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
dittoburg, I almost apologized for it but then I remembered I had work to do.
mopar, fair enough. I’d love to see more like this.
Funny how the cheap places don’t get as many comments. Are they not porny enough? Not controversial?
Can’t you get an HFA loan for a building like this? Isn’t $599K the maximum they will finance?
It sounds a little morbid but Evergreen Cemetery is actually beautiful and huge and not that far. . . As is Maria Hernandez Park.
Only the What would come up with some lame MC Hammer thing. Was he your idol??? Guess that didn’t work out so well either.
Serpentor, the vegetables at the two grocery stores at the Halsey J are good, and you can do a CSA (subscription produce box) in Bushwick, Bed Stuy, or Williamsburg/Greenpoint. There is also an organic produce corner store (a fauxdega?) at Myrtle Broadway.
cmu, that’s a great idea about an owner’s duplex. Kitchen next to DR/LR on ground floor, and an additional office room in back with some kind of deck/garden/french doors. Nice!
Shillstoner, you’re a little behind the times on Bushwick, but that’s OK, we don’t want more people moving there.
Not only are they irritating but they are also usually without much thought and therefore of little useful content.
Am I the only one that find the regular posters’ signature lines AMAZINGLY irritating?!?!!?
It’s makes this thing hard to read. And I’m not sure the intention of appearing like spam.
***Bid half off peak comps***
With a 4 family the bank will give you credit for 75% of the rental income of 3 apartments (you must live in one).
In addition, as of a month ago $850,000 was the cap for a conforming loan on a 4 family in NY. Since the sale price would be less a conforming loan with 10% down shouldn’t be a problem.
If you buy as an investment all the above goes out the window and you get a different rate with different rental figures factored in.
(i recently bought a 4 fam. in Brooklyn. 10% down, conforming loan, etc)