Rental of the Day: 162 Dean Street
This four-bedroom triplex rental at 162 Dean Street is looking pretty good to us! We love the three wood burning fireplaces, the windows, and the addition of the deck and garden. Renting it will set you back $10,000 a month, which isn’t cheap (it’s more than $3,000 per floor) but it also isn’t the most…
This four-bedroom triplex rental at 162 Dean Street is looking pretty good to us! We love the three wood burning fireplaces, the windows, and the addition of the deck and garden. Renting it will set you back $10,000 a month, which isn’t cheap (it’s more than $3,000 per floor) but it also isn’t the most expensive we’ve seen for a brownstone rental around this size. Do you think it could get close to ask? It’s been hanging out on the market for more than 70 days.
162 Dean Street [Douglas Elliman] GMAP P*Shark
And anyway my greater point was that a family could rent a place of equal size for a lot less than 10G per month anyway so the point is who the hell would spend 10G per month on rent.
BHO–I don’t think that you can guarantee that owning this home for 5 years would “cost” more than 600G. I understand the basic argument/prediction you are making but all of that remains to be seen. The whole thing depends on how much you put down and how much (if at all) the “value” of the house depreciates. Obviously if your predicted scenario comes to fruition I get why renting is superior, but as I have said many a time, nobody knows what the future holds.
BHO, your calculations need a little work.
WOW…the floorplan is PERFECT. Large eat-in kichen plus formal DR and LR on same floor…beautiful open windows/door to deck, an entire floor devoted to the master bedroom (that whole room soaking tub is a bit much) and then additional BRs above.
No tenants above!!!
What’s the story with the garden level????
“Don’t know why anyone would want a 10G per month rental though. At that dough might as well buy.”
Rent 5 years: -10,000 x 60 mos = -$600,000.
Buy/sell 5 years: -500,000 + 0.625 (further -37.5% decline) x 2,500,000 – 2,000,000 = -$937,500.
Do you know why now, wasder? Simple calc excluding miscellaneous costs and credits but the very real risk of having to sell into a mean reversion is the doozer.
“appreciation prospects in the low single digits”
Ha! Welcome to deflation, my friend.
***Bid half off peak comps***
Oops, I take that back, that was in 2006. It thought that seemed kind of low.
It was sold in 2009 for 1,900,000.
I like the parlor floor layout with the extra “room” at the end that serves as a dining room. I wonder if that was an extension added later? Basically, the floor is divided into three sections instead of two. Very nice.
I do think that this house would sell for 2.5 if it was on the market.