Park Slope 1Bed with Maintenance > Average

Some buildings choose to assess owners for significant repairs, rather than running large reserve funds. If you're prepared to write a significant check on a moment's notice, then this may be the building for you. You need to do significant due diligence on the maintenance history and assessment history.

Have you read the financial report? Have you read an engineers report? If I bought into this small building, I would have a home inspector check it out. If it's a co-op, then find out what the underlying mortgage is. If the mortgage is high then that affects the maintenance.

Hi Aaron2 and streetsmart,

Thank you for your replies. I have read the financial report of the past two years:

1) building's liability > asset for two consecutive years, with mortgage being the sole liability
2) increase in repair from one year to another by $5000
3) the largest expenses are: repair & underlying mortgage (sub 200K, 4 units)
4) No capital assessment

Since there are only 4 units and the only income is maintenance, the building was running at a deficit in 2015 (due to increase in repair) and a bit surplus in 2014.

I've seen other Brownstones in Park Slope running at only $700/month maintenance. But the fact that all brownstone needs repair at some point, maybe the low maintenance in other buildings is just on the surface while potentially they can all have big assessments? And in this sense, charing $900/month with no assessment is actually quite normal?

Thanks.