House of the Day: 1182 Bushwick Avenue
How far the not-so-mighty have fallen! This four-story house at 1182 Bushwick Avenue in, you guessed it, Bushwick, was tapped as an Open House Pick last June when its asking price was $925,000. Today, the four-family can be yours for the rather reduced price of $599,000. Holy 46 percent reduction, Batman! This could be starting…
How far the not-so-mighty have fallen! This four-story house at 1182 Bushwick Avenue in, you guessed it, Bushwick, was tapped as an Open House Pick last June when its asking price was $925,000. Today, the four-family can be yours for the rather reduced price of $599,000. Holy 46 percent reduction, Batman! This could be starting to look pretty interesting, given that the interior, while admittedly musty, has plenty of intact detail and the numbers look like they work. At this price, a buyer would be looking at about $2,000 a month in mortgage costs plus another $800 or so in taxes and insurance and another $500 in utilities and miscellaneous expenses. So you could, theoretically, move into one floor, rent the other three for, say, $1,000 a month and live almost for free. Is our math right?
1182 Bushwick Avenue [Century 21] GMAP P*Shark
Heh heh Chicken, if you do that, I’m coming over to your loft rave party, OK?
@bunkerlab Maria Hernandez Park is far enough that it knocks the property down a notch in my book.
@legion … whatever. I have no balls. I’ll cop to that. The great spaghetti monster in the sky saw fit to send me down with matching chromosomes instead of testicles. I have worked really hard to save my ducats and I’m not in this to gamble or go into the slumlord business.
That said, I’ll grant that I might need to be more open-minded about Bushwick, since ye olde Clinton Hill doesn’t seem to be tumbling into reach. Before you start with the Clinton Hill hate, know that I happen to like where I live now, I just don’t like having a landlord.
Even as a confirmed member of Team Bear, this is starting to look pretty interesting. The bones look good and a fair bit of original detail there as well for about $100 a sq ft.
Maybe I am not discerning enough but I would take this over a pokey 2-bed apartment in a “better” neighbourhood as long as this part of Bushwick is not in terminal decline.
“Good” neighbourhoods can’t get that much better but they can get worse. Marginal neighbourhoods can go either way.
In the meantime, you’d have about five times more space to kick around in. Look at the floorplan;
http://www.brooklynproperty.com/uploads/4a8d92f3-be7b-405c-a690-e26d82354ce2.jpg
Hell, turn the garden floor into one giant kitchen and dining room, the 2nd floor into living room and library, two huge en-suite bedrooms on the top two floors, and maybe a cinema in the basement….
Legion
If you think the path to riches is through Section 8 tenants, you are who you accuse others of being.
renting out apartments in bushwick is a pretty safe bet. they will increase in value over the years. it’s where the young artistic set has moved and will move. young professionals will follow. families have already being buying in ridgewood.
Ooo, I could totally go for a microwaved beef patty right now.
cornholio,
sure I’ve got the cajones, that’s why I’m independently wealthy.
now run along you little turd.
Looks like Legion does not have “a pair of balls and decent credit”…
It’s my experience that people who become independently wealthy, do so because they take the leap forward.
I’m seeing alot a posters here talking out of their asses. Most likely because they don’t even have the few thousand dollars needed to get the financing together, or worse, they are some sort of losers who don’t know how to manage their credit.
This house is a no brainer for anyone with a pair of balls and decent credit.
At this price you can put in four section-8 tenants at 1200 a pop and collect the monthly balance in Costa Rica.
But instead, you will have annoying posters here telling others how they are making bad investment choices, as they sit in their mommy’s basement waiting for their microwave beef pattie to be brought down.