House of the Day: 55 Cambridge Place
Fire sale! This four-story brick at 55 Cambridge Place in Clinton Hill just got its second major price cut, one that should put it on the radar screen of many buyers. The three-family house was listed in early December at $1,500,000 before getting cut two weeks later to $1,300,000. Then just last week the price…
Fire sale! This four-story brick at 55 Cambridge Place in Clinton Hill just got its second major price cut, one that should put it on the radar screen of many buyers. The three-family house was listed in early December at $1,500,000 before getting cut two weeks later to $1,300,000. Then just last week the price was whacked down to $1,095,000. At a mortgage rate of 5 percent and rental income of $1,500 per rental apartment, you could be living in the owner’s duplex for under $1,500 a month including taxes and insurance if you can come up with $300,000 down.
55 Cambridge Place [Warburg] GMAP P*Shark
“So why is he a shill if he’s pointing out what would otherwise look like a sensible investment??????”~dibs
because only an idiot of the highest degree would still talk about investment and real estate. Oh wait, I forgot for a second that it was dibs speaking…
Great 60’s kitchen. Love that it’s intact. Although, I guess for the price the buyer will not.
I hear you mopar but that is the nature of the beast with garden/parlor duplexes. What should be the parlor must be a bedroom unless the kitchen is on the parlor level. There just aren’t too many ways to configure a setup like this which is why most people prefer the triplex with one rental unit config.
Sloping floors — roll away.
Sigh. But Wasder, then you wouldn’t have a parlor or a dining room. Only a very ugly and depressing “family room” off the kitchen. Not to mention the bedrooms will be uncomfortable with the 300-foot ceilings. I hate this kind of lack of spatial integrity that genius writer was complaining about in Carroll Gardens.
“At a mortgage rate of 5 percent and rental income of $1,500 per rental apartment, you could be living in the owner’s duplex for under $1,500 a month including taxes and insurance if you can come up with $300,000 down.”
But excluding move-in renovation (starting with that Bensonhurst awning – my God) and maintenance costs.
Median Household Income for Clinton Hill = $100K/yr (generous)
Rental Income = $1,500 x 3 x 12 = $54K/yr
Total Income = $154K/yr
3 X Total Income = $462K
And that’s before renovation. Okay, tweak the income and ratio numbers. Still, maybe $600K to $700K. But there’s still fools out there so it’ll go for, as dave always says, within 10% of ask.
***Bid half off peak comps***
If this is a nice block I think this price is getting close to something rational. I would not go higher than 999 so as to avoid the mansion tax. This is a nice wide house. More room than most people need so a rental unit would be fine.
I wouldn’t put in two rental units, I think that takes away from the private house feel of a place.
The condition looks pretty good to me. naturally you would redo the kitchens and baths, worth thinkng about.
Two lips on an organ…
ba dum dum
DeLepp…you do know what’s better than roses on your piano don’t you??