House of the Day: Vinegar Hill Four Family
Despite the proximity to the Farragut Houses, we have a soft spot for the small number of brick townhouses that populate the historic district of Vinegar Hill and always keep an eye out for ones hitting the market. Corcoran’s got a recent listing for a 4-story 1829 house at 73 Gold Street, just a few…
Despite the proximity to the Farragut Houses, we have a soft spot for the small number of brick townhouses that populate the historic district of Vinegar Hill and always keep an eye out for ones hitting the market. Corcoran’s got a recent listing for a 4-story 1829 house at 73 Gold Street, just a few lots over from another recent HOTD. We’re initially a little suspicious of the lack of interior photos and the emphasis given to scenic neighborhood shots. Plus, if the interior were in good shape, we’d imagine the price would be quite a bit higher, so maybe it’s a good fixer-upper opportunity. But what do we know. The curious can take a look this Sunday and next from 12 to 2 at the open house.
73 Gold Street [Corcoran] GMAP
This house is a very good deal. If you bought it for $1.1M, with 25% down at 6%, your mortgage would be about $4950/month.
Taxes: $170/mo
Insurance: $150/mo
Utilites: $350/mo
Other Expenses $400/mo (includes repairs and vacancies)
Total: $7020
Potential Rent roll with cheap renovation:
4th floor: $1900
3rd floor: $1900
2nd floor: $2000 (has a nice deck)
1st foor: $2200 (large yard)
Total: $8000
Monthly profit: $980
Annual profit: $11760
Total outlay:
Down Payment: $275,000
Closing Costs: $20,000
Cheap Renovation: $60,000
Total: $355,000
First year annual return: a little above 3%.
You could raise each rent by $50-100 every year.
The potential appreciation of a house like this is astronomical. Its in a gorgeous area near DUMBO where the market will always be very strong. When you decided to sell in a few years, you would convert it into a 1-2 family and do a better renovation. Then you would sell it for $2-3 Million.
Informal survey:
If you could afford a 4.4MM townhouse, would you rather live in Manhattan or Brooklyn Heights?
Or would you buy the cream of the crop in Fort Greene or Park Slope and pocket the difference?
Veggie Burger:
Check out the West Village townhouse on Curbed today —
http://www.curbed.com/archives/2006/01/13/curbed_pricechopper_village_green_turns_to_yellow.php
They’re asking $4.4 million for a beautiful 4-story place. If houses in the West Village are worth 10 times those in Vinegar Hill (as per your comment), that would suggest that the Gold Street house should be closer to $440,000 (rather than $1.1 million).
Around a half a million sounds about right to me, actually.
not too mention the muggings in the nabe.
Interesting link…
http://www.forgotten-ny.com/STREET%20SCENES/Vinegar%20Hill%20Page/vinegar.html
I just moved from DUMBO 6-months ago…anyone thinking of paying $1.2MM in Vinegar Hill without a 20-year time horizon needs their head examined…the place is a wasteland…sort of Williamsburg-like but with brownstones that were last taken care of in say 1860 rather than tacky new construction…
What is with this boundary obsession? I just do not get the bizarre snobbery of people who are insistent that only they live in a neighborhood and others better not try and steal their moniker…its probably the same cretins who continually correct peoples spelling…”I can spell and if you buy that house you won’t really be living within the boundary of CH/FG/CG/PS”…I moved to Brooklyn to get away from this crap
hey bkborn i am wearing a aluminum foil detector right now and i am not even near the con ed plant, but please folks whatever you do , do not take your kids and put them in this home it is not safe cancer wise and crime wise also. You are right about the west village being more expensive but there is nothing in vinger hill except the random gunshots from the farragut houses
For the most part, CH, at least on this blog, refers to Clinton Hill. Nevertheless, the subject matter at hand can easily be inferred from the postings. I guess it depends….
When people use the abbreviation CH are you referring to Cobble Hill, Clinton Hill, Crown Heights, some other heights or hills?
If that ConEd plant is going, y’all better be ready to start cooking over an open fire.