like it would keep anyone out who was intending to break in. Also paint or replace the doors - at first glance it looked like the house was boarded up and not having an actual door.

I noticed that you dropped your price to $189,997 - let us know if you have more traffic and offers. Good luck!

Thanks pgh girl

I wonder why dormont is so hot lately

Sky - I think it's the relatively quick access into downtown via the Fort Pitt tunnels and the prices are much lower than Mt. Lebanon and Upper St. Clair. My niece and nephew both just bought houses in Brookline and they both commute into the city - one goes to Oakland and the other to the North Side.

Typically, the rents that landlords charge fall between 0.8% and 1.1% of the home's value. For example, for a home valued at $250,000, a landlord could charge between $2,000 and $2,750 each month. If your home is worth $100,000 or less, it's best to charge rent that's close to 1% of your home's value.

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So ... what are rents in that area like? Can you rent those for $900-1200?

http://affordanything.com/2016/04/28/one-percent-rule-gross-rent-multiplier/

Lazy, does that include utilities (heat/electric) - or not?

For the markets I'm familiar with, that 1% rule of thumb is way, way off. More like .5%

Current Resident ... no utilities

that's what you need to get to be able to pay for PITI, upkeep and repairs and actually make a bit of money on the place.

Well, absolutely not the case in D.C. area, Philadelphia, SFO bay area.

Where does that number come from?

Doesn't work here in Charlotte either.

Yes, where is that supposed to work?

The number came from the link. Click and it should explain it:

http://affordanything.com/2016/04/28/one-percent-rule-gross-rent-multiplier/

You might want to do more research on your own property.

Several RE sites cite your area as a decidedly cold market. I also note that at least one (Zillow) chatters in the text about "bedrooms" but it's listed as a studio. And the link you show from Redfin has absolutely nothing to say, in the text, about your improvements (no HVAC replacement noted) etc. As an investor looking at a structure built in 1920, I'd blow by this in a hurry. As a homeowner? I'd run, run run away.

Who is listing this? Whoever it is isn't paying any attention to marketing, in the year 2017.

This is what you get from the Redfin listing- they don't seem very interested, after 2 months on the market:

"No Tour Insights on This Listing

We haven't left any insights about this home yet, but as soon as we do, we'll leave our thoughts here."

Lazy... we know where you got the info from, we are all just wondering where in the Country that this 1% rule is actually applicable.

First kitchen on the listing does not have enough coutertop space to be useable. No landing space on each side of the range.

Second kitchen has no landing space on both sides of the range, not thought out well. Actually looks like the range is supposed to go underneath where the range hood should go, but they moved the range over because the cabinet door and drawer cannot open there. Bad design. Fridge sticks out like a sore thumb as well.

Parking options? Street parking only?

IMO will be hard to find renters with those non functional kitchens, and that is why no offers.

Overpriced as others noted.

Photo #4...microwave on top of fridge? Is it meant to be on the counter?

This 1% guideline is, of course, even more useless when you try to calculate the sales price based on the rents.

Such a "calculation" would immediately cut home values by half in most of the metro markets. I can only see this working in terribly depressed and/or areas with fast turnover. Why pay this kind of rent if you can buy for substantially less, e.g. buying a place for 400K, with no money down is 1,880.00 for a 30-year mortgage; if you add mortgage and homeowner insurance, plus property tax, in my area, you're at 2,500.00. So obviously nobody in their right mind would pay 4K to rent a 400K house.

I have to agree that the kitchens need a little bit or work, i.e. that range standing totally alone against the wall (pic 3)? Is it really installed there, without any landing spaces left or right, no hood? Add some lower cabinets and counter, a hood, and maybe some shelves left and right, or a bunch of cabinets and a cheap hood, even circulating.No MW on the fridge.

The other kitchen (pic 13) also needs a bit of work. The range isn't in the space reserved by the uppers. Can you shove it over? Pictures are strange, as is description. Maybe describe one unit after the other, with picture in order. Is there a backyard?

Looking at rentals nearby, there are quite a few 3 BR for under 1,000 rent.

However, very little for under 800.00 There's one 2 BR:

https://www.trulia.com/rental/4000010307-341-Boggs-Ave-2-Pittsburgh-PA-15211

which at least on screen looks nicer. There's one 1BR for 775.00 (which looks strange) and two studios.

Maybe market it as owner occupied, with tenant in one unit paying part of the mortgage, potential 750-800?

Yep microwave on top of the fridge says it all. I didnt even see that at first.

But that's an easy fix.

The listing pictures are pretty bad, don't do much to attract me to the property. The framed photo of the city really isn't a selling point! A photo of the doorway to a room, but can't see the room! a photo of the tub/shower, but not of the whole bath. "What is being kept out of view and why?" it makes me think

You can do a lot to make the property itself more attractive as mentioned above.

You need to re-do the listing with more, appropriate and correct details also.

If this all was the work of an agent perhaps you need to get a better one

Banks won't give out mortgages easy for two or more units. People have to apply for business loans, or use cash, home equity loans for income properties.

Old thread. The property is now contingent. The list price had been reduced to $169,000.

So 3 more months on the market.

Old thread I know, but above poster is not correct. Owner occupants can get usual homeowner mortgages for mutli familily units but there is some kind of understanding about how long the homeowner is to live in the property. Its really a good way for a young family to build up some equity fast - the rents dont usually cover the whole mortgage but a signficiant chunk, and then you get the tax writeoffs.

Thanks for pointing it out Current Resident. You're right. Owner occupancy is the key. I know my bank won't give out mortgages for 2 or more units as 2nd home (income properties).......

Second home properties are not the same as income properties. Two different types of mortgages with different down payment amounts and different interest rates. Those mortgages are readily available. Maybe your bank doesn't do them but if you contact someone in the mortgage business (only mortgages) - you can get an investment loan easily for 2 to 4 units. If the property is more than 4 units it's a commercial loan. Note, banks are more conservative than your average mortgage co that only originates mortgages.

In my case it's a 2nd home and a income property (4 units). That's what I was told by my bank. May be that's just my bank though. Thanks for the info.