Friday, July 23, 2010

2-Family with Potential: 202 Bergen Street

202 Bergen Street looks like a quaint, affordable 2-family in Boerum Hill at $1.1M. Listing says it's an "estate sale... priced for a quick sale." Indeed, it's not hard to wrap our heads around the list price. Especially with the FHA 2-family loan limit at $960K. A pretty small place, but at $595/sqft for the current asking price, it could make a nice alternative to a condo. And it's one of lowest price points within blocks of here. Staying close enough to the delights of Smith Street and Court Street is a huge plus too. If you can afford the renovation after the purchase price, there's nice potential here.

Pro's location, price point

Con's size, not much rental income potential, needs update/renovation

Ideally: Too small for the kind of multi-family play we go for here, but if this could go for under $1M to avoid the mansion tax, you'd have a nice place to work with.