Prospect Heights Brownstone Rental Unit
We are moving to a brownstone in Prospect Heights in February and hope to have the rental unit ready for tenants by March 1. Given that the house is gorgeous, 1.5 blocks from the Bergen Street subway (2/3), on a tree-lined brownstone block, and in top condition, and the unit has fireplace, skylight in bathroom,…
We are moving to a brownstone in Prospect Heights in February and hope to have the rental unit ready for tenants by March 1. Given that the house is gorgeous, 1.5 blocks from the Bergen Street subway (2/3), on a tree-lined brownstone block, and in top condition, and the unit has fireplace, skylight in bathroom, as well as a nice-sized kitchen and living space, do folks have any feedback on what we can ask for (and get) in rent? We were thinking around $1700. The unit does not have a private entrance — tenants will have to pass through our parlor and second floor, so the privacy is somewhat comromised but we think the original details make up for it. In terms of pricing, we want to rent this right away — we would rather ask for less and get a tenant than hold out for the person willing to pay more. So, question 1: Is $1700 too much? Question 2: We are planning to furnish the unit (likely with Ikea basics) as we don’t want people trudging through the house with furniture. Thoughts on that?
Don’t furnish it, you’ll never find a decent tenant — especially given the issue of the lack of a private entrance (which I assume is not fixable since it sounds from your description like it’s the top floor of your house). Just insist that they employ a reputable mover — if they do, there’s no reason for there to be any damage — and tell them you’ll be “supervising” the move in. And do get at least 3 references including their previous landlord (or 2), their current employer, etc etc. Don’t take anything for granted: there are great, reliable tenants out there (and the better the apt you’re renting, the better your chances of finding someone good) but you must check them out carefully and ask even potentially embarassing questions.
When we bought our Park Slope brownstone many years ago, it had a similar rental unit. Inside the parlor floor entrance, the previous owners installed a door that blocked entrance to the hallway, the rear parlor, and the stairs to the basement floor. The door was one that had been removed from the rear parlor when a bathroom was installed and didn’t look bad. They kept the pocket doors leading to the parlor closed. This effectively provided privacy. although not security, for the lower two floors. The previous owners originally lived in the lower duplex while renting the upper duplex. When they expanded to living on three floors and rented out just the top (fourth) floor, they put locks inside the doors leading to the two bedrooms and bathroom on the third floor and had the tenant pass through the hallway on his way upstairs.
By complete coincidence, the existing tenant was the son of someone we knew. We needed the rental income and couldn’t afford to make any significant changes, so we kept him on as a tenant and left everything as it was. We never had any problems, but the situation was certainly less than ideal. When he eventually moved out (four or five years later), we did not re-lease the space and have since used it as a separate floor for guests.
The privacy issues were difficult enough. At least we knew (indirectly) and trusted our tenant. We would never have entered into such an arrangement with a stranger. I would highly recommend that you seek a way to physically separate your living space from the rental unit.
Additionally, in my opinion renting the apartment furnished is just asking for more trouble. It is doubtful that you will be able to attract the type of stable tenant with excellent references who you doubtless are seeking. Note that we had no problems when our tenant moved his furniture out. You may just want to keep an eye on things during the move.
i wouldn’t furnish it either. i’m in the same rental boat. our tenants share the staircase and hallway to get to the top floor rental unit. it’s not a problem for us really. just be picky with who you get.
We own a house on probably the nicest block in Prospect Heights (dimensions are 47 x 20). We recently fully renovated the garden rental – so it is in absolute mint condition with beautiful original details and a stainless steel kitchen. We also give our tenants access to the garden. We put it on the market last May for $2,000/month and we had five people who wanted it on the first day of the open house.
I think furnishing it is going to be a negative for you. Most people looking for a year (or hopefully longer) lease want to have their own furniture! If you put furniture in there – you are going to get transients.
We own a house on probably the nicest block in Prospect Heights (dimensions are 47 x 20). We recently fully renovated the garden rental – so it is in absolute mint condition with beautiful original details and a stainless steel kitchen. We also give our tenants access to the garden. We put it on the market last May for $2,000/month and we had five people who wanted it on the first day of the open house.
I think furnishing it is going to be a negative for you. Most people looking for a year (or hopefully longer) lease want to have their own furniture! If you put furniture in there – you are going to get transients.
This sounds like a really bad idea that will only lead to complications. You should really try to give it a separate entrance. How will you find someone you trust enough to give them full access to your house/children/valuables? Right now it sounds like a boarding house, not a proper rental.
How many bedrooms are in the unit?
We are going to start a reno in January and the brownstone, at the moment does not have a separate entrance for tenants. I know it will be costly, but the first thing we’re doing is reconfiguring the stairs and try to salvage all the original details. (It can be done, if done with care.) It is very important to us to have separation, due to our young children.
Maybe you guys should reconsider. Good Luck!!
I agree with the previuos poster. Just think about your tenants guests being escorted through your home. If at all posible configure your place to make sure that your tenant has a separate entrance. It will save you a lot of time and headaches later on.
Good Luck
if i were you, i would be very worried about the tenant and whether they would come in and snoop/steal, etc while you were out of the house. this is not a very good set up and i would not want to be in your position.
good luck.
$1700 sounds on the high side. you are most likely looking for a single person who does’nt have furniture and may be a transient. why else wouldn’t they have their own furniture?