Investment in Park Slope vs Dumbo

I am alos buying an ivestment propert and am looking in those areas mentioned. Interesting comment. I expect the difference in rental cost is due to better transport options in Dumbo. But the answer to your question is to take the Dumbo one as the rent will drastically improve your return. Also, 60 sq ft is not a lot of differnce.

I think you should look at the storm evacuation zones.

Also, you actually need to calculate the cap rate (as well as a few other metrics) to make an informed decision. It's not just he price and the rent. It's also the carrying costs, the likely maintenance (is one place older than the other, better build), the stability of the building's financials and overall condition, and what is happening around the buildings in question--new construction coming, etc.

Closeness to a subway is huge, by the way, with renters.

also look at how long people stay in the same place in both neighborhoods as turnover cuts into the profit margin.

if it was me, at it would be real park slope, not greenwood hieghts or 4 Ave, i would chose it over Dumbo. find the people in Dumbo a little more "gritty". every turnover you'll need to do significant cleaning and repainting.

Definitely Park Slope---but very dependent on where it is, proximity of trains, etc. There is a Whole Foods and other major things happening off of 4th ave and 3rd st, so that area is blowing up (Gowanus). North Slope is typically preferred.

If they're truly the same buy price, and monthlies are not skewed in one vs. the other, and the studio's not substandard in size, layout, or anything else ... I'd definitely go with the one in DUMBO.

You can get two lesbians in a Park Slope one bedroom, but as soon as they get their seventh cat, it's too small and they need to move. Otherwise, Park Slope is much more a family play.

DUMBO also has a disturbing number of families, but a studio there would be very rentable to any single person (or couple looking for a sooner end to their relationship) who's Manhattan-centric in any way.

And not so gritty, IMO.

I also think DUMBO has much more upside potential, for the same reason. The pushout effect.

>I also think DUMBO has much more upside potential, for the same reason. The pushout effect.

You are referencing the flooding during storms?

DUMBO for investment purposes.

DUMBO for investment purposes.

Location. Location. Location. Brooklyn Heights, DUMBO, and North Williamsburg will always be desirable because they are the most conveniently located Brooklyn neighborhoods to Manhattan.

"Two areas of Brooklyn join the big leagues of mega earners" http://www.amny.com/urbanite-1.812039/two-areas-of-brooklyn-join-the-big-leagues-of-mega-earners-yet-poverty-persists-next-door-1.6133614

Sigh - I ended up losing both of them. The park slope one decided to entertain a last minute all cash way over asking.

The dumbo one was shady to begin with. They misrepresented the sq footage (not that NYC footage is very accurate anyway) and then admitted AFTER the offer was presented that it was a mistake. But regardless, they wouldn't move on the price. OK - fine - still decided to go through with it at the offer price. The lawyer wanted to put a clause that said that IF the bank's appraisal wouldn't come up to the offer price, that I (the buyer) would have a choice to either meet the offer price with extra cash, OR back out of the deal. They didn't agree to that either, so I'm out.

Thanks for you input guys!

>They misrepresented the sq footage (not that NYC footage is very accurate anyway) and then admitted AFTER the offer was presented that it was a mistake.

Did you get to SEE the apartment before submitting the offer?

Yes - it wasn't that big of difference visually, but enough to matter on the price - they listed at 582 sq ft - in reality it was 528 sq ft.