Rate It: 513 MacDonough Street Sells for $420,000
This three-story, three-family brick townhouse at 513 MacDonough Street just sold for $420,000.
This three-story, three-family brick townhouse at 513 MacDonough Street just sold for $420,000. GMAP
“This puppy will triple in value in less than 30 years.”
While a loaf of bread goes 20 fold!
***Bid half off peak comps***
In all fairness, a miracle can happen and I could be wrong, wasder. But you have to look at the realistic depreciation risk.
“in the long haul the property will appreciate at a rate that keeps up with inflation”
This is one of the premises for half off. Historic inflation is way down there somewhere.
100K (mid 90’s 513 MacDonough price) x 1.04 (historic inflation rate) ^ 15 (years to date) = 180K say 200K = more than half off 420K which has to be dangerously close to peak comp for a three-story east of X.
***Bid half off peak comps***
“300K resale price after four years”
Didn’t I say “in the long haul”? For a buyer such as myself reselling in 4 years is not in the cards.
“Would you rent a duplex in this hood for $2,000 plus per month?”
If it is as friendly and attractive as several posters above make it sound then this is not an unheard of proposition.
What would you say the median household income and floor-through rents are, mysideofstuy?
***Bid half off peak comps***
420k in brownstone bklyn = A steal
Sideliners here’s your half off in brown and white!This puppy will triple in value in less than 30 years.
flippers look that a way——->
“a house with a yard and two floors for approx 1G a month not including upkeep etc.”
Again, wasder, add hypothetical loss divided by hypothetical months of ownership.
84K down
336K mortgage
300K resale price after four years
48K loss
1G/mo + 48G/48 months = 2G/mo
Financial benefits cancelled or maybe even negative by upkeep and etc
Would you rent a duplex in this hood for $2,000 plus per month?
***Bid half off peak comps***
Lol, Dibs getting all worked up over Bed Stuys’ (de)valuation.
I have to agree with CommodoreStephenDecatur & P…
I love this part of Bed-Stuy I think it is absolutely charming.
and I really have ask Dave this question because I saw above you stated that Between Patchen & Ralph aves is not prime,have you ever taken a walk down to this part of Bed-Stuy??
there are actually beautiful rows of brownstones in the area
and it has changed alot since I moved here. I love the Saratoga Park also!!
If I was buying this house at this price I would live in two floors and rent one. Don’t know exactly what the mortgage payment would be but I would assume around 2G per month. I would then rent one floor for say 1100 per (or less if need be–its not that crucial–1000 would work fine) and have a house with a yard and two floors for approx 1G a month not including upkeep etc. Doesn’t sound too bad to me. Also, given how low this number is vis a vis most other houses that are this close to the city, one has to believe in the long haul the property will appreciate at a rate that keeps up with inflation.