Wednesday, January 15, 2014

Listings: Bed-Stuy 2-Family with Open House - 590 Monroe Street

New to the Listings section of the blog, it's 590 Monroe Street back on the market asking $851K with an open house this Saturday and Sunday afternoon.  This 3-story Bed-Stuy 2-Family is delivered vacant with original details in decent condition, and calls for some TLC...

Not unlike another small Bed-Stuy 2-Family nearby at 753 Jefferson Avenue, this is what a live-able 3-story 2-Family commands in Bed-Stuy these days.  Jefferson went for less, but that was also last year and all cash.  Check out how much 419 Halsey Street wants nowadays too.  590 Monroe's got the details in better shape than that house for sure...

From the floors to the shutters to the clawfoot tub, this is what handy buyers can work with from day 1.  $851K is a do-able price for dozens of buyers in this market.  Another 2BR condo just closed in Crown Heights at 475 Sterling Place (this time #2A) for that same price last month.  Once upon a time you could be picky about going this "far" east into Bed-Stuy, but there's a silver lining.  The A train at Utica is legit, the J is nearby also, and what house in Bed-Stuy isn't near Saraghina and Peaches these days, right?  The broker's estimating rental income potential of $4,400/month.  That's less than your mortgage with 20%-25% down.  Heck, duplexes in Clinton Hill go for 40% more than that, people!  But please don't call us "bullish".  With an open house on Saturday and Sunday this weekend, it's easy to come check it out for yourself.

Pro's:  original details, delivered vacant, priced under $900K, open houses make it easy to see, the A/C and J trains are in striking distance

Con's:  not exactly close to either train, work to be done, just under 2,300 sqft

Ideally:  an owner's duplex with a yard and rental income still beats a condo with fees for the same price

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