House of the Day: A One-Family With Details in Bed Stuy
We’re on the fence about this one-family in east Bed Stuy. On the one hand, it has some charming details and a relatively low price for the area. However, on closer inspection, it is small and probably in need of a fair amount of work. The parlor and bedroom floors look nice but there are…
We’re on the fence about this one-family in east Bed Stuy. On the one hand, it has some charming details and a relatively low price for the area. However, on closer inspection, it is small and probably in need of a fair amount of work.
The parlor and bedroom floors look nice but there are no photos of the garden floor, the kitchen or baths and no mention of mechanicals, which leads us to assume the worst.
It measures 18.75 by 40 square feet — a total of 2,250 square feet over three floors. The ask is $1,050,000, which works out to be $466 per square foot. Considering the size, location and condition, do you think it’s worth it?Â
881 Putnam Avenue [Halstead] GMAP
Interior photos by Halstead, exterior photo by Nicholas Strini for PropertyShark
It seems like a relatively reasonable asking price given where prices are on the more desirable western end of Bed Stuy. Too bad about it being just a one-family though. I would think most people would buy there to also offset mortgage with some rental income. In general, how would one go about converting into a two-family ? Is the process very complicated and long ?
You def don’t want to convert a house. If you want a 2 family go and find a 2 family. At some point in your life when you get enough money you want to come home to your own house. Not a house you’re a landlord over, but your own place that’s quiet, that doesn’t sit above someone else’s backyard noise, or amateur guitar lessons.
Check this out: http://www.elliman.com/pdf/3215f751caffea881f604fe4fa87f756619db26c
Unfortunately they only break up the brownstone section by 1, 2, or 3 family houses, but you can see that 1 family sells for a premium. Almost 30% over multifamily units, you got a 1 family – KEEP IT THAT WAY.
But then in the case where you own a multi-family and later on you have enough money to take control of the whole house, you can just convert it for your own use, no ? Why would it be a disadvantage to own the multi-family ? Can’t you just not renew your leases, have the house back and configure it to your own one-family needs ? I’m asking because I just don’t know how these things work so appreciate insights.