Three millennials buy abandoned high school, convert it into 31-unit housing
Three millennials buy abandoned high school, convert it into 31-unit housing
This is a really cool project, but I can't help but wonder about the numbers. 1,400/month for a 1 bedroom when there are rentals for <1k nearby, closer to Pittsburgh proper. And the same price point will get you a place inside the city, if that's where you work.
would have been nice to see a project like this turn into a co-op instead of trendy market rate rentals.
Yea, this isn't as simple as it appears.
A building like that would have all sorts of remediation challenges, just from sitting vacant for 10 years. I'm surprised it could be remediated without major costs - that's often a big challenge in reusing/repurposing old buildings.
It's not like 3 random dudes bought a building and refurbed it, these guys have the background (and financing), to the tune of 3.3 mil to rehab the place. Just getting it to meet code for a multi-tenant dwelling (instead of a school which is how it was originally zoned), is quite an accomplishment, and could've been enough to stall such a project. I'm impressed - I can only imagine all the potential showstoppers that could've popped up anytime along the way.
To your point about the rental costs, surely their financer(s) had to look at their plans and determine whether it could generate the income necessary to repay the loan.
It would be interesting to see their project plans and get a sense of everything this kind of project encompasses.
Looking at the pictures of the one apartment that they showed, the rent seems pretty reasonable. It would be nice if it was made more affordable to the average person, but it's not crazy expensive either.
The building also has a gym and a common area that do add value to what you get. I imagine the place also had a cafeteria, but it doesn't say what they did with it.
Personally I'd have probably retro fitted it into a server room to help recoup some of the costs.
Lol, takes three millennials to buy real estate 🥁🥁🛎️
you think they built it themselves?
No, I was just riffing on the fact that millennials have little chance of owning real estate, so it takes multiple of them to even have a chance. https://highline.huffingtonpost.com/articles/en/poor-millennials/ if you'd like to read a bit about it in an interactive way.
"We were never allowed to live in my old school!" - Phoebe
You still aren't, because you can't afford what they're asking for rent.
It's not a steal, but 1600/month for a 2 bedroom isn't exactly unattainable...
It's half the rent for where I live now.
While this is wholesome, fuck this AI article. There's absolutely no human alive that would accidentally type cost instead of caused.
I watch confirmed humans type "should of" every fucking day.
I am humans lmao, I can see that. I feel like what I said is a bit more of a stretch, but from a proofreading/editors standpoint, it's not excusable.
Bonus story, in fifth grade, I had to write an essay and I swear to god I wrote "ov" instead of "of" and I had an internal battle about which it should be knowing damn well how to spell much more complex words. After I settled it, I could feel my ears get hot from the embarrassment of even having to deal with it. I wrote ov naturally, then just saw it in writing and was like no, there's no way. Then I erased it and wrote of, then thought no fucking way, there's no way they landed on 'f' for a 'v' sound.
English is and always will be German, French, and Spanish in a trenchcoat pretending to be one language.
I concede. I just typed "I" instead of "eye" in a comment. U right.
It might be possible that a human dictated it and the speech-to-text program transcribed it that way; in most American accents those words are near perfect homophones. Still, -10 points for failure to proofread.
Brilliant.
Kind of wierd to call middle-aged people millenials, here. It's not like they are particularly young or old or anything.
Many millennials are middle aged now but I think securing $3.3M is a stretch for most of that generation.
What do you think the word millennial means?
It says in the article, 36 to 43.
1981-1996, we aren't exactly young anymore?
Millennials are middle-aged people. We're in our 30s and early '40s now
But I agree, it's stupid to refer to generational terms in this sort of context anyway.
Im a milleneal. Im 42.
