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
Never had skittles What. Been there and done that with the black guys, just not in prison like you. You should meet my Marine friend. But sorry, I won’t share my candy with you.
The listing says “Currently configured as owners duplex and backyard with 3 floor thru one bedroom/bath apartments”
I don’t get it. Owner living on the ground floor and the basement (with no bedrooms), and renting out the parlor floor (w/ no kitchen or bedroom)?
Shillstoner’s point was just that Brownstoner is being a shill by plugging a place in his neighborhood, with the same math/logic that brokers like to use “you can live in this place for practically nothing!”
Whuh….learn something about portfolio theory. No one asset should be looked upon without regarding all assets within your portfolio. A residence is part of that portfolio and having flipped my condo for it I am now running net income of $12k per year (rental income -RE taxes) instead of a net outflow of $13k per year (RE taxes +CCs)…a net net positive cash flow swing of $25k a year and for the last two years that comes to $50k….my builiding has not gone down $50k in value. Can u understand any of this??? You getting ANY of this???
I guesss in your case though, your only assets are in your backpack.
“I’m glad some of these hedge fund fraudsters are finally wising up and fleeing the country most likely with awaiting Swiss bank accounts. it would be too bad if all of them were sooooo stupid to confess and get locked up and never have socked away a lot of this money offshore. That’s really stupid. :)”
That’s why Bubba, Ray-Ray and Big Black are going to take “Shower turns’ on you Dave! I bet your Hedge Fund is a Fraud like everything else these days. Enjoy your stay at Towelbite Correctional Facility…
The What (Dave needs some skittles)
Someday this war is gonna end..
Dave –best not to own a declining asset going into a major recession –whoops!
Different banks use different formulas as to how they consider rental income but you’re off base to say that they don’t consider it…or you just have a bad bank.
Good location, but there must be some serious work to be done for such a low price. Plus the listing says it’s a 4 family with 3 floor through rentals and an owner’s duplex (that’s five floors unless the duplex includes the cellar).
Even if you can come up with the 300k down, it might be hard to get financing as banks will no longer consider rental income toward your net income to qualify. also i saw the house and it needs A LOT of work. all the floors are very sloped, which i would want to level, unless you don’t mind your pens rolling off the desk and your bookcases toppling over on you. So I’m thinking there might be structural problems too. I would say a minimum of 600k reno, which is starting to make this look like less of a fire sale IMO.
mopar–I think one could make the duplex have two bedrooms if you made both of the rooms on the parlor level bedrooms.