Monday, September 12, 2011

Open House Wednesday for Vinyl Siding in the Slope: 392 Dean Street

We don't think there's too much to see here, but it's hard to neglect a multi-family house in Park Slope for $949K. Mind you, this isn't South Slope either. 392 Dean Street is a small, vinyl siding 2-Family "used as a 3" in the far north corner of Park Slope between 4th and 5th Avenues. Obviously, vinyl siding isn't optimal, and we get no indication of the interior condition from any photos. We do, however, get a picture of the rents, expenses, and number of bedrooms. The gross rental income of almost $6,000/month is there to justify this price. Financing, however, can be tricky when you've got 3 rents on a 2-Family.

This pricing and recent sales in the neighborhood start to make the price drop on the same block 414 Dean Street interesting again. While 392 Dean Street definitely beats the value proposition of the vinyl siding you see out in South Slope, Windsor Terrace, and beyond - there's still a handful of brick & brownstone plays in these parts we'd go for before we do this. Although, with the celler level of this place looking brownstone, we're wondering how much an exterior facelift to all brownstone might cost (and whether it's feasable).

With the New York Times Real Estate listing claiming an open house on Wednesday, September 14th from 1pm-2pm, it's easy to stop by and see if there's something worth nibbling at here.

Pro's: location, gross rental income, price point, financial details

Con's: vinyl siding, no look at the interior, "used a 3" trickiness, only 34' deep

Ideally: still not the best play actively listed under $1M in our book

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