Rental of the Day: 56 Cambridge Place
This four-bedroom home at 56 Cambridge Place, which was renovated back in 2005 and 2006, is now on the market as a rental. The exterior of the house was restored from a wreck and a sizable addition was put on at the rear. The result, as the listing points out, is a 4,600-square-foot home on…
This four-bedroom home at 56 Cambridge Place, which was renovated back in 2005 and 2006, is now on the market as a rental. The exterior of the house was restored from a wreck and a sizable addition was put on at the rear. The result, as the listing points out, is a 4,600-square-foot home on a double lot with a driveway. Since Mr. B informs us that he knows the owner, we’re going to limit our own commentary on the interiors, other than to say that the main floor is very open-plan and the finishes are, not surprisingly given that it was a gut reno, all new. Asking price: $5,500 a month.
56 Cambridge Place [Corcoran] GMAP P*Shark
Fascinating thread. Those of us who have been visiting this site since the beginning remember the owner well. All I can say is it seems pretty tough to draw conclusions on the poor guy’s character based on what you think of his interior design skills. Sheez!
5,500 x 10 x 12 = $660K (fundamental valuation) doesn’t even cover the purchase price of $1.05M. Let alone the reno, operation and maintenance costs. Hunting for Red October!
“As long as owner not cooking meth in basement no biggie?
Not a bad idea. Mortgage service/maintenance/operation won’t come from the market-bearing rent. Let alone satisfaction from sale. The “owner” will simply have to swim away from this one.
***Bid half off peak comps***
Sorry. Not stupid. Looks like an abortion.
This is freaky weird. Outside: Farmhouse. Inside: Modern museum lobby.
Looks stupid.
clintonhillbuyer, I like modern, too, but this is just weird by any standards. But, I agree, the floors are nice. It’s the rest of the house, especially the layout, that gives one pause. Do you think those windows and blinds on the top of that missing floor are automatic? How would one open and close them? I like high ceilings in parlor floors, but NOT this high — what a hassle to change a lightbulb or open a window.
Why would a 1-family house have 2 meters? The owner is somewhat notorious for playing fast and loose with facts and promises. He had said in the past that he had pledged his own house (this very ROTD) as collateral on the Broken Angel condo project. When the market turns and projects fail, a lot of times developers get caught out. It takes a certain risk-taking personality to develop, and sometimes things don’t really work out. I wouldn’t rent from such a person, as delightful as they may be otherwise.
Clintonhill —
Why would Corcoran put up more picture? They’re only looking for a $10,000 commission on this place. They’ll take more pictures when *real* money is involved.
Also — My reaction to the little “shelf” on the “mezzanine” level was… How do I build a bridge over there?
wasn’t this house on the market a while ago for some crazy price like 2 milli?
That is a ridiculously weird renovation. The neighborhood and block however are nice. one of my favorite blocks in the neighborhood.