Monday, April 21, 2014

Real Estate Monday: Highland Park Rehab

Welcome back! Last week I announced that I passed my Realtor's exam, meaning all I have to do now is decide which realty company to work for and then I'm good to go. I've literally dealt with almost every major company here in Pittsburgh in some capacity, so I have my general ideas about companies, but really on the whole I have no clue which one to work for. Any suggestions?
 Anyways, this week I chose a house with very few pictures and it definitely needs work, but I'll give my reasons.
Highland Park/East Liberty are undergoing major renovations. I know Highland Park is already super nice, but there's a ton of new commercial stuff going into East Liberty. There's an adorable boutique hotel (Hotel Indigo) going in a block behind Penn on Highland, lots of new restaurants already (have you tried Union Pig and Chicken yet? We had brunch there one Sunday and it was delish), and some cute shops already trailblazing their way in. This should only make the prices go up, up, up.
So back to the house I chose. It's a super old, charming farm house on Wellesley Avenue, a short walking distance from all the action. It's currently set up as a multifamily house with two apartments, but I think it'd be worth it to turn this one back into a single family house. I bet it'd take quite a bit of money to get this baby back to its former glory, but after it'd be so worth it. I'm sure you could get triple the amount once rehabbed. (*Sidenote: this is all my opinion, obviously. I in no way know the future real estate market, I only make assumptions based on my own opinions).
Here's a couple pics I got from Zillow.

5710 Wellesley Ave, Pittsburgh, PA 15206

I'm dreaming out loud here, but it'd be gorgeous to do a big, grand door and extend the porch to wrap around the side there.

The original staircase looks to be in tact still and once that carpet was ripped off I'm sure it'd be gorgeous. There are a few more pictures on the listing website, but really I'd buy this house to gut and redo it, not for its current state. What do you think? Good investment, or dud?

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