House of the Day: 474 Willoughby Avenue
This brownstone at 474 Willoughby Avenue looked like quite a good deal to us at $650,000, but then we learned that there’s a rent-controlled tenant in place. Still, the parlor floor has lots of charm and original detail and the block, between Nostrand and Marcy, is remarkably intact for this part of Bed Stuy and…
This brownstone at 474 Willoughby Avenue looked like quite a good deal to us at $650,000, but then we learned that there’s a rent-controlled tenant in place. Still, the parlor floor has lots of charm and original detail and the block, between Nostrand and Marcy, is remarkably intact for this part of Bed Stuy and chock full of brownstones. Think it’s an interesting play or is that tenant a deal-killer?
474 Willoughby Avenue [Douglas Elliman] GMAP P*Shark
I think 650K is high for that area of BS. For reference, a house on Cambridge Place sold for 450K over the summer (3 units, with a RC tenant in one, no lease for the other 2); it probabbly would have sold for about 900K vacant.
I think $650 is way too high for that part of Bed Stuy. With as few pics as there are, the place probably needs a lot of work. They say nothing about systems being upgraded. generally, it’s a crappy listing.
What if the rent is $700 but the tenant has paid religiously for over 20 years??? Is that not worth more than getting a new tenant in at $1,000 and then they stop paying after one month and drag you through court for the next 9 months????
Everrything is relative and McKenzie sounds like a bit of a jackass.
The first question is $650K a good price for this part of Bed Stuy? Honestly, I have no idea. I figured to be this far from services and 100% wedded to the G train would be a downside.
As for the tenatn issue, the real questions are the age of the R/C tenant and how long have they been a tenant.
This is probably better for someone who is looking to lvie in only one of the apartments and rent the rest. If you take in $2500 a month that would cover a lot of the mortgage.
“Newsflash to posters: A rent-control tenant is a much bigger deal than the kitchen cabinets.”
heehee
I’m guessing the tenant lives on the second floor as that parlor room is quite ornate and is usually representative of the ground floor.
Or perhaps they live in the basement.
Newsflash to posters: A rent-control tenant is a much bigger deal than the kitchen cabinets.
Wouldn’t it depend in part on where the tenant is? If on the ground/garden floor, I suppose one could work with it. If on the top floor with need to keep shared stairs and so on, not so much.
The sarcasm is palpable McKenzie.
Not sure about that kitchen. I’m intrigued by that tiled little section where the sink is.