Monday, January 23, 2012

Just in Contract: 613A Hancock Street

Just 3 miles east of where $700K barely gets you a decent Home Depot condo on a shaded block off of 4th Avenue, barely in Park Slope, comes a turnkey 2-Family in Bed-Stuy for $590K. 613A Hancock Street is your proto-typical Bed-Stuy flip. Originally came out in June for $395K, closed in August for $360K, then came back out in November after a serviceable renovation.

This renovation is nothing too fancy, but it gets the job done. You get the great classic brownstone look on an amazing street filled with all kinds of architectural details for a very affordable price. An owner's duplex with a yard & a 2BR rental above is what people are chasing in other neighborhoods for 3 times this price or more. Our mortgage people assure us qualified buyers can swing this purchase with $50K downpayment or less. That's 2 years rent to many couples in this city. Maybe it's not the original details some are aching for, but it ain't too shabby either...

Pro's: curb appeal, totally turnkey, owner's duplex with a yard, 2BR rental, price point, easy to finance

Con's: won't feed your appetite for original details, a hike to the train (which isn't uncommon in Bed-Stuy), are you ready for Bed-Stuy?

Ideally: get these babies while you still can

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