After many months in the making, Platinum Members finally closed on one of the niftiest gems in Crown Heights just off Franklin Avenue at 711 Sterling Place. A huge 20' x 70' 4-Family currently set-up with 3BR rentals is about as juicy as it gets these days. Especially when everything like it or worse nearby is going for $100K-$200K more. That's "not enough meat on the bone" for greedy investors, but is a boon for live-in end-user investor hybrids who wanna put 75 LTV and stellar interest rates to work in Brooklyn's hottest neighborhood.
The building, affectionately known as "Stella"...
Or "7-11"...
... has lots of salvageable originals details, and lots of great upgrades to come.
Unfortch' that the penny tile is so cracked...
Parquet floors in nice shape at times, although sometimes the flooring choices over the years went a lil' haywire...
We've heard of wall paper, but pages of Don Quixote were made into floor paper in one of the bedrooms...
Our plumber was tripping out over the M.C. Escher carpet in this room...
Great light coming in the south facing side and unattached side windows to the north...
A few layouts, especially in the kitchen, are still up for debate...
But this is the fun stuff! The bathrooms will obviously be updated, and no sooner did we see them like this...
...than our main man Steve already had the demo cooking right away...
Spring training is over and the season has started. The backyard is huge, unpaved, and ready to be pimped out too...
With so much work to be done, so many decisions to make, and so many moving parts - it was more than little Gibson could bear for one afternoon...
Can't wait to figure out the particulars of the reno and see how it all turns out. Expect some killer 2-3BR rentals on the market here soon, available by June 1st if all goes according to plan.
Shout outs to one of our main man mortgage masters & Crown Heights brethren Adam Dahill for landing phatty financing at sub-3% interest!
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