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
Antidope — how is the mortgage payment on $2 million around $8000?
Also, you have to pay for ALL maintenance and utilities, etc. That’s INCLUDED in the rent roll. The net rental income is going to be LESS than the checks you receive… and there’s income tax too. No?
(Though I don’t want to get into taxes… there always seems to be very creative tax schemes presented on here where a $1 million co-op only costs $500 a month after tax deductions.)
wouldn’t the paper loss (depreciation) on the rental portion
(more than 50%) of house value bring your monthly much lower?
Granted not what most family buyers may be after but forget that most is not all and how many for sales out there have this much rental income with a large duplex (this bldg is 22×45′)
this could fetch more.
at 5000 rr, the monthly payment is about $3000 for a duplex with full basement and backyard in prime (well almost) ft greene. with a free option going forward. well, actually the cost of the option would be your dead 20% dp.
also, rents will go up and your mortgage is fixed so your monthly costs will decline over time.
tybur–agreed. this would have to come pretty far down from 2 million to make much sense economically for a buyer like myself who wanted a multifam house with owner’s duplex. my rental income knocks out 3/4 of my mortgage each month, leaving me with a monthly nut smaller than the one I had when I had a 650 sqf 2 bedroom co-op. This house would not work like that unless you didn’t mind paying 4G a month to live in the owner’s duplex.
“I think needs to be closer to $1.6m for it to make financial sense as a duplex + landlord duties or to be renovated as an awesome 1 family.”
That’s what I was thinking as a ceiling, BD. I’d say $1.4 – $1.6 range depending on rent roll and work that needs to be done.
Wasder — so that means we’re pretty far off from $2 million to make any sense whatsoever? Unless you enjoy “subsidizing” your renters. (Though it’s not really subsidizing your renters — it’s just paying waaaay too much for your unit!)
“[Next door is a] building that has lost its stoop. Is there anything sadder looking than a once-grand brownstone without its stoop? It looked completely humiliated.”
Posted by: Maly at November 23, 2009 1:58 PM
Very well put, Maly.
Funny anthropomorphic take on the once-popular sad practice of de-stooping.
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.
Why does Brooklyn Properties still not post floorplans? They have the same damn web site setup they did 8 years ago.
I think needs to be closer to $1.6m for it to make financial sense as a duplex + landlord duties or to be renovated as an awesome 1 family.