House of the Day: 449 6th Street
If you want a great house in a prime location but need a little extra rental income to pull it off, this new listing at 449 6th Street just might be the ticket. The four-story brownstone is divided up into two duplexes. The listing doesn’t say what one of them would rent for, but we’re…
If you want a great house in a prime location but need a little extra rental income to pull it off, this new listing at 449 6th Street just might be the ticket. The four-story brownstone is divided up into two duplexes. The listing doesn’t say what one of them would rent for, but we’re guessing around $4,500. With rates where they are, that should help cover almost a million bucks of your mortgage. Given the asking price of $2,300,000, that should get you almost halfway there to covering your monthly mortgage nut.
449 6th Street [Corcoran] GMAP P*Shark
“You can’t claim any of it if you’re an individual making more than $150,000”
it’s actually $125K
noki,
yes, but you offset it with all kinds of rental-related costs. Look through the forum archives under taxes and there have been a few threads on this. Renovation costs (mostly amortized) and carrying costs, such as a portions of insurance, mortgage, utilities if applicable, repairs, etc. At that rate, you won’t offset all, but you will offset some.
Noki, I’m surprised that question is coming from you. The taxable portion of rental income is the net after you apportion the prorata share of the mortgage, utilities, taxes and then the amortization. Whether any of it is taxable depends upon your regular income level (W-2) but usually there’s an accounting LOSS after the amortization. You can’t claim any of it if you’re an individual making more than $150,000.
It gets more complicated the longer you own the building and then nets out when you sell the place.
This place does have a ton of character and I love the original bath with the stained glass window BUT I completely hate when there is an entry to the backyard in a through a bedroom.
Just my 2 cents.
I dont want a tub with a shower curtain either.
I think you can deduct expenses related to the upkeep of your property and depreciation expense from any rental income received
Nok-
The expense is also deductible. Nonetheless, at anything close to asking price, this house doesnt make financial sense.
This place has a lot of character. I like it.
I agree the owner’s kitchen needs to be gutted and if I’m paying $2MM or anything above $600k, i don’t want a tub with a shower curtain!!!
Great house
but I don;t get the line where Mr B. Refers to renting them out for $4500
i only see 1 rental and it’s a top 2 floors -why could they get $4500 for that? it’s a 2 BR – maybe can get $3500 at most….