A Two-Family in Brooklyn for Under $200,000?

Over the weekend, the Times’ real estate section profiled a young couple looking for a two-family home in Bushwick and Bed-Stuy. And while we’re been reading about homes going for incredibly high prices, like 254 Gates Avenue in Bed-Stuy that topped $2 million, this pair looked at several houses, none of which was priced over $450,000. In the end they did far better than that, on price anyway. They were able to find a bank sale on the home pictured above — the one with the white peeling siding — for $190,000 on Hart Street in Bushwick, just a block and a half from the Central Avenue M train. Obviously this is no grand mansion, but it is a standing two-family home, and apparently in decent enough shape to be renovated. The home was listed quite a bit higher at $280,000. Their loan included an additional $145,000 for repairs. The couple are now renovating — their blog is here. What do you think? Is this a wise investment for the long haul, or an inexpensive initial purchase that may well turn into a never-ending money pit?

The Hunt: With an Income Stream in View [NY Times]

Photo By Nicholas Strini for Property Shark