Is it easy to rent out a 2 family brownstone in bedstuy?

Bear in mind after you renovate your taxes will double or more from wherever you bought the place pre-reno. Even assuming you can get 6500/mo, at 2mm all in after reno your CAP will be under 3%. Assuming you’re financing, you’ll be around breakeven probably not even including working cap on your downpayment+reno costs. Is it worth putting that much value at risk for that return? Maybe you’ve got some crazy good deal but in Brooklyn, that’s generally too good to be true.

andy

in General Discussion 5 years and 9 months ago

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Guest User | 5 years and 9 months ago

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I’m considering purchasing a brownstone in bedstuy, renovate it, and rent it out. Is the market good? Are families paying 6500 a month common? or will it take months for someone to rent it?

hkapstein | 5 years and 9 months ago

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Well if you have to ask this, you probably don’t know the market well enough to be doing it. I’d say it hugely depends on where in bed stuy and his nice this house is, but 6500 will go pretty far and I have a feeling if you renovate on the cheap it won’t make a great rental, but if you do a good reno, the rent may not justify it. Folks with a 6500 budget can afford to buy, so you are looking for folks that don’t want to own, perhaps they are only here a year or two, or they are renting while looking to buy. But, a nice townhouse could compete with 4 bedroom apts as well. My call, with very little detail, is that this venture will not make money. But I’d be happy to be proven wrong.

cate | 5 years and 9 months ago

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Bed Stuy is huge so rent depends on exact location, but 1.5 bedroom floor-through rentals or a larger space such as a three-bedroom, two- or three-bath duplex that is shareable by roommates is generally easier to rent than a whole house to a family. Bed Stuy is not known for its good public schools, although there are some desirable options near the Gates JMZ, in Stuy Heights, and close to the Clinton Hill border. Plus part of the neighborhood is close to Pratt (college students). My rule of thumb is usually would I rent it myself?

WRPListings | 5 years and 9 months ago

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I’m by no means an expert, but I do own a brownstone in Bed Stuy a few blocks over the Clinton Hill border, and we have had no problem renting a 1 bedroom garden apartment. I think smaller apartments get you further and there’s a little less risk if one apartment is not rented right away. Could this house be a two family with two apartments- a garden apartment, and then a duplex? Most families that i know who rent are looking for a duplex that’s more in the 4-5K range.

NeoGrec | 5 years and 9 months ago

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Try finding a RE broker who specializes in townhouse rentals and ask them what kind of properties are in the most demand and where. Re. BedStuy, Cate and Urbandad’s comments seem very on target. Would also add that a broker friend who rents brownstones in Park Slope to international families posted for 1-3 years to NYC says that market is very soft currently.