Back in South Slope: 443 11th Street

There's a few of these small 3-Family buildings in South Park Slope out there in this price range. 443 11th Street is an 18' footwide 3-Family brick building listed for $1.295M on a nice block between 6th and 7th Avenues. You've got the F and G trains just two blocks away. The listing says the building is "in need of renovation", which is the trick to this place. Even in moderate condition, this building might not command this price in this market. But only the true ballers are ready for the $100K-$200K downpayment needed AND the $100K+ that's likely needed in renovation. Probably not the best place to devote $300K in our book.

Anyone interested in this one should compare to properties such as 345 13th Street, which happens to no longer be available as of last month. Ok, so that comparison might not be the best now. But it's even worth a look at 286 10th Street. There's a few others out there.

Pro's: location, transportation, curb appeal, Slope-appeal

Con's: width, needs renovation, probably 1BR rentals

Ideally: Depending on the condition, there could be value here if the price comes down 10-20%. Although with some pretty heavy equity taken out on the place in 2006, there may not be that much room lower.