bad idea to invest in a property between 2 buildings in poor condition?

Hi, My husband and I are thinking of purchasing a home in Bushwick. We have concerns about the condition of the buildings on either side of us. The property on the left side looks like it is in terrible condition with trash, furniture, appliances, cars, etc filling the front yard. The backyard is just as bad and also houses 3 dogs that are chained up. It’s a rental property with 3 different apartments. On the other side is a building that is zoned as SRO. It’s in better condition but still has a lot of trash and debris in the front and backyard. Is it a bad idea to invest in a house that is sandwiched between these two properties? We are thinking of staying longterm (8-10) years. The house is a good price but needs a lot of work. Is there anyway to try and get the landlords of these place to clean up their properties? What recourses to we have? Its on Hart just north of Myrtle. We’re not sure of the neighborhood, so any suggestions/opinions would be greatly appreciated. Is this area a good investment? Thanks in advance for your time! L&J

jeffandlauran

in Quality of Life 10 years and 11 months ago

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jeffandlauran | 10 years and 11 months ago

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Thanks for your thoughts! In the end we got outbid by an all cash offer. back to the drawing board i guess.

Augustiner | 10 years and 11 months ago

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Somebody has got to start the change. If the price is great, why not do it. You’ll buy and renovate and bring up the value of the other buildings. The slumlords next door will clean up and sell. That might take a couple of years, or not. The building next to mine was an illegal SRO with 15 people living in a 3 family. The owner replaced the old tenants with hipsters over time and is probably charging twice as much now.

MDR | 10 years and 11 months ago

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I don’t know that neighborhood but it seems like a terrible situation to put yourself in- just not worth it.

catboot | 10 years and 11 months ago

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There is a building in similar condition to what you describe on our block. They are across the street and over 4 to 5 lots from us and even though we are not that close, the residual trash that blows into our yard, the rats that roam freely and the incessant loud music that blares all summer long make it a block-wide irritant. I can’t imagine what it would be living next door. In our case, the building seems to be in foreclosure and the residents are likely squatters. It’s not a good thing.

cate | 10 years and 11 months ago

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Impossible to predict, but your biggest concern could be noise. (I used to live in Bushwick.) As in people blasting super loud music into the wee hours. Also, do those dogs bark all night?

wiley | 10 years and 11 months ago

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I love the neighborhood but it is not for everyone. Super gentrification occurring, mostly young people and creative professionals. In the last year dining options have increased tremendously. I feel safe there, but you have to be careful, smart and use common sense – you can check the crime statistics, they are very high compared to most of the neighborhoods discussed on this board. Your not that far from the L and Hart is a busy street so getting home at 11 is ok. Th bad houses on either side of you is a worry in that those issues wear on you after awhile.

jeffandlauran | 10 years and 11 months ago

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Thanks Wiley! How do you like living in the neighborhood? My wife works at night and usually comes home around 11pm. Think it’s safe to walk around at night?

wiley | 10 years and 11 months ago

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I live very close to there and know that street pretty well – things are changing very rapidly. Unfortunately there is nothing you can do to get your neighbors to clean things up – sure you can make a report but in my experience nothing will change. So, basically I think you have to accept that if you purchase there you will have to deal with that every day. I do think think things are getting better and that Hart will be a nice street 8 -10 years from now. There are new buildings and many properties being bought.