Over the weekend, the Times? real estate section profiled a young couple looking for a two-family home in Bushwick and Bed-Stuy. And while we?re been reading about homes going for incredibly high prices, like 254 Gates Avenue in Bed-Stuy that topped $2 million, this pair looked at several houses, none of which was priced over $450,000. In the end they did far better than that, on price anyway. They were able to find a bank sale on the home pictured above ? the one with the white peeling siding ? for $190,000 on Hart Street in Bushwick, just a block and a half from the Central Avenue M train. Obviously this is no grand mansion, but it is a standing two-family home, and apparently in decent enough shape to be renovated. The home was listed quite a bit higher at $280,000. Their loan included an additional $145,000 for repairs. The couple are now renovating ? their blog is here. What do you think? Is this a wise investment for the long haul, or an inexpensive initial purchase that may well turn into a never-ending money pit?
The Hunt: With an Income Stream in View [NY Times]
Photo By Nicholas Strini for Property Shark
Source: http://www.brownstoner.com/blog/2013/02/a-two-family-in-brooklyn-for-under-200000/
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