Tuesday, August 31, 2010

Pristine 2-Family Upstarts Neighbor: 202 Clermont Avenue

Right next door to the subject of our first post, 204 Clermont Avenue, comes a 2-Family for the same price that somehow sells much faster, 202 Clermont Avenue. Now in contract, 202 Clermont spent much less time on the market and didn't have to undergo the same price-drop activity as its neighbor. To its credit, it appears the neighbor has recently boosted its listing with a few more pics. The exterior of 202 isn't in the same sort of disarray, but other than that, there should be no reason that 204 couldn't move the way 202 did (besides marketing, pricing, timing, etc...).

Poor 204 has to be crying, "Marcia, Marcia, Marcia!!!"

As always, we'll be fascinated to see what this property closes for.

Pro's: backyard, working fireplace, curb appeal, pretty stunning renovation, owner's triplex!!

Con's: pricing, 2-Family status, we like the location (though it's sort of a wash)

Ideally: This property goes to some baller who paid a premium for it because it's Corcoran and because it's nice. Worth it? Sure. We'd probably do it too, if we had the funds...

Monday, August 30, 2010

Another Killer 4-Family: 96 St. Marks Avenue

When it comes to the 4-Family buildings, we've been lobbing up nothing but winners recently, and today's pick is no exception. Now that 33 St. Marks is in contract, set your eyes on 96 St. Marks Avenue. The handsome red brick with nice embellishments has us sold on the curb appeal. The location is totally clutch, lodged right between the 2/3 trains at Bergen Street and the B/Q trains at 7th Avenue. Who wouldn't want to live on a gorgeous, tree-lined block in Prospect Heights, just across Flatbush from Park Slope? We're having visions of that delicious, brick-oven crust of Franny's pizza (only steps away...) just thinking about it!

There's lots more to know about this house, but we're reserving that for BK to the Fullest Platinum Members only!! Contact us for more info...

Pro's: Platinum Members Only

Con's: Platinum Members Only

Ideally: Platinum Members Only

Friday, August 27, 2010

How'd We Miss This One?: 49 Douglass Street

You mean to tell me there's a 25' wide, handsome brick building in Boerum Hill for $1.45M (right around the FHA loan limit for 4-Family properties) that's not a complete gut renovation?? How'd we miss this one? Oh, wait, I know... there's no way to search for these properties comprehensively. That's why we started this site in the first place. Well, the listing for 49 Douglass Street says "Contract Signed" already, and our hats-off to whoever's name is on that contract!

We're anxiously awaiting to see how much this closes for!

Pro's: location, 25' wide, condition, backyard, original details

Con's: we didn't get it first!

Ideally: Call up this agent and double-check that they're contract price isn't closer to the list price than you'd be willing to go. "Back up offers" in this economy can come in handy. Financing's tricky out there. Take advantage!! (Although we're pretty sure this one's in the bag...)

Thursday, August 26, 2010

Clinton Hill 2-Family: 69 Clermont Avenue

Well, she certainly ain't the prettiest thing you've ever seen, but when a multi-family pops up in Clinton Hill for less than a million dollars, we're all ears. 69 Clermont Avenue is a 2-Family close to plenty of amenities on Myrtle, but on that edge of Clinton Hill that's a frustrating hike or bus to a city-bound train. The exterior sure doesn't grab us. The only interior picture on the listing is of a dark, renovated kitchen. Not sure about one of the units being used a daycare center either. The price is close to the 2-Family FHA loan limit, the rents might even be there, but there could be better ways to apply even less money just a few blocks away on 133 Waverly Avenue. The building, though, is 50' deep and boasts 4 bathrooms and 9 bedrooms.

Pro's: proximity to Myrtle, deep building w/large floorplate, 4 bathrooms & 9 bedrooms

Con's: proximity to trains, curb appeal, day care center issues?

Ideally: We'd love to see a lay-out, the inside, and get some more details on this daycare center. However, this place is probably still too expensive for what a million gets in this neighborhood.

Wednesday, August 25, 2010

Another Undercover 4-Family: 233 Ashland Place

Macus & Millichap do a great job. They break down their properties in multi-page reports with photos, current rents, pro-forma, pictures, comps, neighborhood analysis, everything. But, you've gotta register with them to get their listings regularly. However, they were kind enough to post a "For Sale" sign over at 233 Ashland.

$1.25M for a 4-family in Fort Greene sounds like a very do-able price on lots of levels. Rents should be pretty good over here, especially on the 2BR units. The 4-family FHA loan limit is higher than $1.25M. And this place compares favorably to some of the other 4-family properties we've been looking at this week, and in the past month.

However, this isn't the ideal neighborhood-y kind of block one imagines in Ft. Greene. And with one of those big new developements Forte right across the street serving up rentals, you may be up against some new spaces as your rental competition. While we don't usually fear that over-priced rentals situated pretty much in the middle of no-where sans near-by amenities are actual competition for renters who wanna live on a brownstone block, we don't recommend buying a brownstone in the shadows of those buildings without considering their influence.

Pro's: price, 4-family, 2BR rentals, we suspect renovations

Con's: location is more downtown Brooklyn than brownstone Brooklyn, rental competition across the street, are the rents even there yet?

Ideally: worth a look-see, the numbers might just work at this price, but know what you're getting into

Tuesday, August 24, 2010

"Renovated" Four Family: 175 Sackett Street

175 Sackett Street
is a 4-family on the BQE edge of Carroll Gardens. We like the rental income potential of renovated 4-family places, especially when three of the units are 2BR's. We also like this neighborhood, although this location may be a little bit off the beaten path. Especially when you compare it to other 4-family's out there like 33 St. Marks.

Maybe it's not the prettiest block, maybe the discontinuation of the brick on the ground floor throws off the curb appeal, but it's worth a look inside...

Pro's: location, 2BR rentals, renovated, "exposed brick", garden area

Con's: location, curb appeal, may not be the most bang for the buck in its genre

Ideally: Stack it up to other 4-family's around, check the rentals, and maybe there's a play to be made closer to the $1.4M FHA loan limit

Monday, August 23, 2010

Urban Jungle 2-family: 351 Sackett Street

We're back from the tropical jungle and into the urban jungle. 351 Sackett Street is a 2-family in Carroll Gardens just off of Smith Street, around the corner from Zaytoon's and Bar Great Harry. Property Shark says it was originally listed at $1.399M in November 2009, now listed with Fillmore at $1.195M. This postlet says it's in contract. Only 20' x 30', so it's a small floorplate, but with the english basement, the 4 floors give it fair square footage. Property Shark has it listed as a 3-family, rather than a 2-family, but the postlet says it only has 2 bathrooms. With the list price right around the FHA 3-family loan limit, this difference is crucial. However, the listing calls for a gut renovation anyways. If it's set up as 2 duplexes with only 4 bedrooms, we don't see much of a play here around this price. It will be interesting to see what it closes at.

Pro's: location, at least 20' wide isn't 16' wide, "R6 zoning allows expansion"

Con's: depth, 2-family status, price

Ideally: probably still a better buy than 202 Bergen, under a million could work over here

Thursday, August 5, 2010

We're going on vacation...

It's been a great first month. We found some great places, some pricey, others way affordable. We've found a few alternatives to certain places. We've chopped other places down to size. And dug up enough listings in our first short month that no one other website has all the places we have. We'll keep bringing you this quality searching, analysis, and much more to come in a few weeks.

Until then, we're going on vacation. See you August 23rd...