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
Dave –and you sound so happy, too. Most people feel the need to defend their life choices on anonymous blogs.
Bushwick Ave is a freeway, one. Two, the banks want you to figure on 75% occupancy if you’re going to rely on tenants to cover your costs. So I always base my math on that: 75% of the presumed rental income. Three, as the crow/bike flies, that is farther from lower Manhattan than Windsor Terrace. I think. And it is much farther from any park or playground. Or Greenmarket.
Three, the immediate comps in the area suggest that the earlier listing was kind of outrageous. I’m seeing sales up to $650K around there, but not over that.
Define ghetto, cornerbodega. I’m sure the street that I live on is far nicer than where your Section 8 is. I guess I struck a nerve with my earlier post. Truth hurts, chump.
I don’t know much about Bushwick but I have to say I wouldn’t mind traveling a little further to be able to afford a nice house like this. For some of us price IS a consideration but we would still prefer not to live in a tiny condo.
Mr. B, think you could find more affordable housing like this for future HOTD’s?
mopar, i know housing code is different for 1-2 family than it is for 3 and above, but other than that i don’t think there would be any differences. man this house is like twice the size of mine, sheesh!
Hi Dibs! At the end of the day you’re nothing but a GHETTO dweller. haahhahaha. Way to be move “UP” 😉
I’m happy Brownstoner posted something inexpensive (relatively) as HOTD. Thanks!
Oh, Ringo, as to Bushwick being “far out”: Haven’t you heard Brooklyn is the new downtown? So Bushwick is very close to it.
Seriously, we live in Bushwick on the L and we like being close to Williamsburg for the shops and restaurants (but we wouldn’t want to live there).
That said, I do consider anything past Myrtle-Broadway or the Dekalb L to be far. And this is one or two stops past that, depending on which stop you prefer to use (it’s between two).
The J train is very convenient to Wall Street, the Lower East Side, and South Williamsburg. In fact, this location is really ideal if you work at the Brooklyn Bridge stop. Your commute would be about 20 minutes. But it’s not so close to anything else.
Wasder, this could be our new home! Although we do prefer a two family. Less to go wrong.
$925,00 was never a very realistic price even at the height of the boom. Try more like $750,000. The current price is decent, given that a three-family in good condition would go for about $620,000. The details look nice. With rents of $1,000 for a three-bedroom, that’s quite a hedge against further deterioration of the rental market (three bedrooms in the area have dropped from $1600 to $1400 in the last two months).
This is not the best area of Bushwick, but it’s not the worst either. It’s plenty busy and there are convenient grocery stores at the Halsey J. And it’s pretty. The best areas are a little further up near the Dutch Reformed Church (Myrtle Broadway J) and close to Ridgewood around the Dekalb L.
But you can pretty much assume the baths and kitchens need a re-do and there are other problems. So the price would probably have to come down and/or the buyer would need some cash.
Can you put 10 percent down on a four family? Is it subject to different NYC rental laws than a two- or three-family?