Monday, July 19, 2010

Clinton Hill "3 Family": 72 Downing Street

Tucked away in the part of budding Clinton Hill that's actually close to the C-train comes 72 Downing Street. This "3 family" is listed at a cool $999K. Except, we fear there might be SRO issues here, which we covered in our discussion of 392 10th Street. This house on Downing is just a few blocks from one of our all-time favorite opportunities, 175 Greene Avenue, a gorgeous, recently constructed 3-family in need of no renovation which closed in November '09 for $1.19M.

This house on Downing has potential, but needs some upgrading from the looks of it. This listing has been out for a while, and we can't see it fetching this price given what's gone and is going on around it. Up-to-date 3-family's just a few blocks from here are still asking in the low $1M's.

Pro's: Location - namely, train access (as Clinton Hill goes), price is getting there

Con's: SRO issues?, needs renovation

Ideally: there's probably an asking price where this could be a nice owner occupied home with rental. But brace yourself with a renovation budget.

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