Back in Bed-Stuy, there's an open house today and Sunday for this turnkey 4-Family brownstone at 311 Van Buren Street asking $899K. If you can't compete with $1,000/sqft condos selling all-cash in west Brooklyn, maybe less than $300/sqft on a totally FHA-able town house is a more attractive alternative. Which isn't to say there won't be all-cash bidders on this one either, but you could offer above ask on this financed and still be looking at a better deal than some of the more no-brainer parts of neighborhoods that were considered "emerging" 12 months ago.
The interior won't wow you, but with a recently redone facade and mechanicals, the cosmetics are easy to spruce up without having to spend lots of money on the basics that you rarely see anyways.
By the time someone puts a more stylish kitchen in here - even if it's only Ikea & only $10K - they'll be asking a lot more than $10K more on the asking price. Kinda like how by the time Prospect Heights looks like Park Slope, it costs the same as Park Slope too. Funny how that works. The listing tells us the "4th floor can not be seen from street", and even the attic-y feel looks kinda cool.
Besides, when you're getting 4 floors for the price of what 1 costs anywhere else in the city, who's counting? And with an open house by appointment today from 6pm to 7pm, it's easy to come see for yourself. The broker tells us multiple offers are in already, and we don't doubt it!
Pro's: turnkey, recent mechanicals, pricepoint, rental income potential on 2BR units, train nearby, open houses upcoming
Con's: this is certainly east, not everyone's ready for the J train, 17' wide, attic-y top floor not for everyone
Ideally: easy to scoff at for picky buyers, and easy to fetch asking price for busy brokers
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