Rentals of the Day: Prospect Heights
Here are some of the Prospect Heights rentals recently featured on Craigslist, most of which are pitched as good shares. Judging from this sample, 2-bedrooms in the nabe tend to go for around $2,000. Clockwise, from upper left: 1. 2-bed, h/w floors, large common spaces, $2100; St John’s at Underhill 2. 2-bed, 2-bath, 1500-sq-ft. duplex,…
Here are some of the Prospect Heights rentals recently featured on Craigslist, most of which are pitched as good shares. Judging from this sample, 2-bedrooms in the nabe tend to go for around $2,000. Clockwise, from upper left:
1. 2-bed, h/w floors, large common spaces, $2100; St John’s at Underhill
2. 2-bed, 2-bath, 1500-sq-ft. duplex, priv. garden, $3500; Prospect at Vanderbilt
3. 2-bed, h/w floors, open kitchen, $1800; Prospect near Washington
4. 2-bed, r/s, gut reno, $1700; Underhill at St Marks
5. 2-bed w/ office nook, h/w floors, $2000; Bergen at Vanderbilt
and that 1500sqf apartment would sell for way over 600k. Buying is for suckers.
equity my ass
there is some logic in comparing cost to own vs. cost to rent, though 12:25’s math of comparing to a 7% interest only loan (and knocking off something for cc, tax, maint) is not a completely fair comparison. If you do use the oversimplified formula, then the nice one (only one that anyone likes -#2) for 3500/mo. correlates to a $600k price.
12:25: Logic is skewed, wait, completely in absentia in your example(s).
Interesting comparison to what the cost of buying would be.
If the total yearly rent is $24,000, then that’s equal to the interest-only payment at 7% on a $350,000 loan — not even including any common charges, taxes or maintence costs.
Accordingly, from a renting versus buying perspective, the maximum that you should spend is $350,000 for a 2-bedroom — probably less, because of the common charge, taxes, and maintence costs.
So, the average 2 bedroom in Prospect Heights, priced accordingly, should be around $275-325K. Otherwise, renting is more economically sound than buying.
But there’s a spiral staircase in #2 which makes it less appealing for families. It would be a good unit for a couple, or a single who needs a large at-home work space.
#2 Is a duplex and has a private garden. It sounds like it is half of the brownstone so that would account for the high rent.
Prospect Heights has the best lot sizes in brownstone brooklyn. If you get a graden apt there you are blessed…
I like #2 best.
Best location of the bunch. And 1500 sf is HUGE!
#2 is pretty damn big and has a garden and closer to Carlton. I could see that pulling similar rents as north slope.
rest seem pretty decent.