House of the Day: 166 Washington Park
The brownstone at 166 Washington Park in Fort Greene has been on the market for at least a year and a half by our count. In that time it’s been featured a couple of times as an Open House Pick but never as a House of the Day. Given that it recently underwent its a…
The brownstone at 166 Washington Park in Fort Greene has been on the market for at least a year and a half by our count. In that time it’s been featured a couple of times as an Open House Pick but never as a House of the Day. Given that it recently underwent its a price cut, bringing the asking price down to $2,199,000, the listing seemed worth revisiting. It’s clearly a lovely house in a great location (overlooking Fort Greene Park). Other than the price, the only snag we can see is the configuration (two three floor-through rentals over an owner’s duplex); nothing inherently wrong with that, but it’s not what most family buyers are looking for.
166 Washington Park [Brooklyn Properties] GMAP P*Shark
Grand Army, you are probably right that this house has a better chance as a grand 1 or 2-family project for someone wealthy than as a scrappy investor’s working dream. However, someone with $2.7M (cost of finished project) has many better opportunities than living 50 yards from Myrtle and one of the largest housing projects in the area.
Not loving the interior photos at all — the finishes look crummy, like a flip job. But I do take issue with some of the financial calculations quoted above. Frankly, this house isn’t going to be bought by someone who’s putting down only 20%. It’ll be either a cash-rich buyer or someone with a good amount of RE equity who is trading up (actually the same thing).
“if the state legislature expands rent control”???
Do you know something that others don’t? Expansion of rent stabilization or rent control (at least in context of adding new buildings to the rolls) does not seem very likely, but if you have heard differntly feel free to share.
taxes are about $400 month, utilities–guess $500, insurance guess $250, repairs.supplies $600? —I say $1750 per month.
And you think you could rent a nice size duplex with yard across from park for $3000 a month…are prizes so cheap in Ft Greene?
I think showing loss on rental portion is going to give someone with decent income quite a write-off. Brings taxable income down quite a bit and I wouldn’t be surprised cash flow end of year down to $2000 per month or less for nice duplex. Yes, worked involved, but over time could be excellent investment.
There is a 3bedroom for rent on Cumberland (closer to the train) for $2,400, and a floor through 1br down the block closer to deKalb for $1,900. I think you could get $2,500 for the lower floor, and then a bit less as you go up, with a renovation. The rentals weren’t fancy enough to command this sort of prices. Anyway, even as a cockeyed optimist, assuming you get $7,000 a month in rental income, the extra taxes, utilities and maintenance will easily add to $2,000/month. So you put down 25% down, spend an extra $200,000 to fix up the rentals and your duplex, and you get to pay $5,000 for the privilege, even though you could rent the same for $3,000 and still have $800,000 in your pocket? That’s not even accounting for the inevitable empty apartment, emergency repairs and the much-needed therapy to deal with anger management issues stemming from being a landlord.
It really doesn’t make sense, in a declining real estate market, even for an optimist.
2 million bucks to live in a duplex one block from the projects.
Fireplaces don’t work, taxes are high, and you still need to deal with the problems of three sets of tenants.
You probably won’t be able to move into the whole thing if the state legislature expands rent control, and your taxes are going to go up for 10+years.
Rather expensive to “own” a home.
pete–as you probably know no matter if the house a slightly larger footprint per floor than the average brownstone, these houses don’t split up very well into anything but one bedroom floor throughs. If they could make 2 bedrooms out of the rentals then yes you might be able to get 2500 per floor. Otherwise I think you are still in the 1700-2000 range.
I hope not Pete… but that’s just personal, not the market.
“Have to think the floor throughs would rent for 1700-2000 per so that would generate about 5000-6000 worth of rental income a month.”
this bldg is 22 x 45′ – pretty large floorthroughs.. isn’t $2500 each more like it. The pics seem to show pretty good condition