Shit Sandwich For Sale: Suckers Wanted
Guess the bargain basement price that this benevolent developer (who undoubtably received some kind of handouts from the government to slap up this eyesore) is asking for this Fedders special in Bed Stuy? $785,000. What a rip-off! For a hundred grand more, you could have the gorgeous Park Place limestone we listed in
Guess the bargain basement price that this benevolent developer (who undoubtably received some kind of handouts from the government to slap up this eyesore) is asking for this Fedders special in Bed Stuy? $785,000. What a rip-off! For a hundred grand more, you could have the gorgeous Park Place limestone we listed in Open House Picks on Friday. And guess who’s gonna end up getting boned on this one? The poor sap who scrapes together the 3% down that’s probably required by the government program that financing the whole thing. What a joke.
New Construction 3 Family [Craigslist]
Your knowledge of the FULL demographic of BS is obviously limited, Anon 12:54. Otherwise, there’s no way you’d even consider making such a blanketed and perversely idiotic statement.
Anyone looking for investment property in BS is not going to buy this crap. It would defeat the whole purpose of an investment, which is holding onto something for the long term in the hope that it will APPRECIATE. This place is already overpriced and, as previously mentioned, basically undesirable.
So, spare me. The only way you’re getting anyone to pay market rent for this garbage is if it is turned into Section 8 housing. And even that’s a pipe-dream. Those federal/state inspectors would never give the green light – you can forget about subsidized rentals.
ANON 11:36
You may be in for a rude awakening. If you were to visit my lovely brownstone in Bed-Stuy, I can guarantee you that it’s much lovier than the dump you live in. I have art from my travels around the world, I keep a clean house and yeah there are no roaches either!!
Again, there are MANY people in Bed-Stuy that care about the architectural integrity of their homes. But,I am sure you are too narrow minded to believe that is true.
I mean $260k each. Just because ugly – doesn’t mean not solid construction. Never know until you look at it.
although ugly – There are 3 3bdroom apts. Each apt 1360 sq ft.
If my calcs are correct that is less than $200sq ft for new housing.
Don’t you think would be appealing for say 3 siblings with families for $230K each have own home with parking?
Agree mostly with 9000. After taxes, insurance, and maintenance, you’re going to be out another $20k per year (and I think the rent of $16k per year is probably about right), so, assuming some depreciation, you’re probably in at around a 4 cap rate/IRR, which ain’t great for a piece of crap property. Also, this analysis doesn’t even take into consideration the credit-worthiness of the tenants (get one problem tenant, or have an apartment sit vacant for any period of time, and your IRR gets hit hard). So, based on simple math, to me it sounds like a pretty bad investment.
when you factor in expenses and the cost of money, i’m not sure how you get 5%. i’m thinking you’re net even, if even that, if you’re lucky. if that’s the case, you’re looking at a pure appreciation play, and frankly, i can’t see how that turd would go much higher than the current ask, ever.
What is up with the goddamn doors to nowhere? Those things grate like fingernails on a blackboard for me.
I’d like to think that external stairs were being installed, but they would block the meters and would require some sort of anchorage which is not apparent from this picture.
Again I ask do these folks go to school for this stuff or what?
“Anon 11:36, “some renters may not care what the outside looks like”, but the MAJORITY does care.”
Do they? In Bed Stuy? You should walk around the area. This isn’t berkeley place. People down the economic ladder want to shop at walmart, and don’t give two hoots if the stoop is “sensitive to the historical architecture of the neighboring buildings” or not.
“$250K/apt investment returning $16K/year.”
it isn’t pretty, but at 5% plus potential capital gain and rental increases, it is a lot better than other investment properties in brownstone land!
Anyway I guessed at 16k a year. I don’t know what each floor would rent for.