Bored to tears with mediocre listings with lofty prices in South Slope, we're back on our Bed-Stuy steez. 258 Jefferson Avenue is a huge 5-story, 4-Family that's 20' x 46' with high ceilings and a painted-white brownstone exterior. Where else but Bed-Stuy can you find a turnkey place this huge with some original details for $1.1M? The price may still be a tad steep, but this is a great FHA candidate with the 4-Family loan limit being so high, along with the potential rental income on this place. Once upon a time it was an 8-Family, converted to a 4 now. We'd love to get this bad-boy for 3.5% down, especially anywhere under $1M.
Don't let the dinky kitchenette fool ya:
This place is so much fun, even your hipster tenants chuckle over a few glasses of water like it's a wine-tasting happy hour:
Do something nifty with the fountain-job in the front for even more flair:
This is worth a look to us on value alone, as a home or an investment - or both!
Pro's: size, curb appeal, turnkey, original details, close to the train as Bed-Stuy goes, rental income potential, FHA all day
Con's: generic upgrades, people aren't ready for Bed-Stuy
Ideally: we'd rather be here than Greenwood, but that's just us.
Maybe someone can point me in the right direction - but whenever I talk to a mortgage broker about an FHA loan for a multi-family property over 700k they just trail off on the phone - they have never even heard of such a thing.
ReplyDeleteYeah, Andrew. We know a few lenders who get it. E-mail me...
ReplyDeleteWhat are the taxes on this bad boy? Are the units 1 bedroom or 2 bedrooms? Tenants or delivered vacant? Inquiring minds want to know!
ReplyDeleteclosed last month for $999K
ReplyDelete