Interesting how this works If you buy this place and its twin next door, the realtor Todd Stevens promises you $7800 pm in rental income if you put down $450k. " If you have $450,000 and desire a rent roll of $7,800/month to pay your mortgage and expenses, this West Harlem brownstone is your select Harlem investment property. " Rents seem to be coming down substantially, so a current estimate may... [more]
Interesting how this works
If you buy this place and its twin next door, the realtor Todd Stevens promises you $7800 pm in rental income if you put down $450k.
" If you have $450,000 and desire a rent roll of $7,800/month to pay your mortgage and expenses, this West Harlem brownstone is your select Harlem investment property. "
Rents seem to be coming down substantially, so a current estimate may be closer to $7200 pm
Nevertheless, the promise seems to be that you can barely cover your mortgage cost (other expenses ?) if you plunk down 450k and sit on it.
Why is this supposed to be attractive?
Still $3.35 million for the two properties is around what another fine broker -- Brian Phillips seems to want for 2 twins that are practically shells --
http://www.streeteasy.com/nyc/sale/165570-multi-369-west-123rd-street-west-harlem-new-york
At least that one is no longer on the market.
In an environment where the likelihood of 150% increase in the property value in 3 years (the 2005-2008 or 2004-2007 performance) for Harlem is extremely unlikely, how does one continue to see such wonderful offers on the market?
Of course, that previous rate of appreciation was an abomination in any case.
Wonder how many of the speculators with such properties in Harlem can afford to keep carrying them for 5-10 years
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